Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND TO FIXED CHARGES AND PREFERRED UNIT DISTRIBUTIONS
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
(in thousands of U.S. dollars except ratios) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Net income (loss) from continuing operations after non-controlling interests | $ | 7,153 | $ | 95,646 | $ | 105,389 | $ | (104,277 | ) | $ | 30,533 | |||||||||
Add: income tax expense (recovery) | 2,179 | 2,225 | (10,477 | ) | 6,679 | (9,718 | ) | |||||||||||||
Add: non-controlling interests in net income (loss) from continuing operations | 10,503 | (19,089 | ) | 58 | 18,901 | 26,856 | ||||||||||||||
Add: fixed charges | 91,283 | 84,436 | 51,554 | 45,545 | 55,034 | |||||||||||||||
Add: amortization of capitalized interest | 2,523 | 2,266 | 1,736 | 1,471 | 1,191 | |||||||||||||||
Add: distributed income of equity investees | 16,803 | — | — | — | — | |||||||||||||||
Less: income from equity investees | (10,341 | ) | (6,731 | ) | — | — | — | |||||||||||||
Less: non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (7,969 | ) | 6,221 | 4,402 | (6,595 | ) | (794 | ) | ||||||||||||
Less: interest capitalized | (2,300 | ) | (19,600 | ) | (1,522 | ) | (5,870 | ) | (10,940 | ) | ||||||||||
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Earnings | $ | 109,834 | $ | 145,374 | $ | 151,140 | $ | (44,146 | ) | $ | 92,162 | |||||||||
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Fixed Charges | ||||||||||||||||||||
Interest expensed | $ | 88,381 | $ | 62,855 | $ | 47,508 | $ | 35,929 | $ | 36,242 | ||||||||||
Interest capitalized | 2,300 | 19,600 | 1,522 | 5,870 | 10,940 | |||||||||||||||
Estimated interest expense in time charter hire expense | 602 | 1,981 | 2,524 | 3,746 | 7,852 | |||||||||||||||
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Fixed Charges | $ | 91,283 | $ | 84,436 | $ | 51,554 | $ | 45,545 | $ | 55,034 | ||||||||||
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Fixed Charges and Preferred Unit Distributions | ||||||||||||||||||||
Preferred unit distributions | $ | 12,217 | $ | 7,461 | — | — | — | |||||||||||||
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Fixed Charges and Preferred Units Distributions | $ | 103,500 | $ | 91,897 | $ | 51,554 | $ | 45,545 | $ | 55,034 | ||||||||||
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Ratios | ||||||||||||||||||||
Earnings to Fixed Charges(1) | 1.2x | 1.7x | 2.9x | — | (2) | 1.7x | ||||||||||||||
Earnings to Fixed Charges and Preferred Units Distributions(1) | 1.1x | 1.6x | 2.9x | — | (2) | 1.7x |
(1) | This data is unaudited for all periods presented. No preferred units were outstanding during any of 2010, 2011 or 2012. We issued Series A Preferred Units in 2013. |
(2) | For the year ended December 31, 2011, the ratio of earnings to fixed charges and to fixed charges and preferred unit distributions were in each case less than 1.0x. The amount of the deficiency in each case was $89.7 million. |