Exhibit 12.1
Buckeye Partners, L.P.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
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| Six Months Ended |
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| Years Ended December 31, |
| June 30, |
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| 2009 |
| 2010 |
| 2011 |
| 2012 |
| 2013 |
| 2014 |
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Earnings: |
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Income from continuing operations before taxes (1) |
| $ | 18,485 |
| $ | 23,795 |
| $ | 285,472 |
| $ | 231,070 |
| $ | 348,507 |
| $ | 161,792 |
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Equity income (greater than) less than distributions |
| (2,871 | ) | 3,316 |
| (3,778 | ) | (2,775 | ) | (3,931 | ) | (3,311 | ) | ||||||
Less: capitalized interest (2) |
| (3,186 | ) | (2,227 | ) | (7,187 | ) | (8,796 | ) | (6,501 | ) | (3,520 | ) | ||||||
Total earnings |
| 12,428 |
| 24,884 |
| 274,507 |
| 219,499 |
| 338,075 |
| 154,961 |
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Fixed Charges: |
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Interest and debt expense |
| 75,147 |
| 89,169 |
| 119,561 |
| 114,980 |
| 130,920 |
| 83,225 |
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Capitalized interest |
| 3,401 |
| 2,499 |
| 7,583 |
| 9,238 |
| 7,007 |
| 3,774 |
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Portion of rentals representing an interest factor |
| 4,396 |
| 4,438 |
| 7,400 |
| 8,894 |
| 8,217 |
| 4,430 |
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Total fixed charges |
| 82,944 |
| 96,106 |
| 134,544 |
| 133,112 |
| 146,144 |
| 91,429 |
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Earnings available for fixed charges |
| $ | 95,372 |
| $ | 120,990 |
| $ | 409,051 |
| $ | 352,611 |
| $ | 484,219 |
| $ | 246,390 |
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Ratio of earnings to fixed charges |
| 1.15 |
| 1.26 |
| 3.04 |
| 2.65 |
| 3.31 |
| 2.69 |
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(1) Excludes income attributable to noncontrolling interests.
(2) Excludes amortization of capitalized interest totaling $0.2 million in 2009, $0.3 million in 2010, $0.4 million in 2011, $0.4 million in 2012, $0.5 million in 2013 and $0.3 million for the six months ended June 30, 2014.
