Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Boardwalk Pipeline Partners, LP | d433410d8k.htm |
| EX-1.1 - UNDERWRITING AGREEMENT - Boardwalk Pipeline Partners, LP | d433410dex11.htm |
| EX-4.1 - SECOND SUPPLEMENTAL INDENTURE - Boardwalk Pipeline Partners, LP | d433410dex41.htm |
| EX-5.1 - OPINION OF VINSON & ELKINS L.L.P. AS TO THE LEGALITY OF THE SENIOR NOTES. - Boardwalk Pipeline Partners, LP | d433410dex51.htm |
Exhibit 12.1
BOARDWALK PIPELINE PARTNERS, LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions, except ratios)
| For the Nine Months Ended September 30, |
For the Year
Ended December 31, |
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| 2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||
| Earnings: |
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| Income before income taxes |
$ | 217.1 | $ | 145.7 | $ | 220.4 | $ | 290.0 | $ | 163.0 | $ | 295.0 | $ | 228.5 | ||||||||||||||
| Amortization of capitalized interest |
2.4 | 2.4 | 3.3 | 3.2 | 2.8 | 0.5 | — | |||||||||||||||||||||
| Fixed charges |
133.8 | 137.9 | 179.2 | 160.2 | 147.6 | 133.7 | 90.6 | |||||||||||||||||||||
| Capitalized interest |
(2.2 | ) | (1.5 | ) | (1.9 | ) | (4.1 | ) | (10.2 | ) | (72.6 | ) | (26.3 | ) | ||||||||||||||
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| Total earnings |
$ | 351.1 | $ | 284.5 | $ | 401.0 | $ | 449.3 | $ | 303.2 | $ | 356.6 | $ | 292.8 | ||||||||||||||
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| Fixed Charges: |
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| Interest expense, net of capitalized interest |
$ | 128.2 | $ | 132.8 | $ | 172.5 | $ | 151.1 | $ | 132.3 | $ | 57.3 | $ | 61.9 | ||||||||||||||
| Capitalized interest |
2.2 | 1.5 | 1.9 | 4.1 | 10.2 | 72.6 | 26.3 | |||||||||||||||||||||
| Implicit interest in rents |
3.4 | 3.6 | 4.8 | 5.0 | 5.2 | 3.8 | 2.4 | |||||||||||||||||||||
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| Total fixed charges |
$ | 133.8 | $ | 137.9 | $ | 179.2 | $ | 160.2 | $ | 147.7 | $ | 133.7 | $ | 90.6 | ||||||||||||||
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| Ratio of earnings to fixed charges |
2.62x | 2.06x | 2.24x | 2.80x | 2.05x | 2.67x | 3.23x | |||||||||||||||||||||
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For purposes of calculating the ratio of consolidated earnings to fixed charges:
| • | “earnings” is the aggregate of the following items: pre-tax income or loss from continuing operations before income or loss from equity investees; plus fixed charges; plus amortization of capitalized interest; less capitalized interest; and |
| • | “fixed charges” means the sum of the following: interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; and an estimate of the interest within rental expense. Fixed charges are not reduced by any allowance for funds used during construction. |