EX-12 2 qmr10k4q2009ex12.htm EXHIBIT 12 Exhibit 12


Exhibit 12.


Questar Market Resources, Inc.

Ratio of Earnings to Fixed Charges


 

Year Ended December 31,

 

2009

2008

2007

 

(dollars in millions)

Earnings

 

 

 

Income before income taxes and adjustment for income or loss

    from equity investees

$457.2 

$917.7 

$653.2 

Add (deduct):

 

 

 

  Fixed charges

72.6 

69.1 

37.1 

  Distributed income from equity investees

1.1 

0.5 

10.4 

  Capitalized interest

 

(4.9)

 

  Noncontrolling interest in pre-tax income of

   subsidiary that has not incurred fixed charges

(2.6)

(9.0)

 

  Total Earnings

$528.3 

$973.4 

$700.7 

 

 

 

 

Fixed Charges

 

 

 

Interest expense

$  70.3 

$  62.2 

$  35.6 

Capitalized interest

 

4.9 

 

Estimate of the interest within rental expense

2.3 

2.0 

1.5 

  Total Fixed Charges

$  72.6 

$  69.1 

$  37.1 

 

 

 

 

Ratio of Earnings to Fixed Charges

7.3 

14.1 

18.9 


For purposes of this presentation, earnings represent income before income taxes adjusted for fixed charges, earnings and distributions of equity investees. Income before income taxes includes Market Resources’ share of pretax earnings of equity investees. Fixed charges consist of total interest charges (expensed and capitalized), amortization of debt issuance costs and losses from reacquired debt, and the interest portion of rental expense estimated at 50%.