EX-12 10 h00226exv12.txt CALCULATION OF CONSOLIDATED RATIOS OF FIXED CHARGE EXHIBIT 12 CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES The historical ratios of earnings to fixed charges of Kinder Morgan, Inc. and our consolidated subsidiaries for the periods indicated are as follows:
YEAR ENDED DECEMBER 31, NINE MONTHS ENDED -------------------------------------------------- SEPTEMBER 30, 2002 2001 2000 1999 1998 1997 ------------------ -------- -------- -------- --------- --------- (Dollars in Thousands) Earnings: Pre-tax Income from Continuing Operations Before Extraordinary Item and Before Adjustment For Minority Interest(1) and Equity Earnings per Statement of Income $155,694 $191,871 $224,553 $206,347 $211,247 $ 58,067 Add: Fixed Charges 140,352 246,101 294,964 335,909 301,032 72,157 Distributed Income of Equity Investees 230,703 238,775 121,323 15,000 -- -- Less: TRUPS Requirement 16,434 21,913 21,875 22,598 18,033 5,849 Interest Capitalized from Continuing Operations 1,446 4,828 2,632 1,914 2,383 7,070 Interest Capitalized from Discontinued Operations -- -- 50 286 3,022 683 Minority Interest in pre-tax income of Subsidiary with no Fixed Charges 23,115 14,828 2,246 2,246 1,450 13 -------- -------- -------- -------- -------- -------- Earnings as Adjusted $485,754 $635,178 $614,037 $530,212 $487,391 $116,609 -------- -------- -------- -------- -------- -------- Fixed Charges: Interest and Debt Expense, Net per Statements of Income (Includes Amortization of Debt Discount, Premium and Expense) $120,283 $216,200 $243,155 $251,920 $205,840 $ 29,018 Add: Interest Capitalized from Continuing Operations 1,446 4,828 2,632 1,914 2,383 7,070 Interest Capitalized from Discontinued Operations -- -- 50 286 3,022 683 Interest Expense from Discontinued Operations -- -- 7,252 28,784 38,972 14,477 Portion of Rents Representative of the Interest Factor 2,189 3,160 20,000 30,407 32,782 15,060 TRUPS Requirement 16,434 21,913 21,875 22,598 18,033 5,849 -------- -------- -------- -------- -------- -------- Fixed Charges $140,352 $246,101 $294,964 $335,909 $301,032 $ 72,157 -------- -------- -------- -------- -------- -------- Ratio of Earnings to Fixed Charges 3.46 2.58 2.08 1.58 1.62 1.62 ======== ======== ======== ======== ======== ========
-------------------------------------------------------------------------------- (1) Minority Interest on Income Statement includes TRUPS Requirement.