EX-12.1 2 d881200dex121.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)

 

     Years Ended December 31,  
     2014     2013     2012     2011     2010  

Earnings:

           

Income (loss) before income tax expense (1)(2)(3)(4)(5)

    $ 227,268      $ (93,897 )    $ 68,235      $ 295,478      $ (40,717 ) 

Fixed charges

      110,914        100,916        52,260        38,566        90,152   

Adjustment to net distributed income from equity investees

      19,271        12,136        877        (577 )      6,146   

Interest capitalized

      (12,688 )      (7,542 )      (8,669 )      (5,146 )      (757 ) 

Amortization of previously capitalized interest

      1,368        1,029        583        333        255   

Non-controlling interest

      (13,164 )      (6,975 )      (6,010 )      (6,200 )      (4,738 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

 $ 332,969    $ 5,667    $ 107,276    $ 322,454    $ 50,341   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges:

Interest cost and debt expense

 $ 93,147    $ 89,637    $ 41,760    $ 31,603    $ 87,273   

Interest capitalized

   12,688      7,542      8,669      5,146      757   

Interest allocable to rental expense(6)

   5,079      3,737      1,831      1,817      2,122   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

   110,914      100,916      52,260      38,566      90,152   

Preferred dividends

   8,233      —        —        389      780   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges and preferred dividends

 $ 119,147    $ 100,916    $ 52,260    $ 38,955    $ 90,932   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

   3.00      —   (7)    2.1      8.4      —   (8) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges and preferred dividends

   2.79      N/A      N/A      8.3      —   (9) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) Includes a non-cash gain recognized on derivatives of $141.0 million and a $47.8 million gain on the sale of WTLPG for the year ended December 31, 2014.
(2) Includes a loss on asset sales of $1.5 million, a non-cash loss recognized on derivatives of $28.4 million, a goodwill impairment loss of $43.9 million and a $26.6 million loss early extinguishment of debt for the year ended December 31, 2013.
(3) Includes a non-cash gain recognized on derivatives of $23.3 million for the year ended December 31, 2012.
(4) Includes a gain on asset sales of $256.3 million and a non-cash loss recognized on derivatives of $4.5 million for the year ended December 31, 2011.
(5) Includes a non-cash gain recognized on derivatives of $10.2 million and a non-recurring cash derivative unwind expense of $17.9 million for the year ended December 31, 2010.
(6) Represents one-third of the total operating lease rental expense, which is that portion, deemed to be interest.
(7) The Partnership earnings were insufficient to cover its fixed charges by $95.2 million for this period.
(8) The Partnership earnings were insufficient to cover its fixed charges by $39.8 million for this period.
(9) The Partnership earnings were insufficient to cover its fixed charges and preferred dividends by $40.6 million for this period.