EX-12.1 4 a2220667zex-12_1.htm EX-12.1

Exhibit 12.1

 

FERRELLGAS , L.P. AND SUBSIDIARIES

CALCULATION OF EARNINGS TO FIXED CHARGES

(in thousands, except ratios)

 

 

 

 

 

 

 

 

 

 

 

Nine months

 

 

 

Fiscal Year Ended July 31,

 

ended April 30,
2014

 

 

 

2009

 

2010

 

2011

 

2012

 

2013

 

2014

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations

 

$

79,709

 

$

64,251

 

$

(9,837

)

$

6,709

 

$

75,213

 

$

95,718

 

Add: Fixed charges (see below)

 

72,184

 

98,364

 

121,471

 

82,714

 

77,990

 

76,460

 

Less: capitalized interest

 

—

 

—

 

—

 

—

 

—

 

—

 

Income as adjusted (a)

 

$

151,893

 

$

162,615

 

$

111,634

 

$

89,423

 

$

153,203

 

$

172,178

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, either expensed or capitalized, and amortized capitalized expenses related to indebtedness

 

65,785

 

94,094

 

116,523

 

77,127

 

72,974

 

73,444

 

Interest portion of lease expense

 

6,399

 

4,270

 

4,948

 

5,587

 

5,016

 

3,016

 

Fixed charges (b)

 

$

72,184

 

$

98,364

 

$

121,471

 

$

82,714

 

$

77,990

 

$

76,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (a/b)

 

2.1

 

1.7

 

0.9

 

1.1

 

2.0

 

2.3