Exhibit 12.1
Inergy Midstream, L.P. and Subsidiary
Computation of Earnings to Fixed Charges
(in millions)
Year Ended | ||||||||||||||||||||
9/30/2012 | 9/30/2011 | 9/30/2010 | 9/30/2009 | 9/30/2008 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Net income | 65.7 | 53.5 | 43.2 | 38.1 | 38.3 | |||||||||||||||
Income taxes | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Interest expense | 1.8 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Amortization of interest capitalized in prior periods | 1.0 | 0.6 | 0.5 | 0.2 | 0.1 | |||||||||||||||
Interest portion of operating leases | 0.2 | 0.1 | 0.1 | 0.0 | 0.0 | |||||||||||||||
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Earnings for ratio calculation | 68.7 | 54.2 | 43.8 | 38.3 | 38.4 | |||||||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense | 1.8 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Capitalized Interest | 5.3 | 8.7 | 6.4 | 5.9 | 2.3 | |||||||||||||||
Interest portion of operating leases | 0.2 | 0.1 | 0.1 | 0.0 | 0.0 | |||||||||||||||
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Total fixed charges | 7.3 | 8.8 | 6.5 | 5.9 | 2.3 | |||||||||||||||
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Ratio of earnings to fixed charges | 9.41 | 6.16 | 6.74 | 6.49 | 16.70 |
For purposes of determining the ratio of earnings to fixed charges, earnings are defined as earnings from continuing operations before income taxes, plus amortization of interest capitalized in prior periods and interest expense. Fixed charges consist of interest on all indebtedness including interest capitalized, amortization of deferred financing costs, interest expense related to the write-off of deferred financing costs, and the interest portion of rental expense.