EX-12.1 2 d531885dex121.htm EX-12.1 EX-12.1

EXHIBIT 12.1

Atlas Pipeline Partners, L.P.

Statement of Computation of Ratio of Earnings to Fixed Charges

(UNAUDITED)

(amounts in thousands, except ratios)

 

     Three Months Ended
March 31,
 
     2013     2012  

Earnings:

    

Income (loss) before income tax expense (1)(2)

   $ (27,501   $ 6,471   

Fixed charges

     22,054        11,329   

Adjustment to net distributed income from equity investee

     (240     904   

Interest capitalized

     (2,489     (2,244

Amortization of previously capitalized interest

     205        111   

Non-controlling interest

     (1,369     (1,536
  

 

 

   

 

 

 

Total

   $ (9,340   $ 15,035   
  

 

 

   

 

 

 

Fixed Charges:

    

Interest cost and debt expense

   $ 18,686      $ 8,708   

Interest capitalized

     2,489        2,244   

Interest allocable to rental expense(3)

     879        377   
  

 

 

   

 

 

 

Total fixed charges

   $ 22,054      $ 11,329   
  

 

 

   

 

 

 

Ratio of earnings to fixed charges

     —   (4)      1.3x   
  

 

 

   

 

 

 

Ratio of earnings to fixed charges and preferred dividends

     N/A        N/A   
  

 

 

   

 

 

 

 

(1) Includes a $13.7 million non-cash loss recognized on derivatives and a $26.6 million loss on early extinguishment of debt for the three months ended March 31, 2013.
(2) Includes a $10.7 million non-cash loss recognized on derivatives for the three months ended March 31, 2012.
(3) Represents one-third of the total operating lease rental expense which is that portion deemed to be interest.
(4) The Partnership earnings were insufficient to cover its fixed charges by $31.4 million for the three months ended March 31, 2013.