EX-12.01 2 ns1q1210-qex1201.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES NS 1Q12 10-Q EX12.01


 
Exhibit 12.01
NUSTAR ENERGY L.P.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars, Except Ratio)
 
 
Three Months
 
 
 
Ended
 
 
 
 
 
 
 
 
 
 
 
March 31,
 
Years Ended December 31,
 
2012
 
2011
 
2010
 
2009
 
2008
 
2007
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
before provision for income taxes and income from equity investees
$
27,339

 
$
227,022

 
$
240,211

 
$
225,791

 
$
256,994

 
$
154,913

Add:
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
29,763

 
113,220

 
103,390

 
102,781

 
113,959

 
91,594

Amortization of capitalized interest
229

 
793

 
642

 
553

 
440

 
255

Distributions from joint ventures
—

 
14,374

 
9,625

 
9,700

 
2,835

 
544

Less: Interest capitalized
(1,774
)
 
(5,388
)
 
(3,701
)
 
(1,650
)
 
(5,108
)
 
(5,995
)
Total earnings
$
55,557

 
$
350,021

 
$
350,167

 
$
337,175

 
$
369,120

 
$
241,311

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense (1)
$
22,091

 
$
82,758

 
$
77,343

 
$
78,622

 
$
92,971

 
$
77,584

Amortization of debt issuance
costs
493

 
1,738

 
1,118

 
910

 
815

 
1,030

Interest capitalized
1,774

 
5,388

 
3,701

 
1,650

 
5,108

 
5,995

Rental expense interest factor (2)
5,405

 
23,336

 
21,228

 
21,599

 
15,065

 
6,985

Total fixed charges
$
29,763

 
$
113,220

 
$
103,390

 
$
102,781

 
$
113,959

 
$
91,594

Ratio of earnings to fixed charges
1.9x

 
3.1x

 
3.4x

 
3.3x

 
3.2x

 
2.6x


 
(1)
The “Interest expense, net” reported in NuStar Energy L.P.'s consolidated statement of income for the three months ended
March 31, 2012 includes investment income of $0.2 million.
(2)
The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense.