EX-12.1 7 dex121.htm RATIO OF EARNINGS TO FIXED CHARGES RATIO OF EARNINGS TO FIXED CHARGES
 
Exhibit 12.1
 
INERGY, L.P. and Subsidiary
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands)
 
    
Ended September 30,
  
    
2002
   
2001
   
2000
     
1999
     
1998
  
Earnings:
                                         
Net income (loss)
   
$
8,309
   
$
4,349
   
$
(1,829
)
   
$
(185
)
   
$
(35
)
Income taxes
   
 
93
   
 
—  
   
 
7
 
   
 
56
 
   
 
—  
 
Interest expense
   
 
8,365
   
 
6,670
   
 
2,740
 
   
 
962
 
   
 
569
 
Interest portion of operating rentals
   
 
683
   
 
221
   
 
162
 
   
 
75
 
   
 
45
 
    
  
  
  
  
Earnings for ratio calculation
   
$
17,450
   
$
11,240
   
$
1,080
 
   
$
908
 
   
$
579
 
    
  
  
  
  
Fixed charges:
                                         
Interest expense
   
$
8,365
   
$
6,670
   
$
2,740
 
   
$
962
 
   
$
569
 
Interest portion of operating rentals
   
 
683
   
 
221
   
 
162
 
   
 
75
 
   
 
45
 
    
  
  
  
  
Total fixed charges
   
$
9,048
   
$
6,891
   
$
2,902
 
   
$
1,037
 
   
$
614
 
    
  
  
  
  
Ratio of earnings to fixed charges
   
 
1.93
   
 
1.63
   
 
n/a
 
   
 
n/a
 
   
 
n/a
 
    
  
  
  
  
 
For purposes of determining the ratio of earnings to fixed charges, earnings are defined as earnings (loss) from continuing operations before income taxes, plus fixed charges. Fixed charges consist of interest expense on all indebtedness and the amortization of deferred financing costs and interest associated with operating rentals. Earnings were inadequate to cover fixed charges by $1.8 million for the year ended September 30, 2000, $129,000 for the year ended September 30, 1999, and $35,000 for the year ended September 30, 1998.

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