EX-12.1 3 a2227625zex-12_1.htm EX-12.1
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Exhibit 12.1

CRESTWOOD MIDSTREAM PARTNERS LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except for ratio)

 
   Years Ended December 30,  
 
   2015   2014   2013   2012   2011  

Earnings:

                                

Pre-tax (loss) income from continuing operations before adjustment for non-controlling interest and equity earnings (including amortization of excess cost of equity investment) per statements of income

   $ (1,410.6 ) $ 15.6   $ (11.7 ) $ 40.1   $ 46.3  

Add:

                                

Fixed charges

     145.5     132.8     80.5     38.4     30.3  

Amortized capitalized interest

     0.4     0.2     0.1     0.1     0.1  

Less:

                                

Capitalized interest

     (2.5 )   (7.5 )   (3.4 )   (0.2 )   (0.2 )

Non-controlling interest in pre-tax income of subsidiary with no fixed charges(1)

     (23.1 )   (16.8 )   (4.9 )   —     —  
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Total earnings available for fixed charges          

   $ (1,290.3 ) $ 124.3   $ 60.6   $ 78.4   $ 76.5  
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Fixed charges:

                                

Interest and debt expense

     133.0     118.9     75.1     36.0     27.8  

Interest component of rent

     12.5     13.9     5.4     2.4     2.5  
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Total fixed charges

   $ 145.5   $ 132.8   $ 80.5   $ 38.4   $ 30.3  
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Ratio of Earnings to Fixed Charges(2)

     — (3)   — (3) $ — (3)   2.0     2.5  
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(1)
Dividend requirement of preferred securities issued by our consolidated subsidiary was paid in units and therefore were not considered a fixed charge for purposes of this computation.

(2)
For purposes of computing the ratio of earnings to fixed charges, "earnings" consists of pretax income from continuing operations before adjustment for non-controlling interest and income from equity investee plus fixed charges (excluding capitalized interest) and amortized capitalized interest. "Fixed charges" represents interest incurred (whether expensed or capitalized), amortization of debt costs and that portion of rental expense on operating leases deemed to be the equivalent of interest.

(3)
Earnings for the years ended December 31, 2015, 2014 and 2013 were inadequate to cover fixed charges by approximately $1,435.8 million, $8.5 million and $19.9 million.



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CRESTWOOD MIDSTREAM PARTNERS LP COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (in millions, except for ratio)