EQM Midstream Partners, LP - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - February 11, 2016

Attached files

file filename
EX-23.1 - EXHIBIT 23.1 - EQM Midstream Partners, LPex2312015consent.htm
EX-32 - EXHIBIT 32 - EQM Midstream Partners, LPex322015certification.htm
EX-31.2 - EXHIBIT 31.2 - EQM Midstream Partners, LPex3122015certification.htm
EX-31.1 - EXHIBIT 31.1 - EQM Midstream Partners, LPex3112015certification.htm
EX-99 - EXHIBIT 99 - EQM Midstream Partners, LPex992016generalindustry.htm
EX-10.24(C) - EXHIBIT 10.24(C) - EQM Midstream Partners, LPex1024camendmentno2to-jupi.htm
EX-10.24(B) - EXHIBIT 10.24(B) - EQM Midstream Partners, LPex1024bamendmentno1tojupit.htm
EX-10.25(B) - EXHIBIT 10.25(B) - EQM Midstream Partners, LPex1025bamendmentno1tomppsg.htm
EX-10.23 - EXHIBIT 10.23 - EQM Midstream Partners, LPex1023transportationservic.htm
10-K - 10-K - EQM Midstream Partners, LPeqm1231201510k.htm
EX-21.1 - EXHIBIT 21.1 - EQM Midstream Partners, LPex2112015listofsubsidiaries.htm


Exhibit 12.1

EQT MIDSTREAM PARTNERS, LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1) 


 
 
Year Ended December 31,

 
 
2015
 
2014
 
2013
 
2012
 
2011
 
(Thousands)
Earnings:
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
$
400,153

 
$
298,205

 
$
244,364

 
$
155,884

 
$
99,834

Minus: equity income of unconsolidated entities
 
(2,367
)
 
—

 
—

 
—

 
—

Plus: Fixed charges
 
51,041

 
33,242

 
2,530

 
5,226

 
6,248

Minus: Capitalized interest
 
(4,546
)
 
(1,886
)
 
(442
)
 
(1,858
)
 
(758
)
Total earnings
 
$
444,281

 
$
329,561

 
$
246,452

 
$
159,252

 
$
105,324

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense, excluding capital lease interest expense
 
$
22,436

 
$
10,968

 
$
829

 
$
2,944

 
$
5,050

Interest expense, capital lease
 
23,225

 
19,888

 
843

 
—

 
—

Plus: Capitalized interest
 
4,546

 
1,886

 
442

 
1,858

 
758

Plus: Estimated interest component of rental expense
 
834

 
500

 
416

 
424

 
440

Total fixed charges
 
$
51,041

 
$
33,242

 
$
2,530

 
$
5,226

 
$
6,248

 
 

 

 
 
 
 
 
 
Ratio of earnings to fixed charges
 
8.7x

 
9.9x

 
97.4x

 
30.5x

 
16.9x

 
(1)
Earnings included in the calculation of this ratio consist of (i) income before income taxes, minus (ii) equity income of unconsolidated entities, plus (iii) fixed charges and minus (iv) capitalized interest (including allowance for borrowed funds used during construction). Fixed charges included in the calculation of this ratio consist of (i) interest expense, plus (ii) capitalized interest (including allowance for borrowed funds used during construction) and (iii) the estimated interest portion of rental expense.



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