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Exhibit 12.1
Holly Energy Partners, L.P.
Computation of Ratio of Earnings
To Fixed Charges
(in thousands)
Three Months Ended | Years Ended December 31, | |||||||||||||||||||||||
March 31, 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income from continuing operations | $ | 21,979 | $ | 77,997 | $ | 58,869 | $ | 46,234 | $ | 20,696 | $ | 35,152 | ||||||||||||
Add total fixed charges (per below) | 11,051 | 39,075 | 36,598 | 24,638 | 24,751 | 15,125 | ||||||||||||||||||
Total Earnings | $ | 33,030 | $ | 117,072 | $ | 95,467 | $ | 70,872 | $ | 45,447 | $ | 50,277 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 10,405 | $ | 35,959 | $ | 34,001 | $ | 21,501 | $ | 21,763 | $ | 13,289 | ||||||||||||
Capitalized interest | 72 | 891 | 455 | 1,008 | 1,007 | |||||||||||||||||||
Estimate of interest within rental expense (1) | 574 | 2,225 | 2,142 | 2,129 | 1,981 | 1,836 | ||||||||||||||||||
Total Fixed Charges | $ | 11,051 | $ | 39,075 | $ | 36,598 | $ | 24,638 | $ | 24,751 | $ | 15,125 | ||||||||||||
Ratio of Earnings to Fixed Charges | 2.99 | 3.00 | 2.61 | 2.88 | 1.84 | 3.32 |
(1) Represents 30% of the total operating lease rental expense, which is that portion deemed to be interest.