EXHIBIT 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
(UNAUDITED)
Atlas Pipeline Partners, L.P.
Nine months ended | Years ended December 31, | |||||||||||||||||||||||
Sept. 30, 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) before income tax expense(1) (2) | (125,918 | ) | (144,309 | ) | 33,665 | 25,752 | 18,334 | 9,639 | ||||||||||||||||
Fixed charges | 70,147 | 66,644 | 28,537 | 14,927 | 2,575 | 341 | ||||||||||||||||||
Interest capitalized | (6,314 | ) | (3,259 | ) | (2,636 | ) | (77 | ) | — | — | ||||||||||||||
Amortization of previously capitalized interest | 205 | 123 | 22 | — | — | — | ||||||||||||||||||
Total | (61,880 | ) | (80,801 | ) | 59,588 | 40,602 | 20,909 | 9,980 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest cost, including addback of capitalized interest, and debt expense | 67,926 | 64,785 | 27,208 | 14,252 | 2,301 | 258 | ||||||||||||||||||
Interest allocable to rental expense(3) | 2,221 | 1,859 | 1,329 | 675 | 274 | 83 | ||||||||||||||||||
Total | 70,147 | 66,644 | 28,537 | 14,927 | 2,575 | 341 | ||||||||||||||||||
Ratio of Earnings to Fixed Charges | — | (4) | — | (5) | 2.1 | 2.7 | 8.1 | 29.3 | ||||||||||||||||
(1) | Includes a non-cash loss recognized on derivatives of $36.0 million and a non-recurring cash derivative unwind expense of $187.6 million for the nine months ended September 30, 2008. | |
(2) | Includes a non-cash loss recognized on derivatives of $169.4 million for the year ended December 31, 2007. | |
(3) | Represents one-third of the total operating lease rental expense which is that portion deemed to be interest. | |
(4) | Due to the Partnership’s loss for the nine months ended September 30, 2008, its earnings were insufficient to cover its fixed charges by $132.0 million. | |
(5) | Due to the Partnership’s loss for the year ended December 31, 2007, its earnings were insufficient to cover its fixed charges by $147.4 million. |