HPL Asset S-4/A Registration of securities issued in business combination transactions (amended)

EXHIBIT 12.1

Statement Regarding Compution of Ratios

	Year ended December 31,			Nine Months Ended September 30,		Eleven Months Ended August 31,	Year ended August 31,	Year ended August 31,		Pro Forma Year ended August 31, 2005
	2000		2001	2002		2003	2004	2005		HPL System
Fixed charges
Interest expensed	12,098		6,858	3,931		12,456	41,458	93,017		109,925
Capitalized interest	70		86	35		—	926	191		191
Loss on extinquishment of debt	—		—	—		—	—	9,550		9,550
Implicit interest in rent expense	41		65	41		39	133	946		1,769
	12,209		7,009	4,007		12,495	42,517	103,704		121,435
Earnings:
Income from continuing operations before minority interests and income taxes	18,892		41,161	4,272		45,063	97,765	209,409		237,011
Less: equity in earnings (losses) of affiliates	(14	)	3,128	5,425		1,423	363	(376	)	(392	)
	18,906		38,033	(1,153	)	43,640	97,402	209,785		237,403
Add:
Fixed charges	12,209		7,009	4,007		12,495	42,517	103,704		121,435
Amortization of capitalized interest	76		79	62		—	1	15		15
Distributed income of equity investees	—		1,500	4,000		1,000	27	—		—
Less:
Interest capitalized	70		86	35		—	926	191		191
Income available for fixed charges	31,261		46,707	6,951		57,135	140,873	313,695		359,044
Ratio of earnings to fixed charges	2.56		6.66	1.73		4.57	3.31	3.02		2.96