Ugi Utilities 10-Q 2016 Q1 Quarterly report

UGI UTILITIES, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - EXHIBIT 12.1

(Thousands of dollars)

	Three Months Ended December 31,
			Year Ended September 30,
	2015		2015		2014		2013		2012
Earnings:
Earnings before income taxes	$	38,802	$	200,539	$	207,929	$	171,010	$	142,971
Interest expense	9,453		40,400		37,897		38,578		41,599
Amortization of debt discount and
expense	41		728		575		731		814
Estimated interest component of
rental expense	688		2,728		2,398		2,090		2,121
	$	48,984	$	244,395	$	248,799	$	212,409	$	187,505
Fixed Charges:
Interest expense	$	9,453	$	40,400	$	37,897	$	38,578	$	41,599
Amortization of debt discount and
expense	41		728		575		731		814
Allowance for funds used during
construction (capitalized interest)	101		407		227		286		10
Estimated interest component of
rental expense	688		2,728		2,398		2,090		2,121
	$	10,283	$	44,263	$	41,097	$	41,685	$	44,544
Ratio of earnings to fixed charges	4.76		5.52		6.05		5.10		4.21