Attached files
file | filename |
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EX-32.2 - EXHIBIT 32.2 - Boardwalk Pipeline Partners, LP | bwp15q410kex322.htm |
EX-32.1 - EXHIBIT 32.1 - Boardwalk Pipeline Partners, LP | bwp15q410kex321.htm |
EX-31.2 - EXHIBIT 31.2 - Boardwalk Pipeline Partners, LP | bwp15q410kex312.htm |
EX-31.1 - EXHIBIT 31.1 - Boardwalk Pipeline Partners, LP | bwp15q410kex311.htm |
EX-21.1 - EXHIBIT 21.1 - Boardwalk Pipeline Partners, LP | bwp15q410kex211.htm |
10-K - 10-K BWP 2015 - Boardwalk Pipeline Partners, LP | bwp10kq42015.htm |
EX-23.1 - EXHIBIT 23.1 - Boardwalk Pipeline Partners, LP | bwp15q410kex231.htm |
EXHIBIT 12.1
BOARDWALK PIPELINE PARTNERS, LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions, except ratios)
For the Year Ended December 31, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before income taxes | $ | 222.5 | $ | 147.2 | $ | 250.7 | $ | 306.5 | $ | 217.4 | ||||||||||||||
Equity losses in unconsolidated affiliates | — | 86.5 | 1.2 | — | — | |||||||||||||||||||
Net loss attributable to noncontrolling interests | — | 9.2 | 3.5 | — | — | |||||||||||||||||||
Amortization of capitalized interest | 3.9 | 3.5 | 3.4 | 3.3 | 3.3 | |||||||||||||||||||
Fixed charges | 186.2 | 179.4 | 176.0 | 178.4 | 179.8 | |||||||||||||||||||
Capitalized interest | (2.5 | ) | (6.8 | ) | (6.4 | ) | (4.6 | ) | (1.9 | ) | ||||||||||||||
Total earnings | $ | 410.1 | $ | 419.0 | $ | 428.4 | $ | 483.6 | $ | 398.6 | ||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense, net of capitalized interest | $ | 177.3 | $ | 165.7 | $ | 163.5 | $ | 168.6 | $ | 173.1 | ||||||||||||||
Capitalized interest | 2.5 | 6.8 | 6.4 | 4.6 | 1.9 | |||||||||||||||||||
Implicit interest in rents | 6.4 | 6.9 | 6.1 | 5.2 | 4.8 | |||||||||||||||||||
Total fixed charges | $ | 186.2 | $ | 179.4 | $ | 176.0 | $ | 178.4 | $ | 179.8 | ||||||||||||||
Ratio of earnings to fixed charges | 2.20x | 2.34x | 2.43x | 2.71x | 2.22x |
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 adjustment for income or loss from equity investees; plus fixed charges; plus amortization of capitalized interest; less capitalized interest and noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges; 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. |