EX-12.1 5 a2213907zex-12_1.htm EX-12.1
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EXHIBIT 12.1


RATIO OF EARNINGS TO FIXED CHARGES

        The table below sets forth the Ratios of Earnings to Fixed Charges for us for the periods indicated. On October 26, 2006, we completed our initial public offering whereby we became the successor to the business of Eagle Rock Pipeline, L.P. For purposes of computing the ratios of earnings to fixed charges, earnings consist of income (loss) from continuing operations before adjustment for equity income from equity method investees, and our share of pretax losses of investees for which charges arising from guarantees are included in fixed charges, each as accounted for under the equity method, less capitalized interest, preference security dividend requirements of consolidated subsidiaries, and the non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges. Fixed charges consist of the sum of interest expensed and capitalized, plus amortized premiums, discounts and capitalized expenses related to indebtedness, an estimated interest component of rental expense, and preference security dividend requirements of consolidated subsidiaries.

 
   Years Ended December 31,  
 
   2008   2009   2010   2011   2012  

Interest expense

     39,056     41,535     35,118     46,643     61,705  

Capitalized interest

     391     61     416     451     1,311  

Estimated interest associated with rental expense(a)

     1,933     2,966     2,600     2,596     2,958  
                       

Total fixed charges

   $ 41,380   $ 44,562   $ 38,134   $ 49,690   $ 65,974  
                       

Net income (loss) from continuing operations before income taxes

    
48,861		    
(179,846
)		  
(25,196
)		  
70,424		    
(152,305
)

Income from equity investees

     —     (153 )   20     11     18  
                       

Net income (loss) from continuing operations before income taxes before income from equity investees

     48,861     (179,999 )   (25,176 )   70,435     (152,287 )

Distributed income of equity investees

     —     164     67     86     57  

Capitalized interest

     (391 )   (61 )   (416 )   (451 )   (1,311 )

Depreciation of capitalized interest

     104     116     128     149     195  

Fixed charges

     41,380     44,562     38,134     49,690     65,974  
                       

Total earnings

   $ 89,954   $ (135,218 ) $ 12,737   $ 119,909   $ (87,372 )
                       

Ratio of earnings to fixed charges(b)

    
2.17		    
—		    
0.33		    
2.41		    
—		  
                       
(a)
Calculated as one third of rent expense, which is a reasonable approximation of the interest factor.

(b)
For the years ended December 31, 2009, 2010 and 2012, earnings were inadequate to cover fixed charges by $179.8 million, $25.4 million and $153.3 million, respectively.



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RATIO OF EARNINGS TO FIXED CHARGES