EX-12.1 4 dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement of Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

 

STAR GAS PARTNERS, L.P.

STATEMENT OF COMPUTATION OF EARNINGS TO FIXED CHARGES

(In Thousands of Dollars, Except Ratio)

 

     Fiscal Years Ended September 30,
    
Six Months Ended
March 31,
  
     2000
    2001
     2002
     2003
     2004
     2004
    2005
  

Earnings:

                                                       

Income (loss) from continuing operations before income taxes

    $ 2,768    $ (8,003 )   $ (13,376 )   $ (14,473 )   $ (24,361 )   $ 58,550    $ (100,267 )

Add:

                                                       

Interest expense

      19,342      24,093       27,126       33,306       40,072       19,749      19,946  

Debt issuance amortization

      343      506       1,197       2,038       3,480       1,960      1,305  

Interest component of rent expense(a)

      1,965      2,231       3,363       3,663       4,262       2,055      2,397  
    
  
 
 
 
 
  
     $ 24,418    $ 18,827     $ 18,310     $ 24,534     $ 23,453     $ 82,314    $ (76,619 )
    
  
 
 
 
 
  

Fixed charges:

                                                       

Interest expense

    $ 19,342    $ 24,093     $ 27,126     $ 33,306     $ 40,072     $ 19,749      19,946  

Debt issuance amortization

      343      506       1,197       2,038       3,480       1,960      1,305  

Interest component of rent expense(a)

      1,965      2,231       3,363       3,663       4,262       2,055      2,397  
    
  
 
 
 
 
  
     $ 21,650    $ 26,830     $ 31,686     $ 39,007     $ 47,814     $ 23,764    $ 23,648  
    
  
 
 
 
 
  

Ratio

      1.1x      *           *           *           *           3.5x      *      
    
  
 
 
 
 
  
(a)   One third of rent is the portion deemed representative of the interest component.
*   Ratio is less than 1:1. Deficiency is $8.0 million, $13.4 million, $14.5 million and $24.4 million for the fiscal years ended September 30, 2001 through September 30, 2004, respectively and $100.3 million for the six months ended March 31, 2005.

 

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