EX-12.1 4 a2214369zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

December 31 (millions of dollars)   2012   2011   2010   2009(a)   2008(a)   March 31,
2013
(millions
of dollars)		  
 
Earnings                          
  Net income before adjustment for                          
    income from equity investees   8   4   11   7   –   3  
  Fixed charges   24   29   25   30   37   5  
  Distributed income of equity investees   129   154   126   99   123   26  
 
Total Earnings   161   187   162   136   160   34  

Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest expensed and capitalized   23   28   25   30   36   5  
  Amortization of other assets   1   2   –   –   1   –  
 
Total Fixed Charges   24   30   25   30   37   5  

Ratio of Earnings/Fixed Charges
 
6.71x
 
6.34x
 
6.40x
 
4.52x
 
4.34x
 
6.80x
 
(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 value 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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