Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
(UNAUDITED)
Atlas Pipeline Partners, L.P.
(amounts in thousands except ratios)
| Nine Months Ended September 30, | ||||||||
| 2009 | 2008 | |||||||
Earnings: | ||||||||
Income (loss) from continuing operations before income tax expense(1)(2) | $ | 33,269 | $ | (146,947 | ) | |||
Fixed charges | 81,294 | 71,551 | ||||||
Interest capitalized | (2,522 | ) | (5,252 | ) | ||||
Preferred dividends | (900 | ) | (1,437 | ) | ||||
Amortization of previously capitalized interest | 403 | 205 | ||||||
Total | $ | 111,544 | $ | (81,880 | ) | |||
Fixed Charges: | ||||||||
Interest cost and debt expense | 75,820 | 62,663 | ||||||
Interest capitalized | 2,522 | 5,252 | ||||||
Preferred dividends | 900 | 1,437 | ||||||
Interest allocable to rental expense(3) | 2,052 | 2,199 | ||||||
Total | $ | 81,294 | $ | 71,551 | ||||
Ratio of Earnings to Fixed Charges | 1.4x | — | (4) | |||||
| (1) | Includes a gain on asset sales of $111.4 million, a non-cash loss recognized on derivatives of $39.8 million and a non-recurring cash derivative unwind expense of $5.0 million for the nine months ended September 30, 2009. |
| (2) | Includes a non-cash loss recognized on derivatives of $36.0 million and a non-recurring cash derivative unwind expense of $187.6 million for the nine months ended September 30, 2008. |
| (3) | Represents one-third of the total operating lease rental expense which is that portion deemed to be interest. |
| (4) | Due to the Partnership’s loss for the nine months ended September 30, 2008, its earnings were insufficient to cover its fixed charges by $153.4 million. |
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