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Exhibit 12.1
Northern Border Partners, L.P.
Ratio of earnings to fixed charges
Year ended December 31,
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2001 2002 2003 2004 2005
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Fixed charges:
Interest expensed and capitalized 91,653 83,227 79,159 77,346 86,903
Estimate of interest within rental expense 1,091 1,112 1,210 1,192 1,522
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Total fixed charges 92,744 84,339 80,369 78,538 88,425
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Earnings:
Pretax income from continuing operations 88,332 112,625 (92,444) 146,057 152,299
Minority interest in net income 42,138 42,816 44,460 50,033 45,674
Equity earnings from equity investees (1,697) (12,983) (18,815) (18,015) (24,736)
Distributed income of equity investees 7,083 10,820 17,672 12,536 16,440
Interest capitalized (834) (304) (117) (366) (787)
Fixed charges 92,744 84,339 80,369 78,538 88,425
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Total earnings 227,766 237,313 31,125 268,783 277,315
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Ratio of earnings to fixed charges 2.46 2.81 0.39 3.42 3.14
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