EX-12.1 3 a2201174zex-12_1.htm EX-12.1

Exhibit 12.1

 

Niska Gas Storage Partners LLC
Statement of Computation of Ratio of Earnings to Fixed Charges Calculation
(in thousands, except ratios)

 

 

 

Niska Predecessor Historical

 

Niska

 

 

 

Period from
May 12, 2006
to March 31,

 

Year Ended March 31,

 

Six Months
Ended
September 30,

 

 

 

2007(1)(2)

 

2008(2)

 

2009(2)

 

2010(2)

 

2010(3)(4)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

41,358

 

$

44,965

 

$

96,949

 

$

121,149

 

$

21,425

 

Less: capitalized interest

 

—

 

—

 

—

 

(574

)

(971

)

Total earnings

 

41,358

 

44,965

 

96,949

 

120,575

 

20,454

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense

 

60,188

 

73,853

 

53,486

 

38,119

 

38,167

 

Capitalized interest

 

—

 

—

 

—

 

574

 

971

 

Portion of rentals representing and interest factor

 

293

 

573

 

490

 

653

 

603

 

Total fixed charges

 

60,481

 

74,426

 

53,976

 

39,346

 

39,741

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (deficit) available for (applied to) fixed charges

 

$

101,839

 

$

119,391

 

$

150,925

 

$

159,921

 

$

60,195

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.7

x

1.6

x

2.8

x

4.1

x

1.5

x

 

(1)                        Period data includes Wild Goose from November 16, 2006 to March 31, 2007.

(2)                        Represents data from Niska Predecessor for the period prior to our IPO.

(3)                        Represents data from Niska Predecessor for the period from April 1, 2010 to May 16, 2010 and data from Niska for the period from May 17, 2010 to September 30, 2010.

(4)                        Fixed charges changed significantly March 5, 2010 with the issuance of the debt that is the subject of this document.