Exhibit 12.1
Boardwalk Pipeline Partners, LP
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
For the Three Months Ended March 31, | For the Year Ended December 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before income taxes | $ | 101.2 | $ | 222.5 | $ | 147.2 | $ | 250.7 | $ | 306.5 | $ | 217.4 | ||||||||||||
Equity Losses in unconsolidated affiliates | — | — | 86.5 | 1.2 | — | — | ||||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | 9.2 | 3.5 | — | — | ||||||||||||||||||
Amortization of capitalized interest | 0.9 | 3.9 | 3.5 | 3.4 | 3.3 | 3.3 | ||||||||||||||||||
Fixed charges | 45.5 | 186.2 | 179.4 | 176.0 | 178.4 | 179.8 | ||||||||||||||||||
Capitalized interest | (0.8 | ) | (2.5 | ) | (6.8 | ) | (6.4 | ) | (4.6 | ) | (1.9 | ) | ||||||||||||
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Total earnings | $ | 146.8 | $ | 410.1 | $ | 419.0 | $ | 428.4 | $ | 483.6 | $ | 398.6 | ||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest expense, net of capitalized interest | 43.0 | 177.3 | 165.7 | 163.5 | 168.6 | 173.1 | ||||||||||||||||||
Capitalized interest | 0.8 | 2.5 | 6.8 | 6.4 | 4.6 | 1.9 | ||||||||||||||||||
Implicit interest in rents | 1.7 | 6.4 | 6.9 | 6.1 | 5.2 | 4.8 | ||||||||||||||||||
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Total fixed charges | $ | 45.5 | $ | 186.2 | $ | 179.4 | $ | 176.0 | $ | 178.4 | $ | 179.8 | ||||||||||||
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Ratio of earnings to fixed charges | 3.23x | 2.20x | 2.34x | 2.43x | 2.71x | 2.22x | ||||||||||||||||||
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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 adjustment for income or loss from equity investees; plus fixed charges; plus amortization of capitalized interest; less capitalized interest and noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges; 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. |