Holly Energy Partners - Operating S-3 Shelf registration

Exhibit 12.1

Holly Energy Partners, L.P.

Computation of Ratio of Earnings

To Fixed Charges

(In thousands)

	Three Months Ended March 31,			Years Ended December 31,
	2015			2014			2013			2012			2011			2010
Income before income taxes	$	35,197		$	111,061		$	83,588		$	88,112		$	70,271		$	54,132
Share of distributed income of 50%-or-less-owned affiliates		734			2,987			2,826			3,364			2,552			2,393
Fixed charges		9,739			40,188			50,139			49,918			39,208			36,598
Interest capitalized		(278	)		(1,510	)		(642	)		(277	)		(891	)		(455	)
Amortization of capitalized interest		52			197			142			118			108			76
Earnings	$	45,444		$	152,923		$	136,053		$	141,235		$	111,248		$	92,744
Fixed charges:
Interest expense	$	8,768		$	36,101		$	47,010		$	47,182		$	35,959		$	34,001
Interest capitalized		278			1,510			642			277			891			455
Estimate of interest in Rental expense		693			2,577			2,487			2,459			2,358			2,142
Fixed charges	$	9,739		$	40,188		$	50,139		$	49,918		$	39,208		$	36,598
Ratio of Earnings to Fixed Charges		4.67			3.81			2.71			2.83			2.84			2.53