Exhibit 12.1
BOARDWALK PIPELINE PARTNERS, LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions, except ratios)
For the Year Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Income before income taxes | $ | 250.7 | $ | 306.5 | $ | 217.4 | $ | 289.9 | $ | 163.0 | |||||||||||||
Equity losses in unconsolidated affiliates | 1.2 | — | — | — | — | ||||||||||||||||||
Net loss attributable to noncontrolling interests | 3.5 | — | — | — | — | ||||||||||||||||||
Amortization of capitalized interest | 3.4 | 3.3 | 3.3 | 3.2 | 2.8 | ||||||||||||||||||
Fixed charges | 176.0 | 178.4 | 179.8 | 160.2 | 147.6 | ||||||||||||||||||
Capitalized interest | (6.4 | ) | (4.6 | ) | (1.9 | ) | (4.1 | ) | (10.2 | ) | |||||||||||||
Total earnings | $ | 428.4 | $ | 483.6 | $ | 398.6 | $ | 449.2 | $ | 303.2 | |||||||||||||
Fixed Charges: | |||||||||||||||||||||||
Interest expense, net of capitalized interest | $ | 163.5 | $ | 168.6 | $ | 173.1 | $ | 151.1 | $ | 132.3 | |||||||||||||
Capitalized interest | 6.4 | 4.6 | 1.9 | 4.1 | 10.2 | ||||||||||||||||||
Implicit interest in rents | 6.1 | 5.2 | 4.8 | 5.0 | 5.2 | ||||||||||||||||||
Total fixed charges | $ | 176.0 | $ | 178.4 | $ | 179.8 | $ | 160.2 | $ | 147.7 | |||||||||||||
Ratio of earnings to fixed charges | 2.43x | 2.71x | 2.22x | 2.80x | 2.05x |
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. |