EX-12.1 4 y03176exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
                                                 
    Three        
    Months Ended     Year Ended  
    December 26,     September     September     September     September     September  
    2009     26, 2009     27, 2008     29, 2007     30, 2006     24, 2005  
 
                                   
Earnings:
                                               
Pre-tax income (loss) from continuing operations
  $ 48,574     $ 167,724     $ 113,076     $ 129,000     $ 89,058     $ (11,023 )
 
                                               
Add: Fixed charges per below
    7,644       41,202       41,979       41,740       44,332       43,892  
 
                                               
 
                                   
Earnings for ratio calculation
  $ 56,218     $ 208,926     $ 155,055     $ 170,740     $ 133,390     $ 32,869  
 
                                   
 
                                               
Fixed Charges:
                                               
Interest expense
  $ 6,688     $ 36,920     $ 38,278     $ 37,897     $ 39,747     $ 39,031  
Amortization of discount on long-term borrowings
    34       226       234       234       234       117  
Amortization of capitalized expenses related to indebtedness
    461       1,923       1,328       1,328       1,324       1,514  
Interest portion of operating leases (A)
    460       2,133       2,139       2,282       3,028       3,231  
 
                                               
 
                                   
Total fixed charges
  $ 7,644     $ 41,202     $ 41,979     $ 41,740     $ 44,332     $ 43,892  
 
                                   
 
                                               
Ratio of earnings to fixed charges
    7.35       5.07       3.69       4.09       3.01       (A )
 
                                   
For purposes of determining the ratio of earnings to fixed charges, earnings are defined as earnings from continuing operations before income taxes, plus fixed charges.
Fixed charges consist of interest expense on all indebtedness, amortization of the discount on certain of the Partnership’s long-term borrowings, amortization of capitalized debt origination costs, and the estimated interest portion of operating leases (12% of rent expense represents a reasonable approximation of the interest factor).

(A)   Due to the Partnership’s loss in the fiscal year ended September 24, 2005, the ratio of earnings to fixed charges was less than 1:1. For that fiscal year, the Partnership would have needed to generate additional earnings of $11.0 million to achieve ratio coverage of 1:1.