Exhibit 12.1
WESTERN GAS PARTNERS, LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | ||||||||||||||||||||
2009(1) | 2008(1) | 2007(1) | 2006(1) | 2005(1) | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 135,780 | $ | 177,975 | $ | 130,417 | $ | 27,402 | $ | 11,899 | ||||||||||
Add: | ||||||||||||||||||||
Fixed charges | 10,973 | 2,947 | 9,462 | 11,885 | 9,795 | |||||||||||||||
Distributions from equity investees | 5,552 | 5,128 | 1,349 | 741 | — | |||||||||||||||
Amortization of capitalized interest | 248 | 6 | — | — | — | |||||||||||||||
Less: | ||||||||||||||||||||
Equity income | 7,330 | 4,736 | 4,017 | 1,360 | — | |||||||||||||||
Earnings | $ | 145,223 | $ | 181,320 | $ | 137,211 | $ | 38,668 | $ | 21,694 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 9,955 | $ | 364 | $ | 5,667 | $ | 9,476 | $ | 8,650 | ||||||||||
Interest component of lease expense | 1,018 | 2,583 | 3,795 | 2,409 | 1,145 | |||||||||||||||
Fixed charges | $ | 10,973 | $ | 2,947 | $ | 9,462 | $ | 11,885 | $ | 9,795 | ||||||||||
Ratio of earnings to fixed charges | 13.2 | x | 61.5 | x | 14.5 | x | 3.3 | x | 2.2 | x | ||||||||||
(1) | Financial information for 2009 has been revised to include results attributable to the Granger assets, Wattenberg assets and 0.4% interest in White Cliffs. Financial information for 2008 and 2007 has been revised to include results attributable to the Chipeta assets, Granger assets, Wattenberg assets and 0.4% interest in White Cliffs. Financial information for 2006 has been revised to include results attributable to the Chipeta assets, Granger assets and Wattenberg assets. SeeNote 1—Description of Business and Basis of Presentation—Offerings and acquisitionsof the notes to the consolidated financial statements underItem 8of this annual report. |
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