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10-Q - FORM 10-Q - NuStar Energy L.P.d10q.htm
EX-32.01 - SECTION 1350 CERTIFICATIONS - NuStar Energy L.P.dex3201.htm
EX-31.01 - CERTIFICATIONS UNDER SECTION 302 - NuStar Energy L.P.dex3101.htm

Exhibit 12.01

NUSTAR ENERGY L.P.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Thousands of Dollars, Except Ratio)

 

     Nine Months
Ended

September 30,
2009
       
       Year Ended December 31,  
       2008     2007     2006     2005     2004  

Earnings:

            

Income from continuing operations before provision for income taxes and income from equity investees

   $ 192,057      $ 256,994      $ 154,913      $ 149,885      $ 110,069      $ 77,074   

Add:

            

Fixed charges

     78,087        113,959        91,594        75,829        46,211        21,625   

Amortization of capitalized Interest

     410        440        255        126        80        60   

Distributions from joint ventures

     6,750        2,835        544        5,268        4,657        1,373   

Less: Interest capitalized

     (1,244     (5,108     (5,995     (1,758     (1,008     (192
                                                

Total earnings

   $ 276,060      $ 369,120      $ 241,311      $ 229,350      $ 160,009      $ 99,940   
                                                

Fixed charges:

            

Interest expense (1)

   $ 59,970      $ 92,971      $ 77,584      $ 68,241      $ 41,616      $ 20,630   

Amortization of debt issuance costs

     680        815        1,030        726        622        407   

Interest capitalized

     1,244        5,108        5,995        1,758        1,008        192   

Rental expense interest factor (2)

     16,193        15,065        6,985        5,104        2,965        396   
                                                

Total fixed charges

   $ 78,087      $ 113,959      $ 91,594      $ 75,829      $ 46,211      $ 21,625   
                                                

Ratio of earnings to fixed charges

     3.5     3.2     2.6     3.0     3.5     4.6
                                                

 

(1) The “Interest expense, net” reported in NuStar Energy L.P.’s consolidated statement of income for the nine months ended September 30, 2009 includes investment income of $124,000.
(2) The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense.