Exhibit 12.1
EQT MIDSTREAM PARTNERS, LP
RATIO OF EARNINGS TO FIXED CHARGES
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| Three Months |
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| March 31, |
| Year Ended December 31, | ||||||||||||||
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| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 | ||||||
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| (Thousands) | ||||||||||||||||
Earnings |
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Income from continuing operations before income taxes |
| $ | 22,230 |
| $ | 68,437 |
| $ | 53,396 |
| $ | 33,271 |
| $ | 24,632 |
| $ | 16,156 |
Plus: fixed charges |
| 4,363 |
| 11,895 |
| 6,062 |
| 5,446 |
| 5,732 |
| 6,311 | ||||||
Minus: capitalized interest (allowance for borrowed funds used during construction) |
| (95) |
| (1,683) |
| (758) |
| (45) |
| (353) |
| (428) | ||||||
Total Earnings |
| $ | 26,498 |
| $ | 78,649 |
| $ | 58,700 |
| $ | 38,672 |
| $ | 30,011 |
| $ | 22,039 |
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Fixed Charges |
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Interest expense |
| $ | 4,204 |
| $ | 9,955 |
| $ | 5,050 |
| $ | 5,164 |
| $ | 5,187 |
| $ | 5,489 |
Plus: capitalized interest (allowance for borrowed funds used during construction) |
| 95 |
| 1,683 |
| 758 |
| 45 |
| 353 |
| 428 | ||||||
Plus: estimated interest component of rental expense |
| 64 |
| 257 |
| 254 |
| 237 |
| 192 |
| 394 | ||||||
Fixed Charges |
| $ | 4,363 |
| $ | 11,895 |
| $ | 6,062 |
| $ | 5,446 |
| $ | 5,732 |
| $ | 6,311 |
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Ratio of earnings to fixed charges |
| 6.07x |
| 6.61x |
| 9.68x |
| 7.10x |
| 5.24x |
| 3.49x | ||||||
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For purposes of calculating the ratios, earnings consist of: |
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For purposes of calculating the ratios, fixed charges consist of: |
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