Exhibit 12.1
SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
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| | | Three
Months Ended | | | Year Ended | |
| | | December 24,
2016 | | | September 24,
2016 | | | September 26,
2015 | | | September 27,
2014 | | | September 28,
2013 | | | September 29,
2012 | |
Earnings: | | | | | | | | | | | | | | | | | | | | | | | | |
Pre-tax income from continuing operations | | $ | 34,654 | | | $ | 15,027 | | | $ | 85,051 | | | $ | 95,276 | | | $ | 79,405 | | | $ | 2,019 | |
Add: Fixed charges per below | | | 19,965 | | | | 79,478 | | | | 82,603 | | | | 88,293 | | | | 100,833 | | | | 41,770 | |
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Earnings for ratio calculation | | $ | 54,619 | | | $ | 94,505 | | | $ | 167,654 | | | $ | 183,569 | | | $ | 180,238 | | | $ | 43,789 | |
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Fixed Charges: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | $ | 18,892 | | | $ | 74,771 | | | $ | 76,101 | | | $ | 84,477 | | | $ | 98,587 | | | $ | 37,630 | |
Amortization of discount on long-term borrowings | | | — | | | | — | | | | 90 | | | | 216 | | | | 216 | | | | 216 | |
Amortization of premium on long-term borrowings | | | (760 | ) | | | (2,935 | ) | | | (2,761 | ) | | | (5,938 | ) | | | (8,115 | ) | | | (1,350 | ) |
Amortization of capitalized expenses related to indebtedness | | | 723 | | | | 3,453 | | | | 4,285 | | | | 4,517 | | | | 4,758 | | | | 2,148 | |
Interest portion of operating leases | | | 1,110 | | | | 4,188 | | | | 4,888 | | | | 5,022 | | | | 5,387 | | | | 3,126 | |
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Total fixed charges | | $ | 19,965 | | | $ | 79,478 | | | $ | 82,603 | | | $ | 88,293 | | | $ | 100,833 | | | $ | 41,770 | |
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Ratio of earnings to fixed charges | | | 2.74 | | | | 1.19 | | | | 2.03 | | | | 2.08 | | | | 1.79 | | | | 1.05 | |
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For purposes of determining the ratio of earnings to fixed charges, earnings are defined as earnings from continuing operations before income taxes, plus fixed charges.
Fixed charges consist of interest expense on all indebtedness, amortization of the discount (premium) on certain of the Partnership’s long-term borrowings, amortization of capitalized debt origination costs, and the estimated interest portion of operating leases (10% of rent expense represents a reasonable approximation of the interest factor).
