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10-Q - 10-Q - NuStar Energy L.P.ns3q1510-q.htm
EX-32.02 - EXHIBIT 32.02 - NuStar Energy L.P.ns3q1510-qex3202.htm
EX-31.02 - EXHIBIT 31.02 - NuStar Energy L.P.ns3q1510-qex3102.htm
EX-10.01 - EXHIBIT 10.01 - NuStar Energy L.P.ns3q1510-qex1001.htm
EX-32.01 - EXHIBIT 32.01 - NuStar Energy L.P.ns3q1510-qex3201.htm
EX-31.01 - EXHIBIT 31.01 - NuStar Energy L.P.ns3q1510-qex3101.htm


 
Exhibit 12.01
NUSTAR ENERGY L.P.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars, Except Ratio)
 
 
Nine Months
 
 
 
Ended
 
 
 
 
 
 
 
 
 
 
 
September 30,
 
Years Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before provision for income taxes and income from equity investees
$
256,263

 
$
220,174

 
$
(132,786
)
 
$
(132,173
)
 
$
225,771

 
$
244,917

Add:
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
113,130

 
153,236

 
149,090

 
122,286

 
109,825

 
102,642

Amortization of capitalized interest
1,168

 
1,385

 
1,216

 
1,012

 
793

 
642

Distributions from joint ventures
2,500

 
7,587

 
7,956

 
6,364

 
14,374

 
9,625

Less: Interest capitalized
(4,613
)
 
(5,667
)
 
(4,501
)
 
(7,737
)
 
(5,388
)
 
(3,701
)
Total earnings
$
368,448

 
$
376,715

 
$
20,975

 
$
(10,248
)
 
$
345,375

 
$
354,125

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
$
98,309

 
$
132,281

 
$
127,119

 
$
90,535

 
$
81,539

 
$
77,764

Interest capitalized
4,613

 
5,667

 
4,501

 
7,737

 
5,388

 
3,701

Rental expense interest factor (a)
10,208

 
15,288

 
17,470

 
24,014

 
22,898

 
21,177

Total fixed charges
$
113,130

 
$
153,236

 
$
149,090

 
$
122,286

 
$
109,825

 
$
102,642

Ratio of earnings to fixed charges
3.3x

 
2.5x

 
(b)

 
(c)

 
3.1x

 
3.5x


(a)
The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense.
(b)
For the year ended December 31, 2013, earnings were insufficient to cover fixed charges by $128.1 million. The deficiency included a goodwill impairment loss of $304.5 million related to the Statia terminals reporting unit.
(c)
For the year ended December 31, 2012, earnings were insufficient to cover fixed charges by $132.5 million. The deficiency included the effect of $271.8 million of impairment losses mainly resulting from the write-down of the carrying value of our long-lived assets related to our asphalt operations, including fixed assets, goodwill, intangible assets and other long-term assets.