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, | ||||||||||||||||||||
| 2010 | 2009(1) | 2008(1) | 2007(1) | 2006(1) | ||||||||||||||||
| Earnings: |
||||||||||||||||||||
| Loss from continuing operations before income tax expense (2)(3)(4)(5) |
$ | (40,717 | ) | $ | (21,434 | ) | $ | (510,896 | ) | $ | (116,728 | ) | $ | (1,551 | ) | |||||
| Fixed charges |
94,511 | 108,840 | 101,045 | 68,213 | 28,581 | |||||||||||||||
| Adjustment to net distributed income of equity investee |
6,146 | 267 | — | — | — | |||||||||||||||
| Interest capitalized |
(757 | ) | (2,783 | ) | (8,872 | ) | (3,259 | ) | (2,636 | ) | ||||||||||
| Amortization of previously capitalized interest |
255 | 581 | 309 | 123 | 34 | |||||||||||||||
| Non-controlling interest |
(4,738 | ) | (3,176 | ) | 22,781 | 3,940 | — | |||||||||||||
| Total |
$ | 54,700 | $ | 82,295 | $ | (395,633 | ) | $ | (47,711 | ) | $ | 24,428 | ||||||||
| Fixed Charges: |
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| Interest cost and debt expense |
$ | 91,632 | $ | 103,787 | 89,869 | 63,989 | 25,521 | |||||||||||||
| Interest capitalized |
757 | 2,783 | 8,872 | 3,259 | 2,636 | |||||||||||||||
| Interest allocable to rental expense(6) |
2,122 | 2,270 | 2,304 | 965 | 424 | |||||||||||||||
| Total Fixed Charges |
94,511 | 108,840 | 101,045 | 68,213 | 28,581 | |||||||||||||||
| Preferred dividends |
780 | 900 | 2,274 | 6,250 | 1,898 | |||||||||||||||
| Total Fixed Charges and Preferred Dividends |
$ | 95,291 | $ | 109,740 | $ | 103,319 | $ | 74,463 | $ | 30,479 | ||||||||||
| Ratio of Earnings to Fixed Charges |
— | (7) | — | (8) | — | (9) | — | (10) | — | (11) | ||||||||||
| Ratio of Earnings to Fixed Charges and Preferred Dividends |
— | (12) | — | (13) | — | (14) | — | (15) | — | (16) | ||||||||||
| (1) | Restated to reflect amounts reclassified to discontinued operations due to the Partnership’s sale of Elk City. |
| (2) | Includes a non-cash gain recognized on derivatives of $10.2 million and a non-recurring cash derivative unwind expense of $17.9 million for the year ended December 31, 2010. |
| (3) | 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. |
| (4) | 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 of its senior unsecured notes for 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. |
| (5) | Includes a $169.4 million non-cash loss recognized on derivatives for the year ended December 31, 2007. |
| (6) | Represents one-third of the total operating lease rental expense which is that portion deemed to be interest. |
| (7) | The Partnership earnings were insufficient to cover its fixed charges by $39.8 million for this period. |
| (8) | The Partnership earnings were insufficient to cover its fixed charges by $26.5 million for this period. |
| (9) | The Partnership earnings were insufficient to cover its fixed charges by $496.7 million for this period. |
| (10) | The Partnership earnings were insufficient to cover its fixed charges by $115.9 million for this period. |
| (11) | The Partnership earnings were insufficient to cover its fixed charges by $4.2 million for this period. |
| (12) | The Partnership earnings were insufficient to cover its fixed charges and preferred dividends by $40.6 million for this period. |
| (13) | The Partnership earnings were insufficient to cover its fixed charges and preferred dividends by $27.4 million for this period. |
| (14) | The Partnership earnings were insufficient to cover its fixed charges and preferred dividends by $499.0 million for this period. |
| (15) | The Partnership earnings were insufficient to cover its fixed charges and preferred dividends by $122.2 million for this period. |
| (16) | The Partnership earnings were insufficient to cover its fixed charges and preferred dividends by $6.1 million for this period. |