Enterprise Products Partners (EPD) 10-K 2005 FY Annual report

Exhibit 12.1

ENTERPRISE PRODUCTS PARTNERS L.P.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	For the Year Ended December 31,
	2005			2004			2003			2002			2001
Consolidated income	$	419,508		$	268,261		$	104,546		$	95,500		$	242,178
Add: Minority interest		5,760			8,128			3,859			2,947			2,472
Provision for taxes		8,362			3,761			5,293			1,634
Less: Equity in (income) loss of unconsolidated affiliates		(14,548	)		(52,787	)		13,960			(35,253	)		(25,358	)
Consolidated pre-tax income before minority interest and equity earnings from unconsolidated affiliates		419,082			227,363			127,658			64,828			219,292
Add: Fixed charges		264,920			168,463			151,338			111,141			63,172
Amortization of capitalized interest		1,644			974			579			363			217
Distributed income of equity investees		56,058			68,027			31,882			57,662			45,054
Subtotal		741,704			464,827			311,457			233,994			327,735
Less: Interest capitalized		(22,045	)		(2,766	)		(1,595	)		(1,083	)		(2,946	)
Minority interest		(5,760	)		(8,128	)		(3,859	)		(2,947	)		(2,472	)
Total earnings	$	713,899		$	453,933		$	306,003		$	229,964		$	322,317
Fixed charges:
Interest expense	$	230,549		$	155,740		$	140,806		$	101,580		$	52,456
Capitalized interest		22,045			2,766			1,595			1,083			2,946
Interest portion of rental expense		12,326			9,957			8,937			8,478			7,770
Total	$	264,920		$	168,463		$	151,338		$	111,141		$	63,172
Ratio of earnings to fixed charges		2.69x			2.69x			2.02x			2.07x			5.10x

          These computations take into account our consolidated operations and the distributed income from our equity method investees. For purposes of these calculations, “earnings” is the amount resulting from adding and subtracting the following items:

          Add the following, as applicable: (i) consolidated pre-tax income before minority interest and income or loss from equity investees; (ii) fixed charges; (iii) amortization of capitalized interest; (iv) distributed income of equity investees; and (v) our share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges. From the subtotal of the added items, subtract the following, as applicable: (i) interest capitalized; (ii) preference security dividend requirements of consolidated subsidiaries; and (iii) minority interest in pre-tax income of subsidiaries that have not incurred fixed charges.

          The term “fixed charges” means the sum of the following: interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; an estimate of interest within rental expenses; and preference dividend requirements of consolidated subsidiaries.