EX-12.1 9 dex121.txt CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PREDECESSOR PLAINS ALL AMERICAN PIPELINE ------------------------------- ------------------------------------------------------- NOVEMBER 23, YEAR ENDED JANUARY 1 TO 1998 TO YEAR ENDED SIX MONTHS DECEMBER 31, NOVEMBER 22, DECEMBER 31, DECEMBER 31, ENDED JUNE 30, --------------- ------------ ------------ ---------------- -------------- 1996 1997 1998 1998 1999 2000 2001 ------ ------ ------ ------ ------ ------ ------ EARNINGS Income from Continuing Operations 1,948 3,408 6,888 1,777 (101,815) 92,649 19,574 Fixed Charges 3,659 4,635 11,949 1,496 25,974 33,283 17,259 ----- ----- ------ ----- -------- ------- ------ Total Earnings 5,607 8,043 18,837 3,273 (75,841) 125,932 36,833 ===== ===== ====== ===== ======== ======= ====== FIXED CHARGES Interest Expense 3,559 4,516 11,260 1,371 21,139 28,691 14,707 Amortization of Debt Expense - - 568 114 2,201 2,051 1,283 Rental Interest Factor 100 119 121 11 2,634 2,541 1,269 ----- ----- ------ ----- -------- ------- ------ Total Fixed Charges 3,659 4,635 11,949 1,496 25,974 33,283 17,259 ===== ===== ====== ===== ======== ======= ====== RATIO: EARNINGS/FIXED CHARGES (1) 1.53x 1.74x 1.58x 2.19x - 3.78x 2.13x ===== ===== ====== ===== ======== ======= ======
FOOTNOTE: (1) In 1999, available earnings failed to cover fixed charges by $101.8 million. Included in the earnings for 1999 was $166.4 million in unauthorized trading losses, a $16.5 million gain on the sale of linefill and restructuring expenses of $1.4 million. Income from continuing operations before extraordinary items used to calculate the ratio of earnings to fixed charges for the year ended December 31, 2000 includes a gain on sale of assets of $48.2 million.