EXHIBIT 12.1
SPECTRA ENERGY PARTNERS, LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines.
| Year Ended December 31, | |||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||
| (dollars in millions) | |||||||||||||||
Earnings as defined for fixed charges calculation | |||||||||||||||
Add: | |||||||||||||||
Pretax income from continuing operations | $ | 38.5 | $ | 49.4 | $ | 42.3 | $ | 21.4 | $ | 28.1 | |||||
Fixed charges | 18.6 | 17.7 | 9.0 | 9.1 | 8.9 | ||||||||||
Distributed income of equity investees | 71.7 | 22.7 | 20.3 | 181.8 | 13.7 | ||||||||||
Deduct: | |||||||||||||||
Interest capitalized | 0.2 | 0.1 | 0.9 | 0.8 | 0.5 | ||||||||||
Total earnings (as defined for the Fixed Charges calculation) | $ | 128.6 | $ | 89.7 | $ | 70.7 | $ | 211.5 | $ | 50.2 | |||||
Fixed charges: | |||||||||||||||
Interest on debt, including capitalized portions | $ | 18.0 | $ | 17.1 | $ | 8.6 | $ | 8.7 | $ | 8.7 | |||||
Estimate of interest within rental expense | 0.6 | 0.6 | 0.4 | 0.4 | 0.2 | ||||||||||
Total fixed charges | $ | 18.6 | $ | 17.7 | $ | 9.0 | $ | 9.1 | $ | 8.9 | |||||
Ratio of earnings to fixed charges | 6.9 | 5.1 | 7.9 | 23.2 | 5.6 | ||||||||||