Exhibit 12.1
STAR GAS PARTNERS, L.P.
STATEMENT OF COMPUTATION OF EARNINGS TO FIXED CHARGES
(In Thousands of Dollars, Except Ratio)
Fiscal Years Ended September 30, | Six Months Ended March 31, | |||||||||||||||||||||||||
2000 | 2001 | 2002 | 2003 | 2004 | 2004 | 2005 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 2,768 | $ | (8,003 | ) | $ | (13,376 | ) | $ | (14,473 | ) | $ | (24,361 | ) | $ | 58,550 | $ | (100,267 | ) | |||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 19,342 | 24,093 | 27,126 | 33,306 | 40,072 | 19,749 | 19,946 | |||||||||||||||||||
Debt issuance amortization | 343 | 506 | 1,197 | 2,038 | 3,480 | 1,960 | 1,305 | |||||||||||||||||||
Interest component of rent expense(a) | 1,965 | 2,231 | 3,363 | 3,663 | 4,262 | 2,055 | 2,397 | |||||||||||||||||||
$ | 24,418 | $ | 18,827 | $ | 18,310 | $ | 24,534 | $ | 23,453 | $ | 82,314 | $ | (76,619 | ) | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||||
Interest expense | $ | 19,342 | $ | 24,093 | $ | 27,126 | $ | 33,306 | $ | 40,072 | $ | 19,749 | 19,946 | |||||||||||||
Debt issuance amortization | 343 | 506 | 1,197 | 2,038 | 3,480 | 1,960 | 1,305 | |||||||||||||||||||
Interest component of rent expense(a) | 1,965 | 2,231 | 3,363 | 3,663 | 4,262 | 2,055 | 2,397 | |||||||||||||||||||
$ | 21,650 | $ | 26,830 | $ | 31,686 | $ | 39,007 | $ | 47,814 | $ | 23,764 | $ | 23,648 | |||||||||||||
Ratio | 1.1x | * | * | * | * | 3.5x | * | |||||||||||||||||||
(a) | One third of rent is the portion deemed representative of the interest component. |
* | Ratio is less than 1:1. Deficiency is $8.0 million, $13.4 million, $14.5 million and $24.4 million for the fiscal years ended September 30, 2001 through September 30, 2004, respectively and $100.3 million for the six months ended March 31, 2005. |
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