Exhibit 12.1
BOARDWALK PIPELINE PARTNERS, LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions, except ratios)
| Three Months Ended March 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||
| 2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income before income taxes | $ | 101.6 | $ | 92.8 | $ | 306.5 | $ | 217.4 | $ | 289.9 | $ | 163.0 | $ | 295.0 | ||||||||||||||
Amortization of capitalized interest | 0.9 | 0.8 | 3.3 | 3.3 | 3.2 | 2.8 | 0.5 | |||||||||||||||||||||
Fixed charges | 44.2 | 42.7 | 178.3 | 179.8 | 160.2 | 147.6 | 133.7 | |||||||||||||||||||||
Capitalized interest | (2.3 | ) | (0.4 | ) | (4.5 | ) | (1.9 | ) | (4.1 | ) | (10.2 | ) | (72.6 | ) | ||||||||||||||
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Total earnings | $ | 144.4 | $ | 135.9 | $ | 483.6 | $ | 398.6 | $ | 449.2 | $ | 303.2 | $ | 356.6 | ||||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense, net of capitalized interest | $ | 40.5 | $ | 41.0 | $ | 168.6 | $ | 173.1 | $ | 151.1 | $ | 132.3 | $ | 57.3 | ||||||||||||||
Capitalized interest | 2.3 | 0.4 | 4.5 | 1.9 | 4.1 | 10.2 | 72.6 | |||||||||||||||||||||
Implicit interest in rents | 1.4 | 1.3 | 5.2 | 4.8 | 5.0 | 5.2 | 3.8 | |||||||||||||||||||||
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Total fixed charges | $ | 44.2 | $ | 42.7 | $ | 178.3 | $ | 179.8 | $ | 160.2 | $ | 147.7 | $ | 133.7 | ||||||||||||||
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Ratio of earnings to fixed charges | 3.27x | 3.18x | 2.71x | 2.22x | 2.80x | 2.05x | 2.67x | |||||||||||||||||||||
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For purposes of calculating the ratio of consolidated earnings to fixed charges:
| • | “earnings” is the aggregate of the following items: pre-tax income or loss from continuing operations before adjustment for income or loss from equity investees; plus fixed charges; plus amortization of capitalized interest; and less capitalized interest; and |
| • | “fixed charges” means the sum of the following: interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; and an estimate of the interest within rental expense. Fixed charges are not reduced by any allowance for funds used during construction. |
