Exhibit 12.1
BOARDWALK PIPELINE PARTNERS, LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions, except ratios)
For the Nine Months Ended September 30, | For the Year Ended December 31, | |||||||||||||||||||||||||||
2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income before income taxes | $ | 217.1 | $ | 145.7 | $ | 220.4 | $ | 290.0 | $ | 163.0 | $ | 295.0 | $ | 228.5 | ||||||||||||||
Amortization of capitalized interest | 2.4 | 2.4 | 3.3 | 3.2 | 2.8 | 0.5 | — | |||||||||||||||||||||
Fixed charges | 133.8 | 137.9 | 179.2 | 160.2 | 147.6 | 133.7 | 90.6 | |||||||||||||||||||||
Capitalized interest | (2.2 | ) | (1.5 | ) | (1.9 | ) | (4.1 | ) | (10.2 | ) | (72.6 | ) | (26.3 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total earnings | $ | 351.1 | $ | 284.5 | $ | 401.0 | $ | 449.3 | $ | 303.2 | $ | 356.6 | $ | 292.8 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense, net of capitalized interest | $ | 128.2 | $ | 132.8 | $ | 172.5 | $ | 151.1 | $ | 132.3 | $ | 57.3 | $ | 61.9 | ||||||||||||||
Capitalized interest | 2.2 | 1.5 | 1.9 | 4.1 | 10.2 | 72.6 | 26.3 | |||||||||||||||||||||
Implicit interest in rents | 3.4 | 3.6 | 4.8 | 5.0 | 5.2 | 3.8 | 2.4 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total fixed charges | $ | 133.8 | $ | 137.9 | $ | 179.2 | $ | 160.2 | $ | 147.7 | $ | 133.7 | $ | 90.6 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Ratio of earnings to fixed charges | 2.62x | 2.06x | 2.24x | 2.80x | 2.05x | 2.67x | 3.23x | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For purposes of calculating the ratio of consolidated earnings to fixed charges:
• | “earnings” is the aggregate of the following items: pre-tax income or loss from continuing operations before income or loss from equity investees; plus fixed charges; plus amortization of capitalized interest; less capitalized interest; and |
• | “fixed charges” means the sum of the following: interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; and an estimate of the interest within rental expense. Fixed charges are not reduced by any allowance for funds used during construction. |