| Six Months | Years Ended December 31, | ||||||||||||||||||||||
| Ended | |||||||||||||||||||||||
| June 30, | |||||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
| Earnings: | |||||||||||||||||||||||
Income from continuing operations before provision for income taxes and income from equity investees | $ | 125,537 | $ | 240,211 | $ | 225,791 | $ | 256,994 | $ | 154,913 | $ | 149,885 | |||||||||||
| Add: | |||||||||||||||||||||||
| Fixed charges | 55,324 | 103,390 | 102,781 | 113,959 | 91,594 | 75,829 | |||||||||||||||||
| Amortization of capitalized interest | 376 | 642 | 553 | 440 | 255 | 126 | |||||||||||||||||
| Distributions from joint ventures | 6,729 | 9,625 | 9,700 | 2,835 | 544 | 5,268 | |||||||||||||||||
| Less: Interest capitalized | (2,895 | ) | (3,701 | ) | (1,650 | ) | (5,108 | ) | (5,995 | ) | (1,758 | ) | |||||||||||
| Total earnings | $ | 185,071 | $ | 350,167 | $ | 337,175 | $ | 369,120 | $ | 241,311 | $ | 229,350 | |||||||||||
| Fixed charges: | |||||||||||||||||||||||
| Interest expense (1) | $ | 40,618 | $ | 77,343 | $ | 78,622 | $ | 92,971 | $ | 77,584 | $ | 68,241 | |||||||||||
Amortization of debt issuance costs | 831 | 1,118 | 910 | 815 | 1,030 | 726 | |||||||||||||||||
| Interest capitalized | 2,895 | 3,701 | 1,650 | 5,108 | 5,995 | 1,758 | |||||||||||||||||
| Rental expense interest factor (2) | 10,980 | 21,228 | 21,599 | 15,065 | 6,985 | 5,104 | |||||||||||||||||
| Total fixed charges | $ | 55,324 | $ | 103,390 | $ | 102,781 | $ | 113,959 | $ | 91,594 | $ | 75,829 | |||||||||||
| Ratio of earnings to fixed charges | 3.3x | 3.4x | 3.3x | 3.2x | 2.6x | 3.0x | |||||||||||||||||
| (1) | The “Interest expense, net” reported in NuStar Energy L.P.'s consolidated statement of income for the six months ended June 30, 2011 includes investment income of $370,000. |
| (2) | The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense. |
