Attached files
Exhibit 12
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EL PASO PIPELINE PARTNERS
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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(DOLLARS IN MILLIONS)
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FOR THE YEARS ENDED DECEMBER 31,
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2009
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2008
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2007
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2006
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2005
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Earnings
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Pre-tax income from continuing operations
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$ | 363.2 | $ | 287.7 | $ | 252.6 | $ | 243.2 | $ | 176.3 | ||||||||||
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Income from equity investees
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(53.4 | ) | (32.9 | ) | (4.1 | ) | (0.4 | ) | - | |||||||||||
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Pre-tax income from continuing operations
before income from equity investees
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309.8 | 254.8 | 248.5 | 242.8 | 176.3 | |||||||||||||||
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Fixed charges
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92.4 | 65.6 | 64.9 | 58.3 | 41.6 | |||||||||||||||
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Distributed income of equity investees
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43.8 | 23.1 | - | - | - | |||||||||||||||
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Allowance for funds used during construction
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(23.0 | ) | (7.2 | ) | (3.7 | ) | (2.0 | ) | (4.5 | ) | ||||||||||
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Total earnings available for fixed charges
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$ | 423.0 | $ | 336.3 | $ | 309.7 | $ | 299.1 | $ | 213.4 | ||||||||||
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Fixed charges
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Interest and debt costs expense
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$ | 91.1 | $ | 64.9 | $ | 64.1 | $ | 56.8 | $ | 40.2 | ||||||||||
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Interest component of rent
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1.3 | 0.7 | 0.8 | 1.5 | 1.4 | |||||||||||||||
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Total fixed charges
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$ | 92.4 | $ | 65.6 | $ | 64.9 | $ | 58.3 | $ | 41.6 | ||||||||||
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Ratio of earnings to fixed charges
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4.6 | 5.1 | 4.8 | 5.1 | 5.1 | |||||||||||||||
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For purposes of computing these ratios, earnings means pre-tax income from continuing operations before:
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- income from equity investees, adjusted to reflect actual distributions from equity investments; and
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- fixed charges;
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less
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- allowance for funds used during construction
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Fixed charges means the sum of the following:
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- interest costs;
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- amortization of debt costs; and
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- that portion of rental expense which we believe represents an interest factor.
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