EQM Midstream Partners, LP - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - February 9, 2017

Attached files

file filename
EX-99.2 - EXHIBIT 99.2 - EQM Midstream Partners, LPex9922017generalindustry.htm
EX-32 - EXHIBIT 32 - EQM Midstream Partners, LPex322016certification.htm
EX-31.2 - EXHIBIT 31.2 - EQM Midstream Partners, LPex3122016certification.htm
EX-31.1 - EXHIBIT 31.1 - EQM Midstream Partners, LPex3112016certification.htm
EX-23.1 - EXHIBIT 23.1 - EQM Midstream Partners, LPex2312016consent.htm
EX-21.1 - EXHIBIT 21.1 - EQM Midstream Partners, LPex2112016listofsubsidiaries.htm
EX-10.9(E) - EXHIBIT 10.9(E) - EQM Midstream Partners, LPex109e2017eqtvda.htm
EX-10.9(D) - EXHIBIT 10.9(D) - EQM Midstream Partners, LPex109d2016eqtvda.htm
EX-10.9(C) - EXHIBIT 10.9(C) - EQM Midstream Partners, LPex109c2015eqtvda.htm
EX-10.9(A) - EXHIBIT 10.9(A) - EQM Midstream Partners, LPex109aeqtrsu.htm
EX-10.8(D) - EXHIBIT 10.8(D) - EQM Midstream Partners, LPex108d2014eqmvda.htm
EX-10.25(C) - EXHIBIT 10.25(C) - EQM Midstream Partners, LPex1025cmvpllcagreement.htm
EX-10.11 - EXHIBIT 10.11 - EQM Midstream Partners, LPex1011smithnon-competeagre.htm
EX-10.10 - EXHIBIT 10.10 - EQM Midstream Partners, LPex10102016eqtstip.htm
10-K - 10-K - EQM Midstream Partners, LPeqm1231201610k.htm


Exhibit 12.1

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

 
 
Year Ended December 31,

 
 
2016
 
2015
 
2014
 
2013
 
2012
 
(Thousands)
Earnings:
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
$
548,101

 
$
438,385

 
$
325,037

 
$
249,041

 
$
159,475

Minus: equity income of unconsolidated entities
 
(9,898
)
 
(2,367
)
 
—

 
—

 
—

Plus: Fixed charges
 
27,181

 
27,821

 
13,629

 
1,687

 
5,226

Minus: Capitalized interest
 
(9,403
)
 
(5,642
)
 
(2,258
)
 
(442
)
 
(1,858
)
Total earnings
 
$
555,981

 
$
458,197

 
$
336,408

 
$
250,286

 
$
162,843

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Net interest expense
 
$
16,766

 
$
21,345

 
$
10,871

 
$
829

 
$
2,944

Plus: Capitalized interest
 
9,403

 
5,642

 
2,258

 
442

 
1,858

Plus: Estimated interest component of rental expense
 
1,012

 
834

 
500

 
416

 
424

Total fixed charges
 
$
27,181

 
$
27,821

 
$
13,629

 
$
1,687

 
$
5,226

 
 

 

 

 

 

Ratio of earnings to fixed charges
 
20.5x

 
16.5x

 
24.7x

 
148.4x

 
31.2x

 
(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) net 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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