EXHIBIT 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Navajo Pipeline Co., L.P. (Predecessor) and | Holly Energy | |||||||||||||||||||||||
Holly Energy Partners, L.P. | Partners, L.P. | |||||||||||||||||||||||
Year Ended December 31, | Three Months Ended | |||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2000 | 2001 | 2002 | 2003 | 2004 | 2005(1) | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Net income | 2,100 | 2,423 | 2,670 | 581 | 32,494 | 6,326 | ||||||||||||||||||
Minority interest in consolidated subsidiary | — | — | — | 758 | 1,994 | 429 | ||||||||||||||||||
Income from equity method investees | (1,010 | ) | (2,284 | ) | (2,737 | ) | (894 | ) | ||||||||||||||||
1,090 | 139 | (67 | ) | 445 | 34,488 | 6,755 | ||||||||||||||||||
Add: | ||||||||||||||||||||||||
Total fixed charges (per below) | 1,625 | 1,625 | 1,657 | 1,665 | 2,279 | 1,523 | ||||||||||||||||||
Distributed income of equity investees | 1,650 | 1,243 | 2,487 | — | — | — | ||||||||||||||||||
Total earnings | 4,365 | 3,007 | 4,077 | 2,110 | 36,767 | 8,278 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expensed | — | — | — | — | 697 | 1,118 | ||||||||||||||||||
Estimated interest component of rent expense | 1,625 | 1,625 | 1,657 | 1,665 | 1,582 | 405 | ||||||||||||||||||
Total fixed charges | 1,625 | 1,625 | 1,657 | 1,665 | 2,279 | 1,523 | ||||||||||||||||||
Ratio of earnings to fixed charges | 2.69 | 1.85 | 2.46 | 1.27 | 16.13 | 5.44 | ||||||||||||||||||
(1) | The ratio of earnings to fixed charges for the three months ended March 31, 2005 only includes earnings from our recently acquired Alon operations and interest on $150 million of the outstanding notes from February 28, 2005, when such operations were acquired and such notes were issued. |