Net Earnings (Loss) Per Common Unitholders' Interest

12 Months Ended

Jul. 31, 2011

Net Earnings (Loss) Per Common Unitholders' Interest

Net Earnings (Loss) Per Common Unitholders' Interest

N. Net earnings (loss) per common unitholders' interest

   Below is a calculation of the basic and diluted net earnings (loss) available per common unitholders' interest in the consolidated statements of earnings for the periods indicated. In accordance with guidance issued by the FASB regarding participating securities and the two-class method, Ferrellgas calculates net earnings (loss) per common unitholders' interest for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed. In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners. There was not a dilutive effect resulting from this guidance on basic and diluted net earnings (loss) per common unitholders' interest for fiscal 2011, 2010 and 2009.

In periods with net losses, the allocation of the net losses to the limited partners and the general partner will be determined based on the same allocation basis specified in the Ferrellgas Partners' partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, in periods with net losses, there are no dilutive securities. 

	For the year ended July 31,
	2011	2010	2009
Common unitholders' interest in net earnings (loss)	$(43,212)	$32,382	$52,046
Weighted average common units outstanding (in thousands)	72,313.6	69,241.7	65,540.7
Dilutive securities	-	131.8	72.7
Weighted average common units   outstanding plus dilutive securities	72,313.6	69,373.5	65,613.4
Basic and diluted net earnings (loss) per common unitholders' interest	$(0.60)	$0.47	$0.79