EX-12.1 2 ex12_1.htm EXHIBIT 12.1
Exhibit 12.1

Targa Resources Partners, LP
Computation of Ratio of Earnings to Fixed Charges

 
  
Years Ended December 31,
    
Nine Months Ended
September 30,
  
 
  
2012
    
2011
    
2010
    
2009
    
2008
    
2013
    
2012
  
 
                            
Pre-tax income (loss) from continuing operations
  
$
207.4
    
$
249.8
    
$
138.0
    
$
8.4
    
$
238.1
    
$
145.5
    
$
167.4
  
 
                                                        
Fixed charges:
                                                        
Interest expense and amortization of debt issuance costs
    
116.8
      
107.7
      
110.9
      
159.8
      
156.1
      
95.6
      
87.8
  
Capitalized interest
    
13.6
      
3.4
      
1.3
      
0.7
      
0.6
      
22.6
      
8.5
  
Operating lease payments
    
5.4
      
4.7
      
4.6
      
4.5
      
4.8
      
5.7
      
3.7
  
Total fixed charges
    
135.8
      
115.8
      
116.8
      
165.0
      
161.5
      
123.9
      
100.0
  
Amortization of capitalized interest
    
0.7
      
0.2
      
0.1
      
0.1
      
0.1
      
0.5
      
0.2
  
Equity earnings in unconsolidated investment
    
(1.9
)
    
(8.8
)
    
(5.4
)
    
(5.0
)
    
(14.0
)
    
(10.1
)
    
0.3
  
Distributions from unconsolidated investment
    
2.3
      
8.3
      
8.7
      
5.1
      
4.6
      
12.0
      
2.3
  
Capitalized interest
    
(13.6
)
    
(3.4
)
    
(1.3
)
    
(0.7
)
    
(0.6
)
    
(22.6
)
    
(8.5
)
Pre-tax income from continuing operations plus fixed charges
  
$
330.6
    
$
361.9
    
$
256.9
    
$
172.9
    
$
389.7
    
$
249.2
    
$
261.7
  
 
                                                        
Ratio of earnings to fixed charges
    
2.4
      
3.1
      
2.2
      
1.0
      
2.4
      
2.0
      
2.6
  
Deficiency
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-