DCP Midstream, LP - FORM 10-K - EX-12.1 - RATIO OF EARNINGS TO FIXED CHARGES - March 1, 2011

Attached files

file filename
10-K - FORM 10-K - DCP Midstream, LPd10k.htm
EX-31.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER - DCP Midstream, LPdex311.htm
EX-31.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER - DCP Midstream, LPdex312.htm
EX-23.2 - CONSENT OF ERNST & YOUNG LLP - DCP Midstream, LPdex232.htm
EX-32.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER - DCP Midstream, LPdex322.htm
EX-32.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER - DCP Midstream, LPdex321.htm
EX-21.1 - LIST OF SUBSIDIARIES OF DCP MIDSTREAM PARTNERS, LP - DCP Midstream, LPdex211.htm
EX-10.5 - FORM OF RESTRICTED PHANTOM UNIT GRANT - DCP Midstream, LPdex105.htm
EX-23.1 - CONSENT OF DELOITTE & TOUCHE LLP - DCP Midstream, LPdex231.htm
EX-10.19 - TWELFTH AMENDMENT TO OMNIBUS AGREEMENT, DATED JANUARY 1, 2011 - DCP Midstream, LPdex1019.htm
EX-10.22 - FIRST AMENDMENT TO AMENDED AND RESTATED GENERAL PARTNERSHIP AGREEMENT - DCP Midstream, LPdex1022.htm

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The table below sets forth the calculation of Ratios of Earnings to Fixed Charges.

 

     DCP Midstream Partners, LP
Year Ended December 31,		  
     2010     2009     2008     2007     2006  
     (Millions)  

Earnings from continuing operations before fixed charges

           

Pretax income (loss) from continuing operations before earnings from unconsolidated affiliates

    $ 24.5      $ (37.0 )    $ 124.3      $ (25.0 )    $ 58.4   

Fixed charges

      29.9        30.3        33.6        27.0        12.6   

Amortization of capitalized interest

      0.1        0.1        0.1        —        —   

Distributed earnings from unconsolidated affiliates

      23.8        18.6        18.2        23.5        16.4   

Less:

           

Capitalized interest

      (0.2 )      (1.3 )      (0.3 )      (0.2 )      (0.4 ) 
                                        

Earnings from continuing operations before fixed charges

    $ 78.1      $ 10.7      $ 175.9      $ 25.3      $ 87.0   
                                        

Fixed charges

           

Interest expense, net of capitalized interest

    $ 28.8      $ 28.3      $ 32.6      $ 26.0      $ 11.4   

Capitalized interest

      0.2        1.3        0.3        0.2        0.4   

Estimate of interest within rental expense

      0.6        0.5        0.5        0.6        0.7   

Amortization of deferred loan costs

      0.3        0.2        0.2        0.2        0.1   
                                        

Total fixed charges

    $ 29.9      $ 30.3      $ 33.6      $ 27.0      $ 12.6   
                                        

Ratio of earnings to fixed charges

      2.61        0.35        5.24        0.94        6.91   
                                        

For purposes of determining the ratio of earnings to fixed charges, earnings are defined as pretax income or loss from continuing operations before earnings from unconsolidated affiliates, plus fixed charges, plus distributed earnings from unconsolidated affiliates, less capitalized interest. Fixed charges consist of interest expensed, capitalized interest, amortization of deferred loan costs, and an estimate of the interest within rental expense.

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