KINDER MORGAN ENERGY PARTNERS, L.P. AND SUBSIDIARIES
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars In Thousands Except Ratio Amounts)
Year Ended December 31,
2005 2004 2003 2002 2001
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Earnings:
Pre-tax income from continuing operations before cumulative
effect of a change in accounting principle and before adjustment
for minority interest and equity earnings (including amortization
of excess cost of equity investments) per
statements of income.......................................... $ 757,934 $ 783,368 $ 632,933 $ 549,536 $ 394,333
Add:
Fixed charges................................................. 293,963 215,642 188,483 184,678 179,708
Services..........................................................
Amortization of capitalized interest.......................... 808 589 447 329 201
Distributed income of equity investees........................ 63,098 65,248 83,000 77,735 68,832
Less:
Interest capitalized from continuing operations............... (9,830) (6,378) (5,310) (5,778) (3,134)
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Income as adjusted............................................ $1,105,973 $1,058,469 $ 899,553 $ 806,500 $ 639,940
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Fixed charges:
Interest and debt expense, net per statements of income
(includes amortization of debt discount, premium, and debt
issuance costs; excludes capitalized interest)................ $ 278,188 $ 202,550 $ 188,087 $ 184,057 $ 179,064
Add:
Portion of rents representative of the interest factor........ 15,775 13,092 396 621 644
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Services..........................................................
Fixed charges................................................. $ 293,963 $ 215,642 $ 188,483 $ 184,678 $ 179,708
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Ratio of earnings to fixed charges................................ 3.76 4.91 4.77 4.37 3.56
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