EX-12.A 4 h02963a1exv12wa.txt CALCULATION OF EARNINGS TO FIXED CHARGES Exhibit 12.A EL PASO ENERGY PARTNERS, L.P. COMPUTATION OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK DIVIDEND REQUIREMENTS (DOLLARS IN THOUSANDS)
FOR THE YEAR ENDED DECEMBER 31, ----------------------------------------------------- 2002 2001 2000 1999 1998 --------- -------- -------- -------- -------- Earnings Pre-tax income (loss) from continuing operations.......................... $ 92,552 $ 54,052 $ 20,749 $ 18,382 $ 275 Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges ............. (60) 100 95 197 15 Income from equity investees........... (13,639) (8,449) (22,931) (32,814) (26,724) -------- -------- -------- -------- -------- Pre-tax income (loss) from continuing operations before minority interest in consolidated subsidiaries and income from equity investees........ 78,853 45,703 (2,087) (14,235) (26,434) Fixed charges.......................... 91,153 54,924 51,077 37,336 21,330 Distributed income of equity investees........................... 17,804 35,062 33,960 46,180 31,171 Capitalized interest................... (5,571) (11,755) (4,005) (1,799) (1,066) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges....................... 60 (100) (95) (197) (15) -------- -------- -------- -------- -------- Total earnings available for fixed charges.......................... $182,299 $123,834 $ 78,850 $ 67,285 $ 24,986 ======== ======== ======== ======== ======== Fixed charges Interest and debt expense.............. $ 89,065 $ 54,885 $ 51,077 $ 37,122 $ 21,308 Interest component of rent............. 2,088 39 -- 17 7 -------- -------- -------- -------- -------- Total fixed charges................. $ 91,153 $ 54,924 $ 51,077 $ 37,139 $ 21,315 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges(1)..... 2.00 2.25 1.54 1.81 1.17
------------------------------------ (1) The ratio of earnings to combined fixed charges and preferred and preference stock dividend requirements for the periods presented is the same as the ratio of earnings to fixed charges since El Paso has no outstanding preferred stock or preference stock and, therefore, no dividend requirements. For purposes of calculating these ratios: (i) "fixed charges" represent interest expensed and capitalized, including amortized premiums, discounts and capitalized expenses related to indebtedness; and an estimate of the interest within rental expenses and (ii) "earnings" represent the aggregate of pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income (loss) from equity investees, fixed charges, and distributed income of equity investees, less capitalized interest and less minority interest in pretax income of subsidiaries that have not incurred fixed charges.