EXHIBIT 12.1
BOARDWALK PIPELINE PARTNERS, LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions, except ratios)
For the Nine Months Ended September 30, | For the Year Ended December 31, | |||||||||||||||||||||||||||
2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income before income taxes | $ | 156.8 | $ | 110.3 | $ | 147.2 | $ | 250.7 | $ | 306.5 | $ | 217.4 | $ | 289.9 | ||||||||||||||
Equity Losses in unconsolidated affiliates | — | 86.9 | 86.5 | 1.2 | — | — | — | |||||||||||||||||||||
Net loss attributable to noncontrolling interest | — | 9.2 | 9.2 | 3.5 | — | — | — | |||||||||||||||||||||
Amortization of capitalized interest | 2.8 | 2.6 | 3.5 | 3.4 | 3.3 | 3.3 | 3.2 | |||||||||||||||||||||
Fixed charges | 141.1 | 132.8 | 179.4 | 176.0 | 178.4 | 179.8 | 160.2 | |||||||||||||||||||||
Capitalized interest | (1.7 | ) | (6.2 | ) | (6.8 | ) | (6.4 | ) | (4.6 | ) | (1.9 | ) | (4.1 | ) | ||||||||||||||
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Total earnings | $ | 299.0 | $ | 335.6 | $ | 419.0 | $ | 428.4 | $ | 483.6 | $ | 398.6 | $ | 449.2 | ||||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense, net of capitalized interest | $ | 134.6 | $ | 121.2 | $ | 165.7 | $ | 163.5 | $ | 168.6 | $ | 173.1 | $ | 151.1 | ||||||||||||||
Capitalized interest | 1.7 | 6.2 | 6.8 | 6.4 | 4.6 | 1.9 | 4.1 | |||||||||||||||||||||
Implicit interest in rents | 4.8 | 5.4 | 6.9 | 6.1 | 5.2 | 4.8 | 5.0 | |||||||||||||||||||||
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Total fixed charges | $ | 141.1 | $ | 132.8 | $ | 179.4 | $ | 176.0 | $ | 178.4 | $ | 179.8 | $ | 160.2 | ||||||||||||||
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Ratio of earnings to fixed charges | 2.12 | x | 2.53 | x | 2.34 | x | 2.43 | x | 2.71 | x | 2.22 | x | 2.80 | x | ||||||||||||||
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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; less capitalized interest and noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges; 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.