Exhibit 12.1
EQT GP HOLDINGS, LP AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
|
| | | | | | | | | | | | | | | | | | | | |
| | | Year Ended December 31,
|
| | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 |
| | (Thousands) |
Earnings: | | | | | | | | | | |
| Income before income taxes | | $ | 568,920 |
| | $ | 545,141 |
| | $ | 436,326 |
| | $ | 325,037 |
| | $ | 249,041 |
|
| Minus: equity income of unconsolidated entities | | (22,171 | ) | | (9,898 | ) | | (2,367 | ) | | — |
| | — |
|
| Plus: Fixed charges | | 42,159 |
| | 27,176 |
| | 27,824 |
| | 13,629 |
| | 1,687 |
|
| Minus: Capitalized interest | | (4,120 | ) | | (9,403 | ) | | (5,642 | ) | | (2,258 | ) | | (442 | ) |
| Minus: Net income attributable to noncontrolling interests | | (306,927 | ) | | (300,815 | ) | | (226,397 | ) | | (124,025 | ) | | (47,243 | ) |
| Total earnings | | $ | 277,861 |
| | $ | 252,201 |
| | $ | 229,744 |
| | $ | 212,383 |
| | $ | 203,043 |
|
| | | | | | | | | | | |
| Fixed charges: | | | | | | | | | | |
| Net interest expense | | $ | 36,150 |
| | $ | 16,761 |
| | $ | 21,348 |
| | $ | 10,871 |
| | $ | 829 |
|
| Plus: Capitalized interest | | 4,120 |
| | 9,403 |
| | 5,642 |
| | 2,258 |
| | 442 |
|
| Plus: Estimated interest component of rental expense | | 1,889 |
| | 1,012 |
| | 834 |
| | 500 |
| | 416 |
|
| Total fixed charges | | $ | 42,159 |
| | $ | 27,176 |
| | $ | 27,824 |
| | $ | 13,629 |
| | $ | 1,687 |
|
| | |
| |
|
|
|
|
|
|
|
| Ratio of earnings to fixed charges | | 6.6x |
| | 9.3x |
| | 8.3x |
| | 15.6x |
| | 120.4x |
|
| |
| (1) | Earnings included in the calculation of this ratio consist of (i) income before income taxes, minus (ii) equity income of unconsolidated entities, plus (iii) fixed charges, minus (iv) capitalized interest (including allowance for borrowed funds used during construction) and minus (v) net income attributable to noncontrolling interests. Fixed charges included in the calculation of this ratio consist of (i) net interest expense, plus (ii) capitalized interest (including allowance for borrowed funds used during construction) and (iii) the estimated interest portion of rental expense. |
