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EXHIBIT 12.1


RATIO OF EARNINGS TO FIXED CHARGES

The table below sets forth the Ratios of Earnings to Fixed Charges for us for the periods indicated. On October 26, 2006, we completed our initial public offering whereby we became the successor to the business of Eagle Rock Pipeline, L.P. For purposes of computing the ratios of earnings to fixed charges, earnings consist of income (loss) from continuing operations before adjustment for equity income from equity method investees, and our share of pretax losses of investees for which charges arising from guarantees are included in fixed charges, each as accounted for under the equity method, less capitalized interest, preference security dividend requirements of consolidated subsidiaries, and the non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges. Fixed charges consist of the sum of interest expensed and capitalized, plus amortized premiums, discounts and capitalized expenses related to indebtedness, an estimated interest component of rental expense, and preference security dividend requirements of consolidated subsidiaries.

 
 
Years Ended December 31,
 
 
2009
 
2010
 
2011
 
2012
 
2013
($ in thousands)
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
41,535

 
$
35,118

 
$
46,643

 
$
61,705

 
$
75,518

Capitalized interest
 
61
 
416
 
451
 
1,311
 
963

Estimated interest associated with rental expense (a)
 
2,966

 
2,600

 
2,596

 
2,958

 
3,174

Total fixed charges
 
$
44,562

 
$
38,134

 
$
49,690

 
$
65,974

 
$
79,655

 
 
 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations before income taxes
 
$
(179,846
)
 
$
(25,196
)
 
$
70,424

 
$
(152,305
)
 
$
(283,093
)
Income from equity investees
 
(153
)
 
20

 
11
 
18
 
10

Net income (loss) from continuing operations before income taxes before income from equity investees
 
(179,999
)
 
(25,176
)
 
70,435
 
(152,287)
 
(283,083)
Distributed income of equity investees
 
164

 
67

 
86
 
57
 
41

Capitalized interest
 
(61)
 
(416)
 
(451)
 
(1,311)
 
(963)

Depreciation of capitalized interest
 
116
 
128
 
149
 
195
 
252

Fixed charges
 
44,562

 
38,134
 
49,690
 
65,974
 
79,655

Total earnings
 
$
(135,218
)
 
$
12,737

 
$
119,909

 
$
(87,372
)
 
$
(204,098
)
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (b)
 
—

 
0.33

 
2.41

 
—

 
—

______________________________
(a)
Calculated as one third of rent expense, which is a reasonable approximation of the interest factor.
(b)
For the years ended December 31, 2009, 2010, 2012 and 2013, earnings were inadequate to cover fixed charges by $25.4 million, $283.8 million, $153.3 million and $283.8 million, respectively.