Exhibit 12.1
Buckeye Partners, L.P.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
| Nine Months Ended September 30, | ||||||||||||||||||||||||
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income from continuing operations before taxes (1) | $ | 231,070 | $ | 348,507 | $ | 333,046 | $ | 438,954 | $ | 537,068 | $ | 354,194 | ||||||||||||
Equity income (greater than) less than distributions | (2,775 | ) | (3,931 | ) | (10,795 | ) | (1,273 | ) | (5,731 | ) | 20,143 | |||||||||||||
Less: Capitalized interest (2) | (8,796 | ) | (6,501 | ) | (9,364 | ) | (20,398 | ) | (3,354 | ) | (2,448 | ) | ||||||||||||
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Total earnings | $ | 219,499 | $ | 338,075 | $ | 312,887 | $ | 417,283 | $ | 527,983 | $ | 371,889 | ||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest and debt expense | $ | 114,980 | $ | 130,920 | $ | 171,235 | $ | 171,330 | $ | 194,922 | $ | 168,870 | ||||||||||||
Capitalized interest | 9,238 | 7,007 | 9,903 | 21,257 | 4,371 | 3,445 | ||||||||||||||||||
Portion of rentals representing an interest factor | 8,894 | 8,217 | 8,883 | 10,328 | 10,916 | 7,430 | ||||||||||||||||||
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Total fixed charges | $ | 133,112 | $ | 146,144 | $ | 190,021 | $ | 202,915 | $ | 210,209 | $ | 179,745 | ||||||||||||
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Earnings available for fixed charges | $ | 352,611 | $ | 484,219 | $ | 502,908 | $ | 620,198 | $ | 738,192 | $ | 551,634 | ||||||||||||
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Ratio of earnings to fixed charges | 2.65 | 3.31 | 2.65 | 3.06 | 3.51 | 3.07 | ||||||||||||||||||
| (1) | Excludes income attributable to noncontrolling interests. |
| (2) | Excludes amortization of capitalized interest of $0.4 million, $0.5 million, $0.5 million, $0.9 million and $1.0 million for the years ended December 31, 2012, 2013, 2014, 2015 and 2016, respectively, and $1.0 million for the nine months ended September 30, 2017. |
