EX-12.1 3 a2207396zex-12_1.htm EX-12.1
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Exhibit 12.1


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

December 31 (millions of dollars)
  2011   2010   2009(a)   2008(a)   2007(a)  

Earnings

                                

Net income before adjustment for income from equity investees

     3.9     11.1     6.7     0.4     (15.5 )

Fixed charges

     29.5     25.4     30.1     36.8     41.8  

Distributed income of equity investees

     153.5     126.0     99.4     122.6     110.2  
                       

Total Earnings

     186.9     162.5     136.2     159.8     136.5  

Fixed Charges

                                

Interest expensed and capitalized

     27.5     24.9     29.7     36.3     41.4  

Amortization of other assets

     2.0     0.5     0.4     0.5     0.4  
                       

Total Fixed Charges

     29.5     25.4     30.1     36.8     41.8  

Ratio of Earnings/Fixed Charges

    
6.34x		    
6.40x		    
4.52x		    
4.34x		    
3.27x		  
(a)
The acquisition of North Baja in 2009 was accounted for as a transaction between entities under common control using a method whereby the assets and liabilities of the acquired entities are recorded at TransCanada's carrying valve 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