EX-12 3 calculationofratio.txt 12.1 CALCULATIONS OF RATIO OF EARNINGS Exhibit 12.1 CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES Calculation of Ferrellgas Partners' historical ratio of earnings to fixed charges in connection with the registration of debt securities of Ferrellgas Partners. (in thousands, except ratios) Three months Year ended July 31, ended Oct 31, ------------------------------------------------- ----------------------- Earnings 1998 1999 2000 2001 2002 2001 2002 -------- --------- ------- ------- -------- ---------- --------- ---------- Pre-tax income from continuing operations $ 4,943 $14,783 $ 860 $ 64,068 $ 59,959 $(13,502) $(22,212) Add: Fixed charges (see below) 52,063 50,287 71,978 79,905 71,593 18,463 18,003 Less: capitalized interest - - - - 697 - 470 --------- ------- ------- -------- ---------- --------- ---------- Income as adjusted $ 57,006 $65,070 $72,838 $143,973 $130,855 $ 4,961 $ (4,679) ========= ======= ======= ======== ========== ========= ========== Fixed charges ------------- Interest, either expensed or capitalized, and amortized capitalized expenses related to indebtedness $ 49,129 $46,621 $58,298 $ 61,544 $ 59,608 $ 15,114 $ 15,166 An estimate of the interest within lease expense 2,934 3,666 13,680 18,361 11,985 3,349 2,837 --------- ------- ------- -------- ---------- --------- ---------- Fixed charges $ 52,063 $50,287 $71,978 $ 79,905 $ 71,593 $ 18,463 $ 18,003 ========= ======= ======= ======== ========== ========= ========== Ratio of Earnings to Fixed Charges 1.1 1.3 1.0 1.8 1.8 0.3 (0.3) ========= ======= ======= ======== ========== ========= ==========
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES Calculation of Ferrellgas Partners' pro forma ratio of earnings to fixed charges in connection with the registration of debt securities of Ferrellgas Partners. (in thousands, except ratios) Three months Year ended July 31, ended Oct 31, ----------------------------------------------- ----------------------- Earnings 1998 1999 2000 2001 2002 2001 2002 -------- --------- ------- ------- -------- -------- --------- ---------- Pro forma pre-tax income from continuing operations $ 8,584 $18,824 $ 7,715 $ 74,597 $ 59,959 $(13,502) $(22,212) Add: Fixed charges (see below) 52,063 50,287 71,978 79,905 71,593 18,463 18,003 Less: capitalized interest - - - - 697 - 470 --------- ------- ------- -------- -------- --------- ---------- Pro forma income as adjusted $ 60,647 $69,111 $79,693 $154,502 $130,855 $ 4,961 $ (4,679) ========= ======= ======= ======== ======== ========= ========== Fixed charges ------------- Interest, either expensed or capitalized, and amortized capitalized expenses related to indebtedness $49,129 $46,621 $58,298 $ 61,544 $ 59,608 $ 15,114 $ 15,166 An estimate of the interest within lease expense 2,934 3,666 13,680 18,361 11,985 3,349 2,837 --------- ------- ------- -------- -------- --------- ---------- Fixed charges $52,063 $50,287 $71,978 $ 79,905 $ 71,593 $ 18,463 $ 18,003 ========= ======= ======= ======== ======== ========= ========== Pro forma ratio of earnings to fixed charges 1.2 1.4 1.1 1.9 1.8 0.3 (0.3) ========= ======= ======= ======== ======== ========= ==========
Exhibit 12.1-1 FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES Calculation of Ferrellgas Partners' historical ratio of earnings to combined fixed charges and preference distributions in connection with the registration of senior units of Ferrellgas Partners. (in thousands, except ratios) Three months Year ended July 31, ended Oct 31, -------------------------------------------------------- ----------------------- Earnings 1998 1999 2000 2001 2002 2001 2002 -------- --------- -------- --------- --------- ---------- --------- ---------- Pre-tax income from continuing operations $ 4,943 $ 14,783 $ 860 $ 64,068 $ 59,959 $(13,502) $(22,212) Add: Fixed charges (see below) 52,063 50,287 71,978 79,905 71,593 18,463 18,003 Less: capitalized interest - - - 697 - 470 --------- -------- --------- --------- ---------- --------- ---------- Income as adjusted $ 57,006 $ 65,070 $ 72,838 $143,973 $130,855 $ 4,961 $ (4,679) ========= ======== ========= ========= ========== ======== =========== Fixed charges ------------- Interest, either expensed or capitalized, and amortized capitalized expenses related to indebtedness $ 49,129 $ 46,621 $ 58,298 $ 61,544 $ 59,608 $ 15,114 $ 15,166 An estimate of the interest within lease expense 2,934 3,666 13,680 18,361 11,985 3,349 2,837 --------- -------- --------- --------- ---------- --------- ---------- Fixed charges $ 52,063 $ 50,287 $ 71,978 $ 79,905 $ 71,593 $ 18,463 $ 18,003 Preference distributions $ - $ - $ 11,108 $ 18,013 $ 11,172 $ 2,802 $ 2,782 ------------------------ --------- -------- --------- --------- ---------- --------- ---------- Combined fixed charges and preference distributions $ 52,063 $ 50,287 $ 83,086 $ 97,918 $ 82,765 $ 21,265 $ 20,785 ------------------------ ========= ======== ========= ========= ========== ======== =========== Ratio of Earnings to Fixed Charges 1.1 1.3 0.9 1.5 1.6 0.2 (0.2) ========= ======== ========= ========= ========== ======== ===========
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES Calculation of Ferrellgas Partners' pro forma ratio of earnings to combined fixed charges and preference distributions in connection with the registration of senior units of Ferrellgas Partners (in thousands, except ratios) Three months Year ended July 31, ended Oct 31, -------------------------------------------------------- ----------------------- Earnings 1998 1999 2000 2001 2002 2001 2002 -------- -------- -------- -------- -------- ---------- --------- --------- Pro forma pre-tax income from continuing operations $ 8,584 $ 18,824 $ 7,715 $ 74,597 $ 59,959 $(13,502) $(22,212) Add: Fixed charges (see below) 52,063 50,287 71,978 79,905 71,593 18,463 18,003 Less: capitalized interest - - - - 697 - 470 -------- -------- -------- -------- ---------- --------- --------- Pro forma income as adjusted $ 60,647 $ 69,111 $ 79,693 $154,502 $130,855 $ 4,961 $ (4,679) ======== ======== ======== ======== ========== ========= ========= Fixed charges ------------- Interest, either expensed or capitalized, and amortized capitalized expenses related to indebtedness $ 49,129 $ 46,621 $ 58,298 $ 61,544 $ 59,608 $ 15,114 $ 15,166 An estimate of the interest within lease expense 2,934 3,666 13,680 18,361 11,985 3,349 2,837 -------- -------- -------- -------- ---------- --------- --------- Fixed charges $ 52,063 $ 50,287 $ 71,978 $ 79,905 $ 71,593 $ 18,463 $ 18,003 Preference distributions $ - - $ 11,108 $ 18,013 $ 11,172 $ 2,802 $ 2,782 ------------------------ -------- -------- -------- -------- ---------- --------- --------- Combined fixed charges and preference distributions $ 52,063 $ 50,287 $ 83,086 $ 97,918 $ 82,765 $ 21,265 $ 20,785 ------------------------ ======== ======== ======== ======== ========== ========= ========= Pro forma ratio of earnings to fixed 1.2 1.4 1.0 1.6 1.6 0.2 (0.2) charges ======== ======== ======== ======== ========== ========= =========
Exhibit 12.1 -2 FERRELLGAS, L.P. AND SUBSIDIARIES Calculation of Ferrellgas, L.P.'s historical ratio of earnings to fixed charges in connection with the registration of debt securities of Ferrellgas, L.P. (in thousands, except ratios) Three months Year ended July 31, ended Oct 31, -------------------------------------------------------- ----------------------- Earnings 1998 1999 2000 2001 2002 2001 2002 -------- -------- -------- -------- -------- ---------- --------- --------- Pre-tax income from continuing operations $ 20,671 $ 30,606 $ 16,069 $ 82,032 $ 76,359 $ (9,633) $(11,338) Add: Fixed charges (see below) 36,549 34,773 56,931 66,047 55,957 14,497 14,062 Less: capitalized interest - - - - 697 - 470 -------- -------- -------- -------- ---------- --------- --------- Income as adjusted $ 57,220 $ 65,379 $ 73,000 $148,079 $131,619 $ 4,864 $ 2,254 ======== ======== ======== ======== ========== ========= ========= Fixed charges ------------- Interest, either expensed or capitalized, and amortized capitalized expenses related to indebtedness $ 33,615 $ 31,107 $ 43,251 $ 47,686 $ 43,972 $ 11,148 $ 11,225 An estimate of the interest within lease expense 2,934 3,666 13,680 18,361 11,985 3,349 2,837 -------- -------- -------- -------- ---------- --------- --------- Fixed charges $ 36,549 $ 34,773 $ 56,931 $ 66,047 $ 55,957 $ 14,497 $ 14,062 ======== ======== ======== ======== ========== ========= ========= Ratio of Earnings to Fixed Charges 1.6 1.9 1.3 2.2 2.4 0.3 0.2 ======== ======== ======== ======== ========== ========= =========
FERRELLGAS, L.P. AND SUBSIDIARIES Calculation of Ferrellgas, L.P.'s pro forma ratio of earnings to fixed charges in connection with the registration of debt securities of Ferrellgas, L.P. (in thousands, except ratios) Three months Year ended July 31, ended Oct 31, -------------------------------------------------------- ----------------------- Earnings 1998 1999 2000 2001 2002 2001 2002 -------- -------- -------- -------- -------- ---------- --------- --------- Pro forma pre-tax income from continuing operations $ 24,312 $ 34,647 $ 22,924 $ 92,561 $ 76,359 $ (9,633) $ (11,338) Add: Fixed charges (see below) 36,549 34,773 56,931 66,047 55,957 14,497 14,062 Less: capitalized interest - - - - 697 - 470 -------- -------- -------- -------- ---------- --------- --------- Pro forma income as adjusted $ 60,861 $69,420 $79,855 $158,608 $131,619 $ 4,864 $ 2,254 ======== ======== ======== ======== ========== ========= ========= Fixed charges Interest, either expensed or capitalized, and amortized capitalized expenses related to indebtedness $ 33,615 $ 31,107 $43,251 $ 47,686 $ 43,972 $ 11,148 $ 11,225 An estimate of the interest within lease expense 2,934 3,666 13,680 18,361 11,985 3,349 2,837 -------- -------- -------- -------- ---------- --------- --------- Fixed charges $ 36,549 $ 34,773 $56,931 $ 66,047 $ 55,957 $ 14,497 $ 14,062 ======== ======== ======== ======== ========== ========= ========= Pro forma ratio of earnings to fixed charges 1.7 2.0 1.4 2.4 2.4 0.3 0.2 ======== ======== ======== ======== ========== ========= =========