EX-12.1 10 h07647exv12w1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 HERITAGE PROPANE PARTNERS, L.P. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (in thousands) RATIO OF EARNINGS TO FIXED CHARGES OF HERITAGE PROPANE PARTNERS, L.P. AND SUBSIDIARIES ON A CONSOLIDATED BASIS FOR THE PERIODS INDICATED (FORMERLY PEOPLES GAS):
Eight Nine Months Months Ended Ended Years ended December 31, August 31, Years Ended August 31, May 31, ---------------------------------- ---------- ---------------------- -------- 1997 1998 1999 2000 2001 2002 2003 -------- -------- -------- -------- -------- -------- -------- Pre-tax income from continuing operations before minority interest $ 980 $ 3,483 $ 2,895 $ (3,547) $ 20,524 $ 5,476 $ 49,961 Less: Equity in earnings (losses) of affiliates -- -- -- (67) 1,250 1,338 1,687 Add: Fixed charges 13 8 12 2,817 36,339 38,034 28,068 Distributed income of equity investees 125 400 303 -------- -------- -------- -------- -------- -------- -------- Total earnings as adjusted 993 3,491 2,907 (663) 55,738 42,572 76,645 -------- -------- -------- -------- -------- -------- -------- Fixed charges: Interest expensed -- -- -- 2,409 35,567 37,341 27,563 Amortized debt issuance costs -- -- -- 389 636 587 440 Estimated interest element of rentals 13 8 12 19 136 106 65 -------- -------- -------- -------- -------- -------- -------- Total fixed charges 13 8 12 2,817 36,339 38,034 28,068 -------- -------- -------- -------- -------- -------- -------- RATIO OF EARNINGS TO FIXED CHARGES 76.38x 436.37x 242.25x (A) 1.53x 1.12x 2.73x
---------- (A) Earnings for the eight months ended August 31, 2000, were insufficient to cover fixed charges by $3.5 million. RATIO OF EARNINGS TO FIXED CHARGES OF HERITAGE PROPANE PARTNERS, L.P. AND SUBSIDIARIES ON A CONSOLIDATED BASIS FOR THE PERIODS INDICATED (PREDECESSOR HERITAGE):
Period Years ended Ended August 31, August 9, ------------------- --------- 1998 1999 2000 ------- ------- --------- Pre-tax income from continuing operations before minority interest $ 9,266 $10,116 $ 6,936 Less: Equity in earnings (losses) of affiliates 707 1,005 614 Add: Fixed charges 15,148 16,477 18,352 Distributed income of equity investees 100 470 200 ------- ------- ------- Total earnings as adjusted 23,807 26,058 24,874 ------- ------- ------- Fixed charges: Interest expensed 14,599 15,915 17,664 Amortized debt issuance costs 446 465 584 Estimated interest element of rentals 103 97 104 ------- ------- ------- Total fixed charges 15,148 16,477 18,352 ------- ------- ------- RATIO OF EARNINGS TO FIXED CHARGES 1.57x 1.58x 1.35x