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 | Years Ended December 31, | |||||||||||||||||||||||
| June 30, 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
| Net income | $ | 10,133 | $ | 26,816 | $ | 32,494 | $ | 581 | $ | 2,670 | $ | 2,423 | ||||||||||||
| Minority interest in consolidated subsidiary | 273 | 740 | 1,994 | 758 | — | — | ||||||||||||||||||
| Income from equity investee | — | — | — | (894 | ) | (2,737 | ) | (2,284 | ) | |||||||||||||||
| 10,406 | 27,556 | 34,488 | 445 | (67 | ) | 139 | ||||||||||||||||||
| Add: | ||||||||||||||||||||||||
| Total fixed charges (per below) | 7,276 | 11,324 | 2,279 | 1,665 | 1,657 | 1,625 | ||||||||||||||||||
| Distributed income of equity investee | — | — | — | — | 2,487 | 1,243 | ||||||||||||||||||
| Total earnings | $ | 17,682 | $ | 38,880 | $ | 36,767 | $ | 2,110 | $ | 4,077 | $ | 3,007 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
| Interest expense | $ | 6,422 | $ | 9,633 | $ | 697 | $ | — | $ | — | $ | — | ||||||||||||
Estimate of interest within rental expense(1) | 854 | 1,691 | 1,582 | 1,665 | 1,657 | 1,625 | ||||||||||||||||||
| Total fixed charges | $ | 7,276 | $ | 11,324 | $ | 2,279 | $ | 1,665 | $ | 1,657 | $ | 1,625 | ||||||||||||
| Ratio of earnings to fixed charges | 2.43 | 3.43 | 16.13 | 1.27 | 2.46 | 1.85 | ||||||||||||||||||
| (1) | Represents 30% of the total operating lease rental expense which is that portion deemed to be interest. |
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