Exhibit 12.1
EQT MIDSTREAM PARTNERS, LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
|
| | | | | | | | | | | | | | | | | | | | |
| | | Year Ended December 31,
|
| | | 2014 | | 2013 | | 2012 | | 2011 | | 2010 |
| | (Thousands) |
Earnings: | | | | | | | | | | |
| Income from continuing operations before income taxes | | $ | 245,229 |
| | $ | 212,679 |
| | $ | 130,306 |
| | $ | 86,485 |
| | $ | 53,236 |
|
| Plus: Fixed charges | | 33,121 |
| | 2,429 |
| | 5,128 |
| | 6,168 |
| | 5,608 |
|
| Minus: Capitalized interest | | (1,831 | ) | | (442 | ) | | (1,858 | ) | | (758 | ) | | (45 | ) |
| Total earnings | | $ | 276,519 |
| | $ | 214,666 |
| | $ | 133,576 |
| | $ | 91,895 |
| | $ | 58,799 |
|
| | | | | | | | | | | |
| Fixed charges: | | | | | | | | | | |
| Interest expense, excluding capital lease interest expense | | $ | 10,968 |
| | $ | 829 |
| | $ | 2,944 |
| | $ | 5,050 |
| | $ | 5,164 |
|
| Interest expense, capital lease | | 19,888 |
| | 843 |
| | — |
| | — |
| | — |
|
| Plus: Capitalized interest | | 1,831 |
| | 442 |
| | 1,858 |
| | 758 |
| | 45 |
|
| Plus: Estimated interest component of rental expense | | 434 |
| | 315 |
| | 326 |
| | 360 |
| | 399 |
|
| Total fixed charges | | $ | 33,121 |
| | $ | 2,429 |
| | $ | 5,128 |
| | $ | 6,168 |
| | $ | 5,608 |
|
| | |
| |
| | | | | | |
| Ratio of earnings to fixed charges | | 8.3x |
| | 88.4x |
| | 26.1x |
| | 14.9x |
| | 10.5x |
|
| |
| (1) | Earnings included in the calculation of this ratio consist of (i) income from continuing operations before income taxes, plus (ii) fixed charges and minus (iii) capitalized interest (allowance for borrowed funds used during construction). Fixed charges included in the calculation of this ratio consist of (i) interest expense, plus (ii) capitalized interest (allowance for borrowed funds used during construction) and (iii) the estimated interest portion of rental expense. |
