WILLIAMS PARTNERS L.P. - FORM 10-K - EX-12 - February 25, 2015

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EXCEL - IDEA: XBRL DOCUMENT - WILLIAMS PARTNERS L.P.Financial_Report.xls
EX-32 - EX-32 - WILLIAMS PARTNERS L.P.wpz-ex32_201412311910.htm
EX-24 - EX-24 - WILLIAMS PARTNERS L.P.wpz-ex24_201412311907.htm
EX-10 - EX-10.14 - WILLIAMS PARTNERS L.P.wpz-ex10_201412312446.htm
EX-10 - EX-10.12 - WILLIAMS PARTNERS L.P.wpz-ex10_201412312444.htm
EX-3 - EX-3.14 - WILLIAMS PARTNERS L.P.wpz-ex3_201412311898.htm
EX-10 - EX-10.6 - WILLIAMS PARTNERS L.P.wpz-ex10_201412311899.htm
EX-31 - EX-31.1 - WILLIAMS PARTNERS L.P.wpz-ex31_201412311908.htm
EX-10 - EX-10.16 - WILLIAMS PARTNERS L.P.wpz-ex10_201412312447.htm
EX-31 - EX-31.2 - WILLIAMS PARTNERS L.P.wpz-ex31_201412311909.htm
EX-21 - EX-21 - WILLIAMS PARTNERS L.P.wpz-ex21_201412311906.htm
EX-3 - EX-3.4 - WILLIAMS PARTNERS L.P.wpz-ex3_201412311896.htm
EX-3 - EX-3.10 - WILLIAMS PARTNERS L.P.wpz-ex3_201412311897.htm
EX-10 - EX-10.13 - WILLIAMS PARTNERS L.P.wpz-ex10_201412312445.htm
EX-23 - EX-23.1 - WILLIAMS PARTNERS L.P.wpz-ex23_201412312144.htm
EX-10.11 - EX-10.11 - WILLIAMS PARTNERS L.P.wpz-ex1011_201412312443.htm
EX-23 - EX-23.2 - WILLIAMS PARTNERS L.P.wpz-ex23_201412312459.htm
10-K - 10-K - WILLIAMS PARTNERS L.P.wpz-10k_20141231.htm

Exhibit 12

ACCESS MIDSTREAM PARTNERS, L.P.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

($ in thousands)

 

Year Ended
December 31,
2014

 

 

Year Ended
December 31,
2013

 

 

Year Ended
December 31,
2012

 

 

Year Ended
December 31,
2011

 

 

Year Ended
December 31,
2010

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

224,865

 

 

$

215,952

 

 

$

114,008

 

 

$

197,193

 

 

$

197,658

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

253,978

 

 

 

196,698

 

 

 

106,314

 

 

 

44,648

 

 

 

27,047

 

Distributed income of equity investees

 

 

205,082

 

 

 

130,420

 

 

 

44,682

 

 

 

433

 

 

 

 

 

Amortization of capitalized interest

 

 

2,949

 

 

 

2,168

 

 

 

802

 

 

 

667

 

 

 

147

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

 

(25,557

)

 

 

(43,896

)

 

 

(14,554

)

 

 

(9,541

)

 

 

(2,631

)

Earnings

 

$

661,317

 

 

$

501,342

 

 

$

251,252

 

 

$

233,400

 

 

$

222,221

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized

 

$

202,388

 

 

$

152,049

 

 

$

73,968

 

 

$

19,772

 

 

$

5,490

 

Amortization of debt expense

 

 

9,109

 

 

 

8,656

 

 

 

5,329

 

 

 

4,660

 

 

 

4,876

 

Interest component of rent expense

 

 

42,481

 

 

 

35,992

 

 

 

27,017

 

 

 

20,216

 

 

 

16,681

 

Fixed charges

 

$

253,978

 

 

$

196,697

 

 

$

106,314

 

 

$

44,648

 

 

$

27,047

 

Ratio of earnings to fixed charges

 

 

2.60x

 

 

 

2.55x

 

 

 

2.36x

 

 

 

5.2x

 

 

 

8.2x

 

These ratios were computed by dividing earnings by fixed charges. For this purpose, earnings include pre-tax income, plus fixed charges to the extent they affect current year earnings, amortization of capitalized interest, then subtracting interest capitalized during the year. Fixed charges include interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebtedness, and estimates of interest within rental expenses.

WILLIAMS PARTNERS L.P. Reports