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Content analysis
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Constraining | ||
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H.S. freshman Avg
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Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
December 31 (millions of dollars) |
| 2010 |
| 2009(a) |
| 2008(a) |
| 2007(a) |
| 2006(a) |
|
Earnings |
|
|
|
|
|
|
|
|
|
|
|
Net income before adjustment for income from equity investees |
| 11.1 |
| 6.7 |
| 0.4 |
| 15.5 |
| 13.4 |
|
Fixed charges |
| 25.4 |
| 30.1 |
| 36.8 |
| 41.8 |
| 23.3 |
|
Distributed income of equity investees |
| 126.0 |
| 99.4 |
| 122.6 |
| 110.2 |
| 62.5 |
|
Total Earnings |
| 162.5 |
| 136.2 |
| 159.8 |
| 136.5 |
| 72.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Charges |
|
|
|
|
|
|
|
|
|
|
|
Interest expensed and capitalized |
| 24.9 |
| 29.7 |
| 36.3 |
| 41.4 |
| 22.4 |
|
Amortization of other assets |
| 0.5 |
| 0.4 |
| 0.5 |
| 0.4 |
| 0.9 |
|
Total Fixed Charges |
| 25.4 |
| 30.1 |
| 36.8 |
| 41.8 |
| 23.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Earnings/Fixed Charges |
| 6.40x |
| 4.52x |
| 4.34x |
| 3.27x |
| 3.11x |
|
(a) The acquisition of North Baja in 2009 was accounted for as a transaction between entities under common control similar to a pooling of interests and the Partnership’s historical financial information was recast to include North Baja for all periods presented. The ratios presented reflect the recast historical financial information.