Summit Midstream Partners, LP - FORM 10-K - EX-12.1 - RATIO OF EARNINGS TO FIXED CHARGES - February 27, 2017

Attached files

file filename
EX-99.4 - EX 99.4 OCC 2015-2014 - Summit Midstream Partners, LPsmlp-occex994.htm
EX-99.2 - EX 99.2 OCC 2016 - Summit Midstream Partners, LPsmlpoccex992.htm
EX-99.1 - EX 99.1 OGC 2016 - Summit Midstream Partners, LPsmlpogcex991.htm
EX-32.1 - SECTION 906 CERTIFICATION - Summit Midstream Partners, LPex321section906certificati.htm
EX-31.2 - CFO CERTIFICATION - Summit Midstream Partners, LPex312cfocertification1216.htm
EX-31.1 - CEO CERTIFICATION - Summit Midstream Partners, LPex311ceocertification1216.htm
EX-23.5 - CONSENT OF PWC - OCC - Summit Midstream Partners, LPex235pwcconsentocc1216.htm
EX-23.4 - CONSENT OF PWC - OGC - Summit Midstream Partners, LPex234pwcconsentogc1216.htm
EX-23.3 - CONSENT OF D&T - OCC - Summit Midstream Partners, LPex233deloitteconsentocc1216.htm
EX-23.2 - CONSENT OF D&T - OGC - Summit Midstream Partners, LPex232deloitteconsentogc1216.htm
EX-23.1 - CONSENT OF D&T - SMLP - Summit Midstream Partners, LPex231deloitteconsentsmlp12.htm
EX-21.1 - LIST OF SUBSIDIARIES - Summit Midstream Partners, LPex211listofsubsidiaries1216.htm
EX-10.24 - EX 10.24 BNG EMP AGMT - Summit Midstream Partners, LPex1024bngempagmt.htm
EX-10.22 - EX 10.22 MSH EMP AGMT - Summit Midstream Partners, LPex1022mshempagmt.htm
10-K - SMLP 2016 FORM 10-K - Summit Midstream Partners, LPsmlp12-1610xk.htm
EXHIBIT 12.1


SUMMIT MIDSTREAM PARTNERS, LP
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the periods indicated on a consolidated historical basis. For purposes of computing the ratio of earnings to fixed charges, "earnings" are defined as income before taxes and loss from equity method investees plus fixed charges and distributions from equity method investees less capitalized interest. "Fixed charges" consist of interest expensed and capitalized, amortization of debt issuance costs and an estimate of interest within rent expense.
 
Year ended December 31,
 
2016
 
2015 (1)
 
2014 (2)
 
2013
 
2012
 
(Dollars in thousands)
Earnings:
 
 
 
 
 
 
 
 
 
Loss before income taxes and loss from equity method investees
$
(7,768
)
 
$
(216,268
)
 
$
(29,802
)
 
$
47,737

 
$
43,679

Add (deduct):
 
 
 
 
 
 
 
 
 
Fixed charges
68,473

 
63,262

 
53,859

 
28,543

 
15,794

Distributions from equity method investees
44,991

 
34,641

 
2,992

 
—

 
—

Capitalized interest
(3,709
)
 
(3,372
)
 
(4,646
)
 
(6,690
)
 
(2,784
)
Total earnings
$
101,987

 
$
(121,737
)
 
$
22,403

 
$
69,590

 
$
56,689

Fixed Charges (3):
 
 
 
 
 
 
 
 
 
Interest expense
$
63,810

 
$
59,092

 
$
48,586

 
$
21,314

 
$
12,766

Capitalized interest
3,709

 
3,372

 
4,646

 
6,690

 
2,784

Estimate of interest within rent expense
954

 
798

 
627

 
539

 
244

Total fixed charges
$
68,473

 
$
63,262

 
$
53,859

 
$
28,543

 
$
15,794

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.49
x
 
—

 
0.42
x
 
2.44
x
 
3.59
x
__________
(1) The ratio of earnings to fixed charges was negative for the year ended December 31, 2015. To achieve a ratio of earnings to fixed charges of 1:1, we would have had to generate an additional $185.0 million of earnings for the year ended December 31, 2015. Loss before income taxes for the year ended December 31, 2015 included $248.9 million of goodwill impairments.
(2) The ratio of earnings to fixed charges was less than 1:1 for the year ended December 31, 2014. To achieve a ratio of earnings to fixed charges of 1:1, we would have had to generate an additional $31.5 million of earnings for the year ended December 31, 2014. Loss before income taxes for the year ended December 31, 2014 included $54.2 million of goodwill impairment.
(3) Fixed charges do not include any portion of the expense associated with our Deferred Purchase Price Obligation that we owe pursuant to the terms of that certain Contribution Agreement, dated February 25, 2016, between us and Summit Midstream Partners Holdings, LLC.



EX 12.1-1

Summit Midstream Partners, LP Reports