EX-12.1 3 dex121.htm COMPUTATION OF EARNINGS TO FIXED CHARGES Computation of Earnings to Fixed Charges

EXHIBIT 12.1

 

Statement Regarding Computation of Ratios

 

                                 Pro Forma
Year ended
August 31,
2004
  

Pro Forma Year
ended
August 31,

2004

   Pro Forma
Year ended
August 31,
2004
       Pro Forma
Six Months
Ended
February 28,
2005
   Pro Forma
Six Months
Ended
February 28,
2005
  

Pro Forma

Six
Months Ended
February 28,

2005

                                   Energy Transfer
Transactions,
ET Fuel System
Acquisition, and
HPL System
Acquisition
           
                                              
     1999
   Year ended
December 31,
2000
     2001
   Nine
Months Ended
September 30,
2002
     Eleven
Months Ended
August 31,
2003
   Year ended
August 31,
2004
   Offering of
Outstanding
Notes
     Combined
   Six
Months Ended
February 28,
2005
   HPL System
Acquisition
   Offering of
Outstanding
Notes
   Combined

Fixed charges

                                                         

Interest expensed

    12,894   12,098     6,858   3,931     12,456   41,458   44,833   106,582   122,497   40,261   57,780   38,497   56,016

Capitalized interest

    62   70     86   35     —     926   980   1,077   1,077   200   167   200   167

Loss on extinquishment of debt

    —     —       —     —       —     —     —     —     —     7,968   7,968   7,968   7,968

Implicit interest in rent expense

    34   41     65   41     39   133   133   1,435   1,435   375   796   375   796
    
 
 
 
 
 
 
 
 
 
 
 
 
     12,990   12,209     7,009   4,007     12,495   42,517   45,946   109,094   125,009   48,804   66,711   47,040   64,947

Earnings:

                                                         

Income(Loss) before minority interests and income taxes

    17,502   18,892     41,161   4,272     51,057   103,928   103,928   133,561   133,561   122,886   149,761   122,886   149,761

Less: equity in earnings (losses) of affiliates

    609   (14 )   3,128   5,425     1,426   363   363   189   189   145   129   145   129
    
 
 
 
 
 
 
 
 
 
 
 
 
     16,893   18,906     38,033   (1,153 )   49,631   103,565   103,565   133,372   133,372   122,741   149,632   122,741   149,632

Add:

                                                         

Fixed charges

    12,990   12,209     7,009   4,007     12,495   42,517   45,946   109,094   125,059   48,804   66,711   47,040   64,947

Amortization of capitalized interest

    74   76     79   62     —     1   1   1   1   7   7   —     —  

Distributed income of equity investees

    —     —       1,500   4,000     1,000   27   27   27   27   —     —     —     —  

Less:

                                —             —     —     —     —  

Interest capitalized

    62   70     86   35     —     926   926   1,077   1,077   200   167   200   167
    
 
 
 
 
 
 
 
 
 
 
 
 

Income available for fixed charges

    30,019   31,261     46,707   6,951     63,126   147,036   150,465   243,571   259,486   171,752   216,517   169,981   214,746
    
 
 
 
 
 
 
 
 
 
 
 
 

Ratio of earnings to fixed charges

    2.31   2.56     6.66   1.73     5.05   3.46   3.27   2.23   2.08   3.52   3.25   3.61   3.31