HOLLY ENERGY PARTNERS LP - FORM 10-Q - EX-12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - August 1, 2011

Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - HOLLY ENERGY PARTNERS LPFinancial_Report.xls
EX-10.2 - SECOND LETTER AGREEMENT - HOLLY ENERGY PARTNERS LPdex102.htm
EX-10.4 - FIRST AMENDEMENT OF PIPELINES AND TERMINALS AGREEMENT - HOLLY ENERGY PARTNERS LPdex104.htm
EX-10.3 - THIRD LETTER AGREEMENT - HOLLY ENERGY PARTNERS LPdex103.htm
EX-31.2 - SECTION 302 CFO CERTIFICATION - HOLLY ENERGY PARTNERS LPdex312.htm
EX-32.2 - SECTION 906 CFO CERTIFICATION - HOLLY ENERGY PARTNERS LPdex322.htm
EX-10.6 - THIRD AMENDMENT TO PIPELINES AND TERMINALS AGREEMENT - HOLLY ENERGY PARTNERS LPdex106.htm
EX-32.1 - SECTION 906 CEO CERTIFICATION - HOLLY ENERGY PARTNERS LPdex321.htm
EX-10.1 - FIRST LETTER AGREEMENT - HOLLY ENERGY PARTNERS LPdex101.htm
EX-31.1 - SECTION 302 CEO CERTIFICATION - HOLLY ENERGY PARTNERS LPdex311.htm
EX-10.5 - SECOND AMENDMENT TO PIPELINE AND TERMINALS AGREEMENT - HOLLY ENERGY PARTNERS LPdex105.htm
10-Q - FORM 10-Q - HOLLY ENERGY PARTNERS LPd10q.htm

Exhibit 12.1

Holly Energy Partners, L.P.

Computation of Ratio of Earnings

To Fixed Charges

(In thousands)

 

     Six  Months
Ended
June  30,
2011		      Years Ended December 31,  
        2010      2009      2008      2007      2006  

Earnings:

                  

Net income

    $ 34,182       $ 58,869       $ 46,234       $ 20,696       $ 35,152       $ 23,989   

Add total fixed charges (per below)

      18,895         36,598         24,638         24,751         15,125         14,815   
                                                     

Total earnings

    $ 53,077       $ 95,467       $ 70,872       $ 45,447       $ 50,277       $ 38,804   
                                                     

Fixed charges:

                  

Interest expense

    $ 17,273       $ 34,001       $ 21,501       $ 21,763       $ 13,289       $ 13,056   

Capitalized interest

      530         455         1,008         1,007         —           —     

Estimate of interest within rental expense (1)

      1,092         2,142         2,129         1,981         1,836         1,759   
                                                     

Total fixed charges

    $ 18,895       $ 36,598       $ 24,638       $ 24,751       $ 15,125       $ 14,815   
                                                     

Ratio of earnings to fixed charges

      2.81         2.61         2.88         1.84         3.32         2.62   
                                                     

 

(1) Represents 30% of the total operating lease rental expense which is that portion deemed to be interest.

HOLLY ENERGY PARTNERS LP Reports