EX-12.1 5 h92057ex12-1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 Duke Energy Field Services Corporation Computation of Ratio of Earnings to Fixed Charges
Predecessor Company Historical(1) ---------------------------------------------------------------------------------- Nine Years Ended Months --------------------------------------------------------------------- Ended 1995 1996 1997 1998 1999 2000 9/30/01 --------- --------- --------- --------- --------- --------- --------- Earnings: Net income 33,615 84,609 51,238 2,028 43,329 680,161 336,856 Add: Interest and Debt expense 20,115 12,747 51,113 52,403 52,915 149,220 124,847 Amortized expenses related to indebtedness Income taxes 37,299 35,665 33,380 3,289 31,029 (310,937) 263 Portion of rents representative of the interest factor 511 511 810 823 1,176 2,023 1,871 --------- --------- --------- --------- --------- --------- --------- Income as adjusted 91,540 133,532 136,541 58,543 128,449 520,467 463,837 --------- --------- --------- --------- --------- --------- --------- Fixed charges: Interest and Debt expense per Statement of Income $ 20,115 $ 12,747 $ 51,113 $ 52,403 $ 52,915 $ 149,220 $ 124,847 Capitalized Interest 1,694 1,405 2,254 1,565 930 324 585 Amortized expenses related to indebtedness Portion of rents representative of the interest factor 511 511 810 823 1,176 2,023 1,871 --------- --------- --------- --------- --------- --------- --------- TOTAL FIXED CHARGES 22,320 14,663 54,177 54,791 55,021 151,567 127,303 --------- --------- --------- --------- --------- --------- --------- RATIO OF EARNINGS TO FIXED CHARGES 4.10 9.11 2.52 1.07 2.33 3.43 3.64
(1) Interest expense on a historical basis was primarily from intercompany debt. In addition, the historical advance accounts from the parent companies were non-interest bearing. As a result the historical capital structure was not indicative of the current capital structure.