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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
December 31 (millions of dollars) | 2012 | 2011 | 2010 | 2009(a) | 2008(a) | March 31, 2013 (millions of dollars) | |||||||||
Earnings | |||||||||||||||
Net income before adjustment for | |||||||||||||||
income from equity investees | 8 | 4 | 11 | 7 | – | 3 | |||||||||
Fixed charges | 24 | 29 | 25 | 30 | 37 | 5 | |||||||||
Distributed income of equity investees | 129 | 154 | 126 | 99 | 123 | 26 | |||||||||
Total Earnings | 161 | 187 | 162 | 136 | 160 | 34 | |||||||||
Fixed Charges | |||||||||||||||
Interest expensed and capitalized | 23 | 28 | 25 | 30 | 36 | 5 | |||||||||
Amortization of other assets | 1 | 2 | – | – | 1 | – | |||||||||
Total Fixed Charges | 24 | 30 | 25 | 30 | 37 | 5 | |||||||||
Ratio of Earnings/Fixed Charges | 6.71x | 6.34x | 6.40x | 4.52x | 4.34x | 6.80x |
- (a)
- The acquisition of North Baja in 2009 was accounted for as a transaction between entities under common control using a method whereby the assets and liabilities of the acquired entities are recorded at TransCanada's carrying value 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.