EX-12.1 4 d724965dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands)

 

     Six
Months
Ended
March 29,
2014		     Year Ended  
       September 28,
2013		     September 29,
2012		     September 24,
2011		      September 25,
2010		      September 26,
2009		  

Earnings:

               

Pre-tax income from continuing operations

    $ 208,666      $ 79,405      $ 2,019      $ 115,850       $ 116,498       $ 167,725   

Add: Fixed charges per below

      45,021        100,833        41,770        29,705         29,623         41,313   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Earnings for ratio calculation

    $ 253,687      $ 180,238      $ 43,789      $ 145,555       $ 146,121       $ 209,038   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Fixed Charges:

               

Interest expense

    $ 43,792      $ 98,587      $ 37,630      $ 25,228       $ 25,381       $ 36,920   

Amortization of discount on long-term borrowings

      108        216        216        216         179         226   

Amortization of premium on long-term borrowings

      (3,765 )      (8,115 )      (1,350 )      —           —           —     

Amortization of capitalized expenses related to indebtedness

      2,301        4,758        2,148        1,950         1,898         1,923   

Interest portion of operating leases

      2,585        5,387        3,125        2,311         2,165         2,244   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Total fixed charges

    $ 45,021      $ 100,833      $ 41,770      $ 29,705       $ 29,623       $ 41,313   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Ratio of earnings to fixed charges

      5.63        1.79        1.05        4.90         4.93         5.06   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

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 (10% of rent expense represents a reasonable approximation of the interest factor).