Ugi Utilities 10-K 2017 FY Annual report

UGI UTILITIES INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - EXHIBIT 12.1

(Thousands of dollars)

	Year Ended September 30,
	2017		2016		2015		2014		2013
Earnings:
Earnings before income taxes	$	188,095	$	163,271	$	200,539	$	207,929	$	171,010
Interest expense	39,831		37,285		40,400		37,897		38,578
Amortization of debt discount and
expense	381		345		728		575		731
Estimated interest component of rental
expense	2,373		2,512		2,728		2,398		2,090
	$	230,680	$	203,413	$	244,395	$	248,799	$	212,409
Fixed Charges:
Interest expense	$	39,831	$	37,285	$	40,400	$	37,897	$	38,578
Amortization of debt discount and
expense	381		345		728		575		731
Allowance for funds used during
construction (capitalized interest)	1,608		602		407		227		286
Estimated interest component of rental
expense	2,373		2,512		2,728		2,398		2,090
	$	44,193	$	40,744	$	44,263	$	41,097	$	41,685
Ratio of earnings to fixed charges	5.22		4.99		5.52		6.05		5.10