Equity Investees

12 Months Ended

Dec. 31, 2012

Equity Method Investments and Joint Ventures [Abstract]

Equity Investees

8. Equity Investees

We account for our ownership in our joint ventures under the equity method of accounting (see Note 2 for a description of these investments). The price we pay to acquire an ownership interest in a company may exceed the underlying book value of the capital accounts we acquire. Such excess cost amounts are included within the carrying values of our equity investees. At December 31, 2012 and 2011, the unamortized excess cost amounts totaled $234 million and $97.8 million, respectively. We amortize the excess cost as a reduction in equity earnings in a manner similar to depreciation.

The following table presents information included in our Consolidated Financial Statements related to our equity investees.

	Year Ended December 31,
	2012			2011			2010
Genesis’ share of operating earnings	$	24,532		$	7,910		$	3,224
Amortization of excess purchase price	(10,187		)	(4,563		)	(869		)
Net equity in earnings	$	14,345		$	3,347		$	2,355
Distributions received	$	38,809		$	20,028		$	6,482

The following tables present the combined balance sheet information for the last two years and income statement data for the last three years for our equity investees (on a 100% basis):

	December 31,
	2012		2011
BALANCE SHEET DATA:
Assets
Current Assets	$	74,906	$	12,732
Fixed Assets, net	832,525		441,894
Other Assets	10,202		18,000
Total Assets	$	917,633	$	472,626
Liabilities and equity
Current Liabilities	$	112,321	$	5,891
Other Liabilities	134,731		8,536
Equity	670,581		458,199
Total Liabilities and Equity	$	917,633	$	472,626

	Year Ended December 31,
	2012		2011		2010
INCOME STATEMENT DATA:
Revenues	$	162,267	$	56,353	$	20,013
Operating Income	$	80,841	$	16,363	$	5,881
Net Income	$	77,975	$	16,322	$	5,843

The 2010 income statement data above includes CHOPS since the date of acquisition. We have included in this filing on Form 10-K (i) unaudited financial statements for CHOPS as of December 31, 2012 and 2011 and for the years ended December 31, 2012 and 2011 and (ii) audited financial statements as of December 31, 2010 and the period from November 23, 2010 to December 31, 2010.