Crestwood Equity Partners LP - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - August 2, 2018

Attached files

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EX-32.4 - EXHIBIT 32.4 - Crestwood Equity Partners LPcmlp-ex324xq22018.htm
EX-32.3 - EXHIBIT 32.3 - Crestwood Equity Partners LPcmlp-ex323xq22018.htm
EX-32.2 - EXHIBIT 32.2 - Crestwood Equity Partners LPceqp-ex322xq22018.htm
EX-32.1 - EXHIBIT 32.1 - Crestwood Equity Partners LPceqp-ex321xq22018.htm
EX-31.4 - EXHIBIT 31.4 - Crestwood Equity Partners LPcmlp-ex314xq22018.htm
EX-31.3 - EXHIBIT 31.3 - Crestwood Equity Partners LPcmlp-ex313xq22018.htm
EX-31.2 - EXHIBIT 31.2 - Crestwood Equity Partners LPceqp-ex312xq22018.htm
EX-31.1 - EXHIBIT 31.1 - Crestwood Equity Partners LPceqp-ex311xq22018.htm
EX-12.2 - EXHIBIT 12.2 - Crestwood Equity Partners LPcmlp-ex122xq22018xratioofe.htm
10-Q - 10-Q - Crestwood Equity Partners LPcrestwood-q22018.htm


Exhibit 12.1


CRESTWOOD EQUITY PARTNERS LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except for ratio)

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2018
 
2017
 
2018
 
2017
 
Earnings:
 
 
 
 
 
 
 
 
Pre-tax loss from continuing operations before adjustment for non-controlling interest and equity earnings (including amortization of excess cost of equity investment) per statements of income
$
(33.3
)
 
$
(9.3
)
 
$
(11.6
)
 
$
(36.9
)
 
Add:
 
 
 
 
 
 
 
 
     Fixed charges
29.4


32.1


55.3

 
65.1

 
     Amortized capitalized interest
0.1

 
0.1

 
0.3

 
0.2

 
     Distributed income of equity investees
12.4

 
10.4

 
24.2

 
18.2

 
Less:
 
 
 
 
 
 
 
 
     Capitalized interest
(1.1
)
 
(0.7
)
 
(1.6
)
 
(1.0
)
 
Distributions to non-controlling interest
(3.3
)
 
(3.8
)
 
(3.3
)
 
(7.6
)
 
     Total earnings available for fixed charges
$
4.2


$
28.8


$
63.3

 
$
38.0

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
   Interest and debt expense
25.4

 
24.8

 
50.3

 
51.6

 
   Interest component of rent
0.7

 
3.5

 
1.7

 
5.9

 
Distributions to non-controlling interest
3.3

 
3.8

 
3.3

 
7.6

 
   Total fixed charges
$
29.4


$
32.1


$
55.3

 
$
65.1

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (1)
—

(2) 
—

(2) 
1.1

 
—

(2) 

(1)
For purposes of computing the ratio of earnings to fixed charges, "earnings" consists of pretax income from continuing operations before adjustment for non-controlling interest and income from equity investee plus fixed charges (excluding capitalized interest) and amortized capitalized interest. "Fixed charges" represents interest expense and capitalized, amortization of debt costs, an estimate of the interest within rental expense, and preferred security dividend requirements of consolidated subsidiaries.
(2)
Earnings for the three months ended June 30, 2018 were inadequate to cover fixed charges by approximately $25.2 million. Earnings for the three and six months ended June 30, 2017 were inadequate to cover fixed charges by approximately $3.3 million and $27.1 million.







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