Atlas Pipeline Partners 10-K2012 FY Annual report

Filed: 28 Feb 13, 12:00am

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Removed: accretive, affiliated, AHD, alleging, Apache, APC, asserted, CFR, commensurate, confidentiality, confirming, contrary, conviction, cured, deceit, delay, designation, deteriorating, dredged, elimination, Elliott, Enville, Eric, excise, expressly, fall, feature, footnote, fulfillment, goal, guide, Hiland, idle, immaterial, inaction, inactive, inspection, installed, installing, launch, liquefied, LNG, Madill, Michigan, misrepresentation, mobility, NGPSA, NY, offsite, Ohio, OLP, perpetuity, planned, population, productive, prolonged, RAIT, regime, relocation, renewed, residence, resigned, restoring, rolling, route, separately, simultaneously, siting, Spectra, Sunlight, terminal, underground, uniform, wide, winding, Zone

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EXHIBIT 12.1

Statement of Computation of Ratio of Earnings to Fixed Charges (UNAUDITED)

Atlas Pipeline Partners, L.P.

(amounts in thousands except ratios)


	Years Ended December 31,
	2012			2011			2010			2009			2008
Earnings:
Income (loss) from continuing operations before income tax expense⁽¹⁾⁽^2)(3)(4)(5)	$	68,235		$	295,478		$	(40,717	)	$	(21,434	)	$	(510,896	)
Fixed charges		52,260			38,566			90,152			106,362			98,598
Adjustment to net distributed income of equity investee		877			(577	)		6,146			267			—
Interest capitalized		(8,669	)		(5,146	)		(757	)		(2,783	)		(8,872	)
Amortization of previously capitalized interest		583			333			255			581			309
Non-controlling interest		(6,010	)		(6,200	)		(4,738	)		(3,176	)		22,781

Total	$	107,276		$	322,454		$	50,341		$	79,817		$	(398,080	)

Fixed Charges:
Interest cost and debt expense	$	41,760		$	31,603		$	87,273		$	101,309		$	87,422
Interest capitalized		8,669			5,146			757			2,783			8,872
Interest allocable to rental expense⁽⁶⁾		1,831			1,817			2,122			2,270			2,304

Total Fixed Charges		52,260			38,566			90,152			106,362			98,598
Preferred dividends		—			389			780			900			2,274

Total Fixed Charges and Preferred Dividends	$	52,260		$	38,955		$	90,932		$	107,262		$	100,872

Ratio of Earnings to Fixed Charges		2.1x			8.4x			—	⁽⁷⁾		—	⁽⁸⁾		—	⁽⁹⁾

Ratio of Earnings to Fixed Charges and Preferred Dividends		2.1x			8.3x			—	⁽¹⁰⁾		—	⁽¹¹⁾		—	⁽¹²⁾

(1)	Includes a non-cash gain recognized on derivatives of $23.3 million for the year ended December 31, 2012.

(2)	Includes a gain on asset sales of $256.3 million and a non-cash loss recognized on derivatives of $4.5 million for the year ended December 31, 2011.

(3)	Includes a non-cash gain recognized on derivatives of $10.2 million and a non-recurring cash derivative unwind expense of $17.9 million for the year ended December 31, 2010.

(4)	Includes a gain on asset sales of $111.4 million, a non-cash loss recognized on derivatives of $51.3 million, a $10.3 million non-cash impairment charge to goodwill and other assets and a non-recurring cash derivative unwind expense of $5.0 million for the year ended December 31, 2009.

(5)

Includes a $676.9 million non-cash impairment charge to goodwill and other assets; a $115.8 million non-cash gain recognized on derivatives; a $19.9 million gain from the Partnership’s repurchase of approximately $60.0 million of its senior unsecured notes for approximately $40.1 million; and a net $197.6 million cash derivative expense related to the early termination of certain derivative contracts for the year ended December 31, 2008.

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

(7)	The Partnership earnings were insufficient to cover its fixed charges by $39.8 million for this period.

(8)	The Partnership earnings were insufficient to cover its fixed charges by $26.5 million for this period.

(9)	The Partnership earnings were insufficient to cover its fixed charges by $496.7 million for this period.

(10)	The Partnership earnings were insufficient to cover its fixed charges and preferred dividends by $40.6 million for this period.

(11)	The Partnership earnings were insufficient to cover its fixed charges and preferred dividends by $27.4 million for this period.

(12)	The Partnership earnings were insufficient to cover its fixed charges and preferred dividends by $499.0 million for this period.

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