EX-12.1 4 ex1213-31x14ugiutilities10q.htm EXHIBIT 12.1 Ex. 12.1 3-31-14 UGI Utilities 10Q




UGI UTILITIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - EXHIBIT 12.1
(Thousands of dollars)


 
Six Months Ended March 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended September 30,
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 
 
 
 
 
 
 
 
 
Earnings before income taxes
$
206,194

 
$
171,010

 
$
142,971

 
$
168,693

 
$
147,183

Interest expense
17,603

 
39,309

 
42,412

 
42,728

 
42,336

Amortization of debt discount and
 
 
 
 
 
 
 
 
 
expense
283

 
731

 
814

 
1,060

 
627

Estimated interest component of
 
 
 
 
 
 
 
 
 
rental expense
1,010

 
2,090

 
2,121

 
1,740

 
1,912

 
$
225,090

 
$
213,140

 
$
188,318

 
$
214,221

 
$
192,058

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
17,603

 
$
39,309

 
$
42,412

 
$
42,728

 
$
42,336

Amortization of debt discount and
 
 
 
 
 
 
 
 
 
expense
283

 
731

 
814

 
1,060

 
627

Allowance for funds used during
 
 
 
 
 
 
 
 
 
construction (capitalized interest)
201

 
286

 
10

 
90

 
74

Estimated interest component of
 
 
 
 
 
 
 
 
 
rental expense
1,010

 
2,090

 
2,121

 
1,740

 
1,912

 
$
19,097

 
$
42,416

 
$
45,357

 
$
45,618

 
$
44,949

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
11.79

 
5.02

 
4.15

 
4.70

 
4.27