Exhibit 12.1
Buckeye Partners, L.P.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
|
| Six months |
| Years ended December 31, |
| ||||||||||||||
|
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
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Earnings: |
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|
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|
|
|
|
|
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Income from continuing operations before taxes (1) |
| $ | 272,157 |
| $ | 438,954 |
| $ | 333,046 |
| $ | 348,507 |
| $ | 231,070 |
| $ | 285,472 |
|
Equity income (greater than) less than distributions |
| (3,964 | ) | (1,273 | ) | (10,795 | ) | (3,931 | ) | (2,775 | ) | (3,778 | ) | ||||||
Less: Capitalized interest (2) |
| (1,477 | ) | (20,398 | ) | (9,364 | ) | (6,501 | ) | (8,796 | ) | (7,187 | ) | ||||||
Total earnings |
| $ | 266,716 |
| $ | 417,283 |
| $ | 312,887 |
| $ | 338,075 |
| $ | 219,499 |
| $ | 274,507 |
|
Fixed Charges: |
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|
|
|
|
|
|
|
|
|
|
|
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Interest and debt expense |
| $ | 95,617 |
| $ | 171,330 |
| $ | 171,235 |
| $ | 130,920 |
| $ | 114,980 |
| $ | 119,561 |
|
Capitalized interest |
| 2,085 |
| 21,257 |
| 9,903 |
| 7,007 |
| 9,238 |
| 7,583 |
| ||||||
Portion of rentals representing an interest factor |
| 5,516 |
| 10,328 |
| 8,883 |
| 8,217 |
| 8,894 |
| 7,400 |
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Total fixed charges |
| $ | 103,218 |
| $ | 202,915 |
| $ | 190,021 |
| $ | 146,144 |
| $ | 133,112 |
| $ | 134,544 |
|
Earnings available for fixed charges |
| $ | 369,934 |
| $ | 620,198 |
| $ | 502,908 |
| $ | 484,219 |
| $ | 352,611 |
| $ | 409,051 |
|
Ratio of earnings to fixed charges |
| 3.58 |
| 3.06 |
| 2.65 |
| 3.31 |
| 2.65 |
| 3.04 |
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(1) Excludes income attributable to noncontrolling interests.
(2) Excludes amortization of capitalized interest of $0.6 million, $0.9 million, $0.5 million, $0.5 million, $0.4 million and $0.4 million for the six months ended June 30, 2016 and the years ended December 31, 2015, 2014, 2013, 2012 and 2011, respectively.
