Attached files
| file | filename |
|---|---|
| EX-5.1 - EX-5.1 - BUCKEYE PARTNERS, L.P. | a16-21161_1ex5d1.htm |
| EX-4.1 - EX-4.1 - BUCKEYE PARTNERS, L.P. | a16-21161_1ex4d1.htm |
| 8-K - 8-K - BUCKEYE PARTNERS, L.P. | a16-21161_18k.htm |
Exhibit 12.1
Buckeye Partners, L.P.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
|
|
|
Six months |
|
Years ended December 31, |
| ||||||||||||||
|
|
|
2016 |
|
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||||
|
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Income from continuing operations before taxes (1) |
|
$ |
272,157 |
|
$ |
438,954 |
|
$ |
333,046 |
|
$ |
348,507 |
|
$ |
231,070 |
|
$ |
285,472 |
|
|
Equity income (greater than) less than distributions |
|
(3,964 |
) |
(1,273 |
) |
(10,795 |
) |
(3,931 |
) |
(2,775 |
) |
(3,778 |
) | ||||||
|
Less: Capitalized interest (2) |
|
(1,477 |
) |
(20,398 |
) |
(9,364 |
) |
(6,501 |
) |
(8,796 |
) |
(7,187 |
) | ||||||
|
Total earnings |
|
$ |
266,716 |
|
$ |
417,283 |
|
$ |
312,887 |
|
$ |
338,075 |
|
$ |
219,499 |
|
$ |
274,507 |
|
|
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Interest and debt expense |
|
$ |
95,617 |
|
$ |
171,330 |
|
$ |
171,235 |
|
$ |
130,920 |
|
$ |
114,980 |
|
$ |
119,561 |
|
|
Capitalized interest |
|
2,085 |
|
21,257 |
|
9,903 |
|
7,007 |
|
9,238 |
|
7,583 |
| ||||||
|
Portion of rentals representing an interest factor |
|
5,516 |
|
10,328 |
|
8,883 |
|
8,217 |
|
8,894 |
|
7,400 |
| ||||||
|
Total fixed charges |
|
$ |
103,218 |
|
$ |
202,915 |
|
$ |
190,021 |
|
$ |
146,144 |
|
$ |
133,112 |
|
$ |
134,544 |
|
|
Earnings available for fixed charges |
|
$ |
369,934 |
|
$ |
620,198 |
|
$ |
502,908 |
|
$ |
484,219 |
|
$ |
352,611 |
|
$ |
409,051 |
|
|
Ratio of earnings to fixed charges |
|
3.58 |
|
3.06 |
|
2.65 |
|
3.31 |
|
2.65 |
|
3.04 |
| ||||||
(1) Excludes income attributable to noncontrolling interests.
(2) Excludes amortization of capitalized interest of $0.6 million, $0.9 million, $0.5 million, $0.5 million, $0.4 million and $0.4 million for the six months ended June 30, 2016 and the years ended December 31, 2015, 2014, 2013, 2012 and 2011, respectively.