Exhibit 12.1
Niska Gas Storage Partners LLC
Statement of Computation of Ratio of Earnings to Fixed Charges Calculation
(in thousands, except ratios)
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| Niska Predecessor Historical |
| Niska |
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| Period from |
| Year Ended March 31, |
| Six Months |
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|
| 2007(1)(2) |
| 2008(2) |
| 2009(2) |
| 2010(2) |
| 2010(3)(4) |
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Earnings: |
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Net earnings (loss) |
| $ | 41,358 |
| $ | 44,965 |
| $ | 96,949 |
| $ | 121,149 |
| $ | 21,425 |
|
Less: capitalized interest |
| — |
| — |
| — |
| (574 | ) | (971 | ) | |||||
Total earnings |
| 41,358 |
| 44,965 |
| 96,949 |
| 120,575 |
| 20,454 |
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Fixed Charges |
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Interest and debt expense |
| 60,188 |
| 73,853 |
| 53,486 |
| 38,119 |
| 38,167 |
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Capitalized interest |
| — |
| — |
| — |
| 574 |
| 971 |
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Portion of rentals representing and interest factor |
| 293 |
| 573 |
| 490 |
| 653 |
| 603 |
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Total fixed charges |
| 60,481 |
| 74,426 |
| 53,976 |
| 39,346 |
| 39,741 |
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Earnings (deficit) available for (applied to) fixed charges |
| $ | 101,839 |
| $ | 119,391 |
| $ | 150,925 |
| $ | 159,921 |
| $ | 60,195 |
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Ratio of earnings to fixed charges |
| 1.7 | x | 1.6 | x | 2.8 | x | 4.1 | x | 1.5 | x | |||||
(1) Period data includes Wild Goose from November 16, 2006 to March 31, 2007.
(2) Represents data from Niska Predecessor for the period prior to our IPO.
(3) Represents data from Niska Predecessor for the period from April 1, 2010 to May 16, 2010 and data from Niska for the period from May 17, 2010 to September 30, 2010.
(4) Fixed charges changed significantly March 5, 2010 with the issuance of the debt that is the subject of this document.