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Content analysis
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Exhibit 12.1
NGL ENERGY PARTNERS LP AND SUBSIDIARIES AND NGL SUPPLY, INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio amounts)
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| NGL Energy Partners LP |
| NGL Supply, Inc. |
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| Six Months |
| Six Months |
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| Ended |
| Ended |
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| Year Ended March 31, |
| March 31, |
| September 30, |
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| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
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EARNINGS: |
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Income (loss) before income taxes |
| $ | 26,262 |
| $ | 49,695 |
| $ | 50,065 |
| $ | 8,465 |
| $ | 12,679 |
| $ | (3,977 | ) |
Loss (income) before income taxes attributable to noncontrolling interests |
| (13,223 | ) | (1,103 | ) | (250 | ) | 12 |
| — |
| 45 |
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Fixed charges |
| 151,956 |
| 91,622 |
| 66,824 |
| 9,354 |
| 2,761 |
| 597 |
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Total earnings (loss) |
| $ | 164,995 |
| $ | 140,214 |
| $ | 116,639 |
| $ | 17,831 |
| $ | 15,440 |
| $ | (3,335 | ) |
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FIXED CHARGES: |
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Interest expense |
| $ | 110,123 |
| $ | 58,854 |
| $ | 32,994 |
| $ | 7,620 |
| $ | 2,482 |
| $ | 372 |
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Loss on early extinguishment of debt |
| — |
| — |
| 5,769 |
| — |
| — |
| — |
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Portion of rental expense estimated to relate to interest (1) |
| 41,833 |
| 32,768 |
| 28,061 |
| 1,734 |
| 279 |
| 225 |
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Fixed charges |
| $ | 151,956 |
| $ | 91,622 |
| $ | 66,824 |
| $ | 9,354 |
| $ | 2,761 |
| $ | 597 |
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Ratio of earnings to fixed charges |
| 1.09 |
| 1.53 |
| 1.75 |
| 1.91 |
| 5.59 |
| (2 | ) |
(1) Represents one-third of the total operating lease rental expense, which is that portion estimated to represent interest.
(2) Due to NGL Supply, Inc.’s loss for the period, the ratio was less than 1:1 for the six months ended September 30, 2010. NGL Supply, Inc. would have needed to generate an additional $3.9 million of earnings to achieve a ratio of 1:1.