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Plains All American Pipeline, LP
Calculation of Ratio of Earnings to Fixed Charges
| | Year Ended December 31, | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended March 31, 2005 | ||||||||||||||
| 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||
EARNINGS | |||||||||||||||
Income from continuing operations before income from equity investees | 32,635 | 129,460 | 59,295 | 64,836 | 43,671 | 77,502 | |||||||||
Add: Fixed Charges | 16,803 | 52,626 | 42,622 | 36,157 | 34,409 | 33,283 | |||||||||
Distributed income of equity investees | 444 | 444 | 395 | — | — | — | |||||||||
Subtract: Capitalized Interest | (620 | ) | (544 | ) | (524 | ) | (773 | ) | (153 | ) | — | ||||
Total Earnings(1) | 49,262 | 181,986 | 101,788 | 100,220 | 77,927 | 110,785 | |||||||||
FIXED CHARGES | |||||||||||||||
Interest expensed and capitalized | 15,178 | 47,220 | 35,750 | 29,830 | 29,235 | 28,691 | |||||||||
Amortization of Debt Expense | 641 | 2,537 | 3,787 | 3,676 | 2,667 | 2,051 | |||||||||
Portion of rent expense related to interest (33%) | 984 | 2,869 | 3,085 | 2,651 | 2,507 | 2,541 | |||||||||
Total Fixed Charges | 16,803 | 52,626 | 42,622 | 36,157 | 34,409 | 33,283 | |||||||||
RATIO OF EARNINGS TO FIXED CHARGES(2) | 2.93x | 3.46x | 2.39x | 2.77x | 2.26x | 3.33x | |||||||||
- (1)
- For purposes of computing the ratio of earnings to fixed charges, "earnings" consist of pretax income from continuing operations plus fixed charges (excluding capitalized interest). "Fixed charges" represent interest incurred (whether expensed or capitalized), amortization of debt expense, and that portion of rental expense on operating leases deemed to be the equivalent of interest.
- (2)
- The 2000 period includes a loss of $15.1 million related to early extinguishment of debt previously classified as extraordinary items. Effective with our adoption of SFAS 145, "Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections" in January 2003, such items are included in income from continuing operations.
Plains All American Pipeline, LP Calculation of Ratio of Earnings to Fixed Charges