Exhibit 12.1
Targa Resources Partners LP
Computation of Ratio of Earnings to Fixed Charges
Years Ended December 31, | Six Months Ended June 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2015 | 2014 | ||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Pre-tax income from continuing operations | $ | 509.9 | $ | 261.5 | $ | 207.4 | $ | 249.8 | $ | 138.0 | $ | 131.9 | $ | 254.6 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense and amortization of debt issuance costs | 143.8 | 131.0 | 116.8 | 107.7 | 110.9 | 113.1 | 68.1 | |||||||||||||||||||||
Capitalized interest | 16.1 | 28.0 | 13.6 | 3.4 | 1.3 | 5.5 | 11.5 | |||||||||||||||||||||
Operating lease payments | 8.2 | 7.8 | 5.4 | 4.7 | 4.6 | 6.1 | 4.3 | |||||||||||||||||||||
Total fixed charges | 168.1 | 166.8 | 135.8 | 115.8 | 116.8 | 124.7 | 83.9 | |||||||||||||||||||||
Amortization of capitalized interest | 2.8 | 1.7 | 0.7 | 0.2 | 0.1 | 1.2 | 1.0 | |||||||||||||||||||||
Equity earnings in unconsolidated affiliates | (18.0 | ) | (14.8 | ) | (1.9 | ) | (8.8 | ) | (5.4 | ) | (0.5 | ) | (9.1 | ) | ||||||||||||||
Distributions from unconsolidated affiliates | 23.7 | 12.0 | 2.3 | 8.3 | 8.7 | 7.0 | 12.7 | |||||||||||||||||||||
Capitalized interest | (16.1 | ) | (28.0 | ) | (13.6 | ) | (3.4 | ) | (1.3 | ) | (5.5 | ) | (11.5 | ) | ||||||||||||||
Income as adjusted | $ | 670.4 | $ | 399.2 | $ | 330.7 | $ | 361.9 | $ | 256.9 | $ | 258.8 | $ | 331.6 | ||||||||||||||
Ratio of earnings to fixed charges | 4.0 | 2.4 | 2.4 | 3.1 | 2.2 | 2.1 | 4.0 |