EX-12 9 exhibit12.txt CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES 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) Six months Year ended July 31, ended January 31, ----------------------------------------------------------------------------- Earnings 1998 1999 2000 2001 2002 2002 2003 -------- --------- ------- ------- -------- --------- ---------- -------------- Pre-tax income from continuing operations $ 4,943 $14,783 $ 860 $ 64,068 $ 59,959 $ 54,686 $ 64,890 Add: Fixed charges (see below) 52,063 50,287 71,978 79,905 71,593 36,574 36,720 Less: capitalized interest - - - - 697 - 1,092 --------- ------- ------- -------- --------- ---------- -------------- Income as adjusted $ 57,006 $65,070 $72,838 $143,973 $ 130,855 $ 91,260 $ 100,518 ========= ======= ======= ======== ========= ========== ============== Fixed charges Interest, either expensed or capitalized, and amortized capitalized expenses related to indebtedness $ 49,129 $46,621 $58,298 $ 61,544 $ 59,608 $ 30,322 $ 31,872 An estimate of the interest within lease expense 2,934 3,666 13,680 18,361 11,985 6,252 4,848 --------- ------- ------- -------- --------- ---------- -------------- Fixed charges $ 52,063 $50,287 $71,978 $ 79,905 $ 71,593 $ 36,574 $ 36,720 ========= ======= ======= ======== ========= ========== ============== Ratio of Earnings to Fixed Charges 1.1 1.3 1.0 1.8 1.8 2.5 2.7 ========= ======= ======= ======== ========= ========== ==============
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) Six months Year ended July 31, ended January 31, ----------------------------------------------------------------------------- Earnings 1998 1999 2000 2001 2002 2002 2003 -------- --------- --------- --------- --------- --------- ---------- ---------- Pre-tax income from continuing operations $ 4,943 $ 14,783 $ 860 $ 64,068 $ 59,959 $ 54,686 $ 64,890 Add: Fixed charges (see below) 52,063 50,287 71,978 79,905 71,593 36,574 36,720 Less: capitalized interest - - - - 697 - 1,092 --------- --------- --------- --------- --------- ---------- ---------- Income as adjusted $ 57,006 $ 65,070 $ 72,838 $ 143,973 $ 130,855 $ 91,260 $ 100,518 ========= ========= ========= ========= ========= ========== ========== Fixed charges ------------- Interest, either expensed or capitalized, and amortized capitalized expenses related to indebtedness $ 49,129 $ 46,621 $ 58,298 $ 61,544 $ 59,608 $ 30,322 $ 31,872 An estimate of the interest within lease expense 2,934 3,666 13,680 18,361 11,985 6,252 4,848 --------- --------- --------- --------- --------- Fixed charges $ 52,063 $ 50,287 $ 71,978 $ 79,905 $ 71,593 $ 36,574 $ 36,720 Preference distributions $ - $ - $ 11,108 $ 18,013 $ 11,172 $ 5,604 $ 5,525 Combined fixed charges and preference distributions $ 52,063 $ 50,287 $ 83,086 $ 97,918 $ 82,765 $ 42,178 $ 42,245 Ratio of Earnings to Fixed Charges 1.1 1.3 0.9 1.5 1.6 2.2 2.4
Exhibit 12.1 - 1 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) Six months Year ended July 31, ended January 31, ----------------------------------------------------------------------------- Earnings 1998 1999 2000 2001 2002 2002 2003 -------- --------- --------- --------- --------- --------- ---------- ---------- Pre-tax income from continuing operations $ 20,671 $30,606 $16,069 $ 82,032 $ 76,359 $ 63,174 $ 81,365 Add: Fixed charges (see below) 36,549 34,773 56,931 66,047 55,957 28,718 28,382 Less: capitalized interest - - - - 697 - 1,092 --------- --------- --------- --------- --------- ---------- ---------- Income as adjusted $ 57,220 $65,379 $73,000 $148,079 $131,619 $ 91,892 $ 108,655 ========= ========= ========= ========= ========= ========== ========== Fixed charges Interest, either expensed or capitalized, and amortized capitalized expenses related to indebtedness $ 33,615 $31,107 $43,251 $ 47,686 $ 43,972 $ 22,466 $ 23,534 An estimate of the interest within lease expense 2,934 3,666 13,680 18,361 11,985 6,252 4,848 --------- --------- --------- --------- --------- ---------- ---------- Fixed charges $ 36,549 34,773 $56,931 $ 66,047 $ 55,957 $ 28,718 $ 28,382 ========= ========= ========= ========= ========= ========== ========== Ratio of Earnings to Fixed Charges 1.6 1.9 1.3 2.2 2.4 3.2 3.8 ========= ========= ========= ========= ========= ========== ==========
Exhibit 12.1 - 2