Holly Energy Partners (HEP) 10-K2007 FY Annual report

Filed: 15 Feb 08, 12:00am

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New words: allegation, alleged, annum, belong, blank, breakage, briefly, broader, cease, CFR, chart, chosen, confidential, confidentiality, confirm, confirmed, consummation, contest, contractor, conviction, Cook, creation, Cunningham, deferral, Diamond, diminished, dishonesty, dissatisfaction, dissatisfied, dissolution, enable, endorsed, enrichment, estate, exempt, extinguished, failure, family, feature, felony, finder, foreign, formula, forward, franchise, fraud, Frederick, frozen, hasten, heading, HLH, holder, inconsequential, inheritance, injunctive, intentionally, IRS, junior, jurisdiction, misconduct, misdemeanor, moral, narrowly, negligence, Nevada, notational, NuStar, ordinary, organized, overview, package, precisely, preexisting, preference, prematurely, print, quantification, ratified, reach, reached, reaching, reassessment, recapitalization, reclassified, reconciliation, recruitment, relocation, rendered, repayment, resolving, resort, retention, retroactive, Roswell, Shamrock, short, sixteen, SLC, sooner, sought, southeast, Southlake, strategically, strength, studying, subdivision, subsection, Superintendent, surviving, takeover, taxation, tenure, text, travel, treat, treated, treatment, trivial, trunk, turpitude, Ultramar, undesirable, UNEV, Uniform, unincorporated, unique, unlimited, unreimbursed, unrelated, upsize, vandalism, variation, vary, ventilation, verify, virtually, waiting, wanton, widespread, withdrawal, withholding

Removed: administered, Cameron, constrained, Cooper, delivering, drew, Emerald, escalate, field, finance, Giant, Juarez, Lamar, manufacturer, McKee, modern, Norsworthy, priced, reconditioning, Treasurer, underwriting, valuation

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Exhibit 12.1

Holly Energy Partners, L.P.
Navajo Pipeline Co., L.P. (Predecessor)
Computation of Ratio of Earnings
To Fixed Charges
(In thousands)


	Years Ended December 31,
	2007		2006		2005		2004		2003
Earnings:
Net income	$	39,271	$	27,543	$	26,816	$	32,494	$	581
Minority interest in consolidated subsidiary		1,067		680		740		1,994		758
Income from equity investee		—		—		—		—		(894	)

		40,338		28,223		27,556		34,488		445
Add:
Total fixed charges (per below)		15,125		14,815		11,324		2,279		1,665
Distributed income of equity investee		—		—		—		—		—


Total earnings	$	55,463	$	43,038	$	38,880	$	36,767	$	2,110


Fixed charges:
Interest expense	$	13,289	$	13,056	$	9,633	$	697	$	—
Estimate of interest within rental expense⁽¹⁾		1,836		1,759		1,691		1,582		1,665


Total fixed charges	$	15,125	$	14,815	$	11,324	$	2,279	$	1,665


Ratio of earnings to fixed charges		3.67		2.91		3.43		16.13		1.27


(1)		Represents 30% of the total operating lease rental expense which is that portion deemed to be interest.

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