EX-12.1 7 a2077285zex-12_1.txt EXHIBIT 12.1 EXHIBIT 12.1 STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
MAY 28 (1) - YEAR ENDED DECEMBER 31, DECEMBER 31, 1999 2000 2001 -------------------------------------------- Earnings Income from Continuing Operations (699) (1,838) (2,224) Fixed Charges - 596 1,125 Distributions from Equity Investees 12,124 41,971 45,358 -------------------------------------------- Total Earnings 11,425 40,729 44,259 -------------------------------------------- Fixed Charges Interest expense - (2) 596 (3) 1,125 -------------------------------------------- Total Fixed Charges - 596 1,125 -------------------------------------------- Ratio: Earnings/Fixed Charges N/A 68.34 39.34 -------------------------------------------- --------------------------------------------
(1) Commencement of operations. On May 28, 1999, we acquired a 30% interest in Northern Border Pipeline. Prior to that date, we had no operations. (2) We did not incur interest expense in the period May 28 - December 31, 1999. (3) On September 1, 2000 we drew on our third party revolving credit facility to fund a portion of our acquisition of a 49% general partner interest in Tuscarora and incurred interest expense for four months in 2000.