Holly Energy Partners (HEP) 10-Q2012 Q1 Quarterly report

Filed: 1 May 12, 12:00am

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New words: accrued, called, carefully, consent, consideration, constitute, continue, copy, deem, discount, eliminated, extinguishment, face, favor, forma, immaterial, lien, line, mortgage, Mountain, possession, priority, pro, response, Rocky, solicitation, tender, tendered, type

Removed: agent, annum, approach, Arizona, asphalt, ATA, Cedar, commencing, CPTA, delay, equal, ETA, Excluding, exclusive, extended, final, forecasted, gas, granting, hydrocarbon, Idaho, instrument, interconnecting, IPA, mature, natural, NPA, Oklahoma, originally, phase, PTA, PTTA, public, rail, ranged, ranging, reduced, reducing, refinanced, registered, represented, repurchased, requisite, restoring, RPA, security, settled, slightly, subordinated, subordination, Supplemental, traded, truck, unloading, utilization

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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.