EX-12.1 3 exhibit121computationofrat.htm Exhibit 12.1 Computation of Ratio of Earnings to Fixed Charges


Exhibit 12.1

Holly Energy Partners, L.P.
Computation of Ratio of Earnings
To Fixed Charges
(in thousands)

 
 
Three Months Ended
 
Years Ended December 31,
 
 
March 31, 2012
 
2011
 
2010
 
2009
 
2008
 
2007
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
21,979

 
$
77,997

 
$
58,869

 
$
46,234

 
$
20,696

 
$
35,152

Add total fixed charges (per below)
 
11,051

 
39,075

 
36,598

 
24,638

 
24,751

 
15,125

Total Earnings
 
$
33,030

 
$
117,072

 
$
95,467

 
$
70,872

 
$
45,447

 
$
50,277

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
10,405

 
$
35,959

 
$
34,001

 
$
21,501

 
$
21,763

 
$
13,289

Capitalized interest
 
72

 
891

 
455

 
1,008

 
1,007

 
 
Estimate of interest within rental expense (1)
 
574

 
2,225

 
2,142

 
2,129

 
1,981

 
1,836

Total Fixed Charges
 
$
11,051

 
$
39,075

 
$
36,598

 
$
24,638

 
$
24,751

 
$
15,125

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.99

 
3.00

 
2.61
 
2.88
 
1.84
 
3.32

(1) Represents 30% of the total operating lease rental expense, which is that portion deemed to be interest.