Attached files
file | filename |
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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 |
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Year Ended December 31, | ||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||
Earnings: |
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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: |
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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: |
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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 | x | 3.2 | x | 2.6 | x | 3.0 | x | 3.5 | x | 4.6 | x | ||||||||||||
(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. |