EX-12.1 4 a2198082zex-12_1.htm EXHIBIT 12.1 - COMPUTATION OF RATIO OF EARNINGS
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Exhibit 12.1


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
  Year ended December 31(1)
(dollar amounts in thousands)
 
 
  2005   2006   2007   2008   2009  

Earnings

                               
 

Income from Continuing Operations

    523     (12,467 )   (14,673 )   1,317     7,264  
 

Fixed Charges

    7,106     23,479     42,210     36,808     30,034  
 

Distributions from Equity Investees

    53,134     62,488     110,247     122,604     99,416  
 

Total Earnings

    60,763     73,500     137,784     160,729     136,714  

Fixed Charges

                               
 

Interest expense

    7,106     23,479     42,210     36,808     30,034  
 

Total Fixed Charges

    7,106     23,479     42,210     36,808     30,034  

Ratio of Earnings/Fixed Charges

    8.55x     3.13x     3.26x     4.37x     4.55x  

(1)
The acquisition of North Baja in 2009 was accounted for as a transaction between entities under common control similar to a pooling of interests, and the Partnership's historical financial information was recast to include North Baja for all periods presented. The ratios presented reflect the recast historical financial information.



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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES