VALERO ENERGY PARTNERS LP - FORM 10-K - EX-12.01 - EXHIBIT 12.01 - February 22, 2018

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EX-32.01 - EXHIBIT 32.01 - VALERO ENERGY PARTNERS LPvlpexh3201-12312017.htm
10-K - 10-K - VALERO ENERGY PARTNERS LPvlpform10-kx12312017.htm
EX-31.02 - EXHIBIT 31.02 - VALERO ENERGY PARTNERS LPvlpexh3102-12312017.htm
EX-31.01 - EXHIBIT 31.01 - VALERO ENERGY PARTNERS LPvlpexh3101-12312017.htm
EX-23.01 - EXHIBIT 23.01 - VALERO ENERGY PARTNERS LPvlpexh2301-12312017.htm
EX-21.01 - EXHIBIT 21.01 - VALERO ENERGY PARTNERS LPvlpexh2101-12312017.htm
EX-10.18 - EXHIBIT 10.18 - VALERO ENERGY PARTNERS LPvlpexh1018-12312017.htm


Exhibit 12.01
VALERO ENERGY PARTNERS LP
STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
 
Year Ended December 31,
 
2017
 
 
2016
 
 
2015
 
 
2014
 
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income tax expense
$
239,768

 
 
$
189,943

 
 
$
71,563

 
 
$
(32,813
)
 
 
$
(23,969
)
Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
40,534

 
 
18,251

 
 
8,521

 
 
1,352

 
 
714

Amortization of capitalized interest
15

 
 
4

 
 
1

 
 
—

 
 
—

Less:
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest
(619
)
 
 
(82
)
 
 
(31
)
 
 
—

 
 
—

Total earnings
$
279,698

 
 
$
208,116

 
 
$
80,054

 
 
$
(31,461
)
 
 
$
(23,255
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and debt expense, net
of capitalized interest
$
36,015

 
 
$
14,915

 
 
$
6,113

 
 
$
872

 
 
$
198

Capitalized interest
619

 
 
82

 
 
31

 
 
—

 
 
—

Rental expense interest factor (a)
3,900

 
 
3,254

 
 
2,377

 
 
480

 
 
516

Total fixed charges
$
40,534

 
 
$
18,251

 
 
$
8,521

 
 
$
1,352

 
 
$
714

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
6.9

x
 
11.4

x
 
9.4

x
 
(b)

 
 
(b)

__________
(a)
The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense.
(b)
For the years ended December 31, 2014 and 2013, earnings were insufficient to cover fixed charges and the deficiency was $32.8 million and $24.0 million, respectively.



VALERO ENERGY PARTNERS LP Reports