EX-12.01 3 vlpexh1201-12312016.htm EXHIBIT 12.01 Exhibit


Exhibit 12.01
VALERO ENERGY PARTNERS LP
STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
 
Year Ended December 31,
 
2016
 
 
2015
 
 
2014
 
 
2013
 
 
2012
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
$
189,943

 
 
$
71,563

 
 
$
(32,813
)
 
 
$
(23,969
)
 
 
$
(36,453
)
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
18,251

 
 
8,521

 
 
1,352

 
 
714

 
 
942

 
Amortization of capitalized interest
4

 
 
1

 
 
—

 
 
—

 
 
—

 
Less:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest
(82
)
 
 
(31
)
 
 
—

 
 
—

 
 
—

 
Total earnings
$
208,116

 
 
$
80,054

 
 
$
(31,461
)
 
 
$
(23,255
)
 
 
$
(35,511
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and debt expense, net
of capitalized interest
$
14,915

 
 
$
6,113

 
 
$
872

 
 
$
198

 
 
$
307

 
Capitalized interest
82

 
 
31

 
 
—

 
 
—

 
 
—

 
Rental expense interest factor (a)
3,254

 
 
2,377

 
 
480

 
 
516

 
 
635

 
Total fixed charges
$
18,251

 
 
$
8,521

 
 
$
1,352

 
 
$
714

 
 
$
942

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
11.4

x
 
9.4

x
 
(b)

 
 
(b)

 
 
(c)

 
__________
(a)
The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense.
(b)
For the years ended December 31, 2012, 2013, and 2014, earnings was insufficient to cover fixed charges and the deficiency was $36.5 million, $24.0 million, and $32.8 million, respectively.