HollyFrontier Corp - FORM 8-K - EX-12.1

Exhibit 12.1

HollyFrontier Corporation

Computation of Ratios of Earnings to Fixed Charges


	Nine Months Ended September 30,			Years Ended December 31,
	2016			2015			2014			2013			2012			2011
	(In thousands)
Income from continuing operations before income tax expense, excluding earnings/loss in equity method investments		(265,105	)		1,212,306			469,507			1,161,471			2,785,072			1,639,395
Share of distributed income of 50%-or-less-owned affiliates		8,784			4,681			2,987			2,826			3,364			2,552
Fixed charges		75,235			84,775			85,385			104,292			135,575			114,739
Interest capitalized		(5,969	)		(5,546	)		(11,822	)		(12,055	)		(9,108	)		(17,225	)
Amortization of capitalized interest		2,194			2,687			2,465			1,992			1,510			1,146

Earnings		(184,861	)		1,298,903			548,522			1,258,526			2,916,413			1,740,607

FIXED CHARGES
Interest expense		45,888			43,470			43,646			68,050			104,186			78,323
Capitalized interest		5,969			5,546			11,822			12,055			9,108			17,225
Interest component of leases (1)		23,378			35,759			29,917			24,187			22,281			19,191

Total fixed charges		75,235			84,775			85,385			104,292			135,575			114,739

Ratio of Earnings to Fixed Charges		*			15.3			6.4			12.1			21.5			15.2


(1) Calculation of interest component of leases Consolidated HFC rental expense times 33.33%		70,134			107,279			89,752			72,563			66,845			57,575
		23,378			35,759			29,917			24,187			22,281			19,191

(*)	Fixed charges exceeded earnings by $260.1 million for the nine months ended September 30, 2016.

HollyFrontier Corp - FORM 8-K - EX-12.1 - November 21, 2016