Attached files
EXHIBIT 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
(UNAUDITED)
Atlas Pipeline Partners, L.P.
(amounts in thousands except ratios)
| Years Ended December 31, | ||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
| Earnings: |
||||||||||||||||||||
| Income (loss) from continuing operations before income tax expense (1)(2)(3) |
$ | 219 | $ | (625,244 | ) | $ | (171,199 | ) | $ | 22,202 | $ | 21,482 | ||||||||
| Fixed charges |
110,110 | 98,461 | 66,483 | 27,496 | 14,199 | |||||||||||||||
| Interest capitalized |
(2,778 | ) | (7,713 | ) | (2,193 | ) | (2,566 | ) | (77 | ) | ||||||||||
| Preferred dividends |
(900 | ) | (1,769 | ) | — | — | — | |||||||||||||
| Amortization of previously capitalized interest |
544 | 309 | 123 | 22 | — | |||||||||||||||
| Total |
$ | 107,195 | $ | (535,956 | ) | $ | (106,786 | ) | $ | 47,154 | $ | 35,604 | ||||||||
| Fixed Charges: |
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| Interest cost and debt expense |
103,629 | 85,991 | 62,592 | 23,698 | 13,448 | |||||||||||||||
| Interest capitalized |
2,778 | 7,713 | 2,193 | 2,566 | 77 | |||||||||||||||
| Preferred dividends |
900 | 1,769 | — | — | — | |||||||||||||||
| Interest allocable to rental expense(4) |
2,803 | 2,988 | 1,698 | 1,232 | 674 | |||||||||||||||
| Total |
$ | 110,110 | $ | 98,461 | $ | 66,483 | $ | 27,496 | $ | 14,199 | ||||||||||
| Ratio of Earnings to Fixed Charges |
1.0x | — | (5) | — | (6) | 1.7x | 2.5x | |||||||||||||
| (1) | Includes a gain on asset sales of $111.4 million, a non-cash loss recognized on derivatives of $51.3 million, a $10.3 million non-cash impairment charge to goodwill and other assets and a non-recurring cash derivative unwind expense of $5.0 million for the year ended December 31, 2009. |
| (2) | Includes a $676.9 million non-cash impairment charge to goodwill and other assets, a $115.8 million non-cash gain recognized on derivatives, a $19.9 million gain from the Partnership’s repurchase of approximately $60.0 million in face amount of its senior unsecured notes for an aggregate purchase price of approximately $40.1 million, and a net $197.6 million cash derivative expense related to the early termination of certain derivative contracts for the year ended December 31, 2008. |
| (3) | Includes a $169.4 million non-cash loss recognized on derivatives for the year ended December 31, 2007. |
| (4) | Represents one-third of the total operating lease rental expense which is that portion deemed to be interest. |
| (5) | Due to Partnership’s loss for the year ended December 31, 2008, its earnings were insufficient to cover its fixed charges by $634.4 million. |
| (6) | Due to Partnership’s loss for the year ended December 31, 2007, its earnings were insufficient to cover its fixed charges by $173.3 million. |