Atlas Pipeline Partners 10-Q 2011 Q1 Quarterly report

Exhibit 12.1

Statement of Computation of Ratio of Earnings to Fixed Charges

(UNAUDITED)

Atlas Pipeline Partners, L.P.

(amounts in thousands, except ratios)

	Three Months Ended March 31,
	2011			2010(1)
Earnings:
Income (loss) from continuing operations before income tax expense(2)(3)	$	241,655		$	(4,903	)
Fixed charges		13,114			27,120
Adjustment to net distributed income from equity investee		1,302			2,529
Interest capitalized		(232	)		(101	)
Amortization of previously capitalized interest		76			57
Non-controlling interest		(1,187	)		(1,317	)
Total	$	254,728		$	23,385
Fixed Charges:
Interest cost and debt expense		12,445		$	26,403
Interest capitalized		232			101
Interest allocable to rental expense(4)		437			616
Total Fixed Charges	$	13,114		$	27,120
Preferred dividends		240			—
Total Fixed Charges and Preferred Dividends	$	13,354		$	27,120
Ratio of Earnings to Fixed Charges		19.4x			—	(5)
Ratio of Earnings to Fixed Charges and Preferred Dividends		19.1x			—	(6)

(1) Restated to reflect amounts reclassified to discontinued operations due to the Partnership’s sale of Elk City.

(2) Includes a $255.9 million gain on asset sale and an $18.4 million non-cash loss recognized on derivatives for the three months ended March 31, 2011.

(3) Includes a non-cash gain recognized on derivatives of $12.4 million and a non-recurring cash derivative unwind expense of $9.6 million for the three months ended March 31, 2010.

(4) Represents one-third of the total operating lease rental expense which is that portion deemed to be interest.

(5) The Partnership earnings were insufficient to cover its fixed charges by $3.7 million for this period.

(6) The Partnership earnings were insufficient to cover its fixed charges and preferred dividends by $3.7 million for this period.