Exhibit 12.1
Holly Energy Partners, L.P.
Computation of Ratio of Earnings
To Fixed Charges
(In thousands)
To Fixed Charges
(In thousands)
| Six Months | Years Ended December 31, | |||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| June 30, 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
| Net income | $ | 12,367 | $ | 32,494 | $ | 581 | $ | 2,670 | $ | 2,423 | $ | 2,100 | ||||||||||||
| Minority interest in consolidated subsidiary | 402 | 1,994 | 758 | — | — | — | ||||||||||||||||||
| Income from equity investee | — | — | (894 | ) | (2,737 | ) | (2,284 | ) | (1,010 | ) | ||||||||||||||
| 12,769 | 34,488 | 445 | (67 | ) | 139 | 1,090 | ||||||||||||||||||
| Add: | ||||||||||||||||||||||||
| Total fixed charges (per below) | 4,300 | 2,279 | 1,665 | 1,657 | 1,625 | 1,625 | ||||||||||||||||||
| Distributed income of equity investee | — | — | — | 2,487 | 1,243 | 1,650 | ||||||||||||||||||
| Total earnings | $ | 17,069 | $ | 36,767 | $ | 2,110 | $ | 4,077 | $ | 3,007 | $ | 4,365 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
| Interest expense | $ | 3,483 | $ | 697 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Estimate of interest within rental expense(1) | 817 | 1,582 | 1,665 | 1,657 | 1,625 | 1,625 | ||||||||||||||||||
| Total fixed charges | $ | 4,300 | $ | 2,279 | $ | 1,665 | $ | 1,657 | $ | 1,625 | $ | 1,625 | ||||||||||||
| Ratio of earnings to fixed charges | 3.97 | 16.13 | 1.27 | 2.46 | 1.85 | 2.69 | ||||||||||||||||||
| (1) | Represents 30% of the total operating lease rental expense which is that portion deemed to be interest. |