EX-12.1 2 a13-27070_1ex12d1.htm EX-12.1

Exhibit 12.1

 

NGL ENERGY PARTNERS LP AND SUBSIDIARIES AND NGL SUPPLY, INC.

RATIO OF EARNINGS TO FIXED CHARGES

(In thousands, except ratio amounts)

 

 

 

NGL Energy Partners LP

 

NGL Supply, Inc.

 

 

 

Nine Months

 

Year

 

Year

 

Six Months

 

Six Months

 

Year

 

Year

 

 

 

Ended

 

Ended

 

Ended

 

Ended

 

Ended

 

Ended

 

Ended

 

 

 

December 31,

 

March 31,

 

March 31,

 

March 31,

 

September 30,

 

March 31,

 

March 31,

 

 

 

2013

 

2013

 

2012

 

2011

 

2010

 

2010

 

2009

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

$

5,968

 

$

50,065

 

$

8,465

 

$

12,679

 

$

(3,977

)

$

6,108

 

$

8,124

 

Loss (income) from continuing operations before income taxes attributable to noncontrolling interests

 

(288

)

(250

)

12

 

—

 

45

 

6

 

80

 

Fixed charges

 

61,365

 

66,824

 

9,354

 

2,761

 

597

 

1,149

 

2,135

 

Total earnings

 

$

67,045

 

$

116,639

 

$

17,831

 

$

15,440

 

$

(3,335

)

$

7,263

 

$

10,339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

38,427

 

$

32,994

 

$

7,620

 

$

2,482

 

$

372

 

$

668

 

$

1,621

 

Loss on early extinguishment of debt

 

—

 

5,769

 

—

 

—

 

—

 

—

 

—

 

Portion of rental expense estimated to relate to interest (a)

 

22,938

 

28,061

 

1,734

 

279

 

225

 

481

 

514

 

Total fixed charges

 

$

61,365

 

$

66,824

 

$

9,354

 

$

2,761

 

$

597

 

$

1,149

 

$

2,135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.09

 

1.75

 

1.91

 

5.59

 

 

(b)

6.32

 

4.84

 

 

(a)         Represents one-third of the total operating lease rental expense, which is that portion estimated to represent interest.

 

(b)         Due to NGL Supply, Inc.’s loss for the period, the ratio was less than 1:1 for the six months ended September 30, 2010. NGL Supply, Inc. would have needed to generate an additional $3.9 million of earnings to achieve a ratio of 1:1.(c)