EX-12.1 3 d59351exv12w1.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w1
Exhibit 12.1
Northwest Pipeline GP
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
                                                         
                            Six Months Ended
    Years Ended December 31,   June 30,
    2003   2004   2005   2006   2007   2007   2008
    (Restated)   (Restated)   (Restated)   (Restated)           (Restated)        
Earnings:
                                                       
Income before income taxes
  $ 113,516     $ 119,138     $ 107,653     $ 85,668     $ 185,059     $ 97,624     $ 73,843  
 
                                                       
Add:
                                                       
Fixed charges:
                                                       
Interest on long-term debt
    37,144       38,721       38,164       43,649       46,828       24,104       20,107  
Other interest expense
    3,388       3,368       3,389       3,824       5,585       2,538       2,771  
Rental expense representative of interest factor
    1,350       1,002       854       693       521       283       192  
     
Total fixed charges
    41,882       43,091       42,407       48,166       52,934       26,925       23,070  
 
                                                       
Total earnings as adjusted
  $ 155,398     $ 162,229     $ 150,060     $ 133,834     $ 237,993     $ 124,549     $ 96,913  
     
 
                                                       
Fixed charges
  $ 41,882     $ 43,091     $ 42,407     $ 48,166     $ 52,934     $ 26,925     $ 23,070  
     
 
                                                       
Ratio of earnings to fixed charges
    3.71       3.76       3.54       2.78       4.50       4.63       4.20  
     
 
                                                       
For the purposes of this ratio (i) earnings consist of income before fixed charges and income taxes for the Company and (ii) fixed charges consist of interest and debt expense on all indebtedness (without reduction for interest capitalized) and that portion of rental payments on operating leases estimated to represent an interest factor for the Company.