Exhibit 12.1
Holly Energy Partners, L.P.
Computation of Ratio of Earnings
To Fixed Charges
(In thousands)
Computation of Ratio of Earnings
To Fixed Charges
(In thousands)
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, | Years Ended December 31, | |||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Net income | $ | 24,137 | $ | 66,014 | $ | 25,367 | $ | 39,271 | $ | 28,223 | $ | 27,556 | ||||||||||||
Add total fixed charges (per below) | 18,394 | 25,682 | 24,751 | 15,125 | 14,815 | 11,324 | ||||||||||||||||||
Total earnings | $ | 42,531 | $ | 91,696 | $ | 50,118 | $ | 54,396 | $ | 43,038 | $ | 38,880 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 17,093 | $ | 21,501 | $ | 21,763 | $ | 13,289 | $ | 13,056 | $ | 9,633 | ||||||||||||
Capitalized interest | 247 | 1,008 | 1,007 | — | — | — | ||||||||||||||||||
Estimate of interest within rental expense(1) | 1,054 | 3,173 | 1,981 | 1,836 | 1,759 | 1,691 | ||||||||||||||||||
Total fixed charges | $ | 18,394 | $ | 25,682 | $ | 24,751 | $ | 15,125 | $ | 14,815 | $ | 11,324 | ||||||||||||
Ratio of earnings to fixed charges | 2.31 | 3.57 | 2.02 | 3.60 | 2.91 | 3.43 | ||||||||||||||||||
(1) | Represents 30% of the total operating lease rental expense which is that portion deemed to be interest. |