EX-12.1 6 h67991exv12w1.htm EX-12.1 exv12w1
EXHIBIT 12.1
ENTERPRISE PRODUCTS PARTNERS L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
                                                 
    For the    
    Six Months    
    Ended   For the Year Ended December 31,
    June 30, 2009   2008   2007   2006   2005   2004
     
Consolidated income
  $ 437.4     $ 995.4     $ 564.3     $ 610.2     $ 425.3     $ 276.4  
Add: Provision for income taxes
    17.4       26.4       15.3       21.3       8.4       3.8  
Less: Equity in (earnings) loss from unconsolidated affiliates
    4.2       (59.1 )     (29.7 )     (21.6 )     (14.5 )     (52.8 )
     
Consolidated pre-tax income before equity in income of unconsolidated affiliates
    459.0       962.7       549.9       609.9       419.2       227.4  
Add: Fixed charges
    270.8       484.3       400.1       306.8       264.9       168.5  
Amortization of capitalized interest
    5.7       10.5       9.3       7.9       1.6       0.9  
Distributed income of equity investees
    38.5       98.6       73.6       43.0       56.1       68.0  
     
Subtotal
    774.0       1,556.1       1,032.9       967.6       741.8       464.8  
Less: Capitalized interest
    (17.7 )     (71.6 )     (75.5 )     (55.7 )     (22.0 )     (2.8 )
Net income attributable to noncontrolling interest
    (25.5 )     (41.4 )     (30.6 )     (9.1 )     (5.8 )     (8.1 )
     
Total earnings
  $ 730.8     $ 1,443.1     $ 926.8     $ 902.8     $ 714.0     $ 453.9  
     
Fixed charges:
                                               
Interest expense
  $ 246.6     $ 400.7     $ 311.8     $ 238.0     $ 230.5     $ 155.7  
Capitalized interest
    17.7       71.6       75.5       55.7       22.0       2.8  
Interest portion of rental expense
    6.5       12.0       12.8       13.1       12.4       10.0  
     
Total
  $ 270.8     $ 484.3     $ 400.1     $ 306.8     $ 264.9     $ 168.5  
     
Ratio of earnings to fixed charges
    2.70x       2.98x       2.32x       2.94x       2.69x       2.69x  
     
     These computations take into account our consolidated operations and the distributed income from our equity method investees. For purposes of these calculations, “earnings” is the amount resulting from adding and subtracting the following items:
     Add the following, as applicable:
    consolidated pre-tax income before income or loss from equity investees;
 
    fixed charges;
 
    amortization of capitalized interest;
 
    distributed income of equity investees; and
 
    our share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges.
     From the subtotal of the added items, subtract the following, as applicable:
    interest capitalized;
 
    preference security dividend requirements of consolidated subsidiaries; and
 
    net income attributable to noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges.
     The term “fixed charges” means the sum of the following: interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; an estimate of interest within rental expenses; and preference dividend requirements of consolidated subsidiaries.