Set forth below is our calculation of distributable cash flow.

   

Three Months Ended December 31,
Year Ended December 31,
2012   2011 2012   2011
(In thousands)
Net income attributable to Holly Energy Partners $ 27,039 $ 30,894 $ 94,152 $ 79,799
Add (subtract):
Depreciation and amortization 14,660 10,554 57,461 36,958
Predecessor depreciation and amortization (1,643 ) (7,903 ) (3,184 )
Amortization of discount and deferred debt charges 530 309 1,946 1,212
Increase in interest expense - non-cash charges attributable to interest rate swaps and swap settlement costs 1,273 41 5,095 41
Loss on early extinguishment of debt 2,979
Billed crude revenue settlement 918 (4,588 ) 3,670 (4,588 )
Increase (decrease) in deferred revenue (1,271 ) (2,488 ) 462 (6,405 )
Maintenance capital expenditures* (1,763 ) (1,829 ) (5,649 ) (5,415 )
Other non-cash adjustments 232   1,121   912   1,877  
Distributable cash flow $ 41,618   $ 32,371   $ 153,125   $ 100,295  

* Maintenance capital expenditures are capital expenditures made to replace partially or fully depreciated assets in order to maintain the existing operating capacity of our assets and to extend their useful lives. Maintenance capital expenditures include expenditures required to maintain equipment reliability, tankage and pipeline integrity, and safety and to address environmental regulations.
   
December 31, December 31,
2012 2011 (7)
(In thousands)
Balance Sheet Data
Cash and cash equivalents $ 5,237 $ 6,369
Working capital $ 11,826 $ 6,601
Total assets $ 1,394,110 $ 1,399,196
Long-term debt $ 864,674 $ 605,888
Partners' equity (6)(7) $ 352,653 $ 638,676
 

(6) As a master limited partnership, we distribute our available cash, which historically has exceeded our net income attributable to Holly Energy Partners because depreciation and amortization expense represents a non-cash charge against income. The result is a decline in partners’ equity since our regular quarterly distributions have exceeded our quarterly net income attributable to Holly Energy Partners. Additionally, if the assets contributed and acquired from HollyFrontier while we were a consolidated variable interest entity of HollyFrontier had been acquired from third parties, our acquisition cost in excess of HollyFrontier’s basis in the transferred assets of $320.1 million would have been recorded as increases to our properties and equipment and intangible assets instead of decreases to partners’ equity.

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