EX-12.1 2 d519871dex121.htm EX-12.1 EX-12.1

EXHIBIT 12.1

WESTERN GAS PARTNERS, LP

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

    Year Ended December 31,  
thousands   2012     2011     2010     2009     2008  

Earnings:

         

Income before income taxes

  $ 170,026     $ 239,011     $ 178,450     $ 148,520     $ 205,132  

Add:

         

Fixed charges

    48,422       30,993       19,292       10,992       2,965  

Distributions from equity investees

    20,660       15,999       10,973       11,206       14,428  

Amortization of capitalized interest

    479       294       256       182       80  

Less:

         

Equity income

    16,111       11,261       7,628       7,923       11,118  

Capitalized interest

    6,196       420                    

Net income before taxes attributable to noncontrolling interests

    14,890       14,103       11,005       10,260       7,965  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings

  $     202,390     $     260,513     $     190,338     $     152,717     $     203,522  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

         

Interest expense, including capitalized interest

  $ 48,256     $ 30,765     $ 18,794     $ 9,955     $ 364  

Interest component of rent expense

    166       228       498       1,037       2,601  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges

  $ 48,422     $ 30,993     $ 19,292     $ 10,992     $ 2,965  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

    4.2x        8.4x        9.9x        13.9x        68.6x   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

These ratios were computed by dividing earnings by fixed charges. For this purpose, earnings include pre-tax income, plus fixed charges to the extent they affect current year earnings, amortization of capitalized interest and distributed income of equity investees, then subtracting equity income, noncontrolling interests in pre-tax income from subsidiaries that did not incur fixed charges, and interest capitalized during the year. Fixed charges include interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebtedness, and estimates of interest within rental expenses.