EX-12.1 2 d679572dex121.htm EX-12.1 EX-12.1

EXHIBIT 12.1

Atlas Pipeline Partners, L.P.

Statement of Computation of Ratio of Earnings to Fixed Charges

(UNAUDITED)

(amounts in thousands, except ratios)

 

     Years Ended December 31,  
     2013     2012     2011     2010     2009  

Earnings:

           

Income (loss) before income tax expense (1)(2)(3)(4)(5)

    $ (93,897 )    $ 68,235      $ 295,478      $ (40,717 )    $ (21,434 ) 

Fixed charges

      100,916        52,260        38,566        90,152        106,362   

Adjustment to net distributed income from equity investees

      12,136        877        (577 )      6,146        267   

Interest capitalized

      (7,542 )      (8,669 )      (5,146 )      (757 )      (2,783 ) 

Amortization of previously capitalized interest

      1,029        583        333        255        581   

Non-controlling interest

      (6,975 )      (6,010 )      (6,200 )      (4,738 )      (3,176 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 5,667      $ 107,276      $ 322,454      $ 50,341      $ 79,817   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges:

           

Interest cost and debt expense

    $ 89,637      $ 41,760      $ 31,603      $ 87,273      $ 101,309   

Interest capitalized

      7,542        8,669        5,146        757        2,783   

Interest allocable to rental expense(6)

      3,737        1,831        1,817        2,122        2,270   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

      100,916        52,260        38,566        90,152        106,362   

Preferred dividends

      23,583        —          389        780        900   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges and preferred dividends

    $ 124,499      $ 52,260      $ 38,955      $ 90,932      $ 107,262   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      — (7)      2.1x        8.4x        — (9)      — (11) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges and preferred dividends

      — (8)      2.1x        8.3x        — (10)      — (12) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) Includes a loss on asset sales of $1.5 million, a non-cash loss recognized on derivatives of $28.4 million, and a goodwill impairment loss of $43.9 million for the year ended December 31, 2013.
(2) Includes a non-cash gain recognized on derivatives of $23.3 million for the year ended December 31, 2012.
(3) Includes a gain on asset sales of $256.3 million and a non-cash loss recognized on derivatives of $4.5 million for the year ended December 31, 2011.
(4) Includes a non-cash gain recognized on derivatives of $10.2 million and a non-recurring cash derivative unwind expense of $17.9 million for the year ended December 31, 2010.
(5) Includes a gain on asset sales of $111.4 million, a non-cash loss recognized on derivatives of $51.3 million, a $10.3 million non-cash impairment charge to goodwill and other assets and a non-recurring cash derivative unwind expense of $5.0 million for the year ended December 31, 2009.
(6) Represents one-third of the total operating lease rental expense, which is that portion, deemed to be interest.
(7) The Partnership earnings were insufficient to cover its fixed charges by $95.2 million for this period.
(8) The Partnership earnings were insufficient to cover its fixed charges and preferred dividends by $118.8 million for this period.
(9) The Partnership earnings were insufficient to cover its fixed charges by $39.8 million for this period.
(10) The Partnership earnings were insufficient to cover its fixed charges and preferred dividends by $40.6 million for this period.
(11) The Partnership earnings were insufficient to cover its fixed charges by $26.5 million for this period.
(12) The Partnership earnings were insufficient to cover its fixed charges and preferred dividends by $27.4 million for this period.