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,
    
Three Months Ended March 31,
  
 
2013
    
2012
    
2011
    
2010
    
2009
    
2014
    
2013
  
                           
 
(In millions)
          
Pre-tax income from continuing operations
  
$
261.5
    
$
207.4
    
$
249.8
    
$
138.0
    
$
8.4
    
$
132.4
    
$
46.2
  
 
                                                        
Fixed charges:
                                                        
Interest expense and amortization of debt issuance costs
    
131.0
      
116.8
      
107.7
      
110.9
      
159.8
      
33.1
      
31.4
  
Capitalized interest
    
28.0
      
13.6
      
3.4
      
1.3
      
0.7
      
6.9
      
6.1
  
Operating lease payments
    
7.8
      
5.4
      
4.7
      
4.6
      
4.5
      
2.1
      
1.9
  
Total fixed charges
    
166.8
      
135.8
      
115.8
      
116.8
      
165.0
      
42.1
      
39.4
  
Amortization of capitalized interest
    
1.7
      
0.7
      
0.2
      
0.1
      
0.1
      
0.5
      
0.3
  
Equity earnings in unconsolidated investment
    
(14.8
)
    
(1.9
)
    
(8.8
)
    
(5.4
)
    
(5.0
)
    
(4.9
)
    
(1.6
)
Distributions from unconsolidated investment
    
12.0
      
2.3
      
8.3
      
8.7
      
5.1
      
7.1
      
-
  
Capitalized interest
    
(28.0
)
    
(13.6
)
    
(3.4
)
    
(1.3
)
    
(0.7
)
    
(6.9
)
    
(6.1
)
Pre-tax income from continuing operations plus fixed charges
  
$
399.2
    
$
330.7
    
$
361.9
    
$
256.9
    
$
172.9
    
$
170.3
    
$
78.1
  
 
                                                        
Ratio of earnings to fixed charges
    
2.4
      
2.4
      
3.1
      
2.2
      
1.0
      
4.0
      
2.0
  
Deficiency
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-