EX-12.1 6 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12.1

Statement Regarding Compution of Ratios

 

    Aquila Gas Pipeline     Energy Transfer  
    Year ended
December 31,		     Nine
Months Ended
September 30,		     Eleven
Months Ended
August 31,		     Year ended
August 31,		     Year ended
August 31,		    

Pro Forma
Year Ended

August 31,
2005

     Nine
Months ended
May 31,		     Pro Forma
Nine
Months ended
May 31,		  
    2000     2001     2002     2003     2004     2005       2006     2006  
                                       

HPL System

Acquisition

and Titan

Acquisition

           Titan
Acquisition		  

Fixed charges

                  

Interest expensed

   12,098     6,858     3,931     12,456     41,190     93,017     126,605     70,609     83,119  

Capitalized interest

   70     86     35     —       926     191     191     6,135     6,135  

Loss on extinquishment of debt

   —       —       —       —       —       9,550     9,550     —       0  

Implicit interest in rent expense

   41     65     41     39     133     946     2,159     1,296     1,573  
                                                     
  12,209     7,009     4,007     12,495     42,249     103,704     138,505     78,040     90,827  

Estimated interest element of rentals

                  

Rent expense

   622     1,059     598     881     4,283     8,830     20,146     12,100     14,684  

Weighted average interest rate (working cap/acquisition)

   6.96 %   6.50 %   7.44 %   4.61 %   3.20 %   12.00 %   12.00 %   12.00 %   12.00 %
  582     994     557     842     4,150     7,884     17,988     10,804     13,111  
                                                     

Interest element

   41     65     41     39     133     946     2,159     1,296     1,573  

Earnings:

                  

Income from continuing operations before minority interests and income taxes

   18,892     41,161     4,272     45,063     97,765     209,409     591,269     513,110     528,202  

Less: equity in earnings (losses) of affiliates

   (14 )   3,128     5,425     1,426     363     (376 )   (392 )   (318 )   (318 )
                                                     
  18,906     38,033     (1,153 )   43,637     97,402     209,785     591,661     513,428     528,520  

Add:

                  

Fixed charges

   12,209     7,009     4,007     12,495     42,249     103,704     138,505     78,040     90,827  

Amortization of capitalized interest

   76     79     62     —       1     15     15     13     13  

Distributed income of equity investees

   —       1,500     4,000     1,000     27     —       —       —       —    

Less:

                  

Interest capitalized

   (70 )   (86 )   (35 )   —       (926 )   (191 )   (191 )   (6,135 )   (6,135 )
                                                     

Income available for fixed charges

   31,121     46,535     6,881     57,132     138,753     313,313     729,990     585,346     613,225  
                                                     

Ratio of earnings to fixed charges

   2.55     6.64     1.72     4.57     3.28     3.02     5.27     7.50     6.75