Ugi Utilities 10-Q 2011 Q3 Quarterly report

UGI UTILITIES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES — EXHIBIT 12.1
(Thousands of dollars)

	Nine
	Months
	Ended
	June 30,		Year Ended September 30,
	2011		2010		2009		2008		2007		2006
Earnings:
Earnings before income taxes	$	170,515	$	147,183	$	125,554	$	123,977	$	122,766	$	80,544
Interest expense		31,960		42,336		43,918		39,065		42,327		24,102
Amortization of debt discount and expense		831		627		625		467		462		243
Estimated interest component of rental expense		1,421		1,912		1,965		1,619		1,506		1,675
	$	204,727	$	192,058	$	172,062	$	165,128	$	167,061	$	106,564
Fixed Charges:
Interest expense	$	31,960	$	42,336	$	43,918	$	39,065	$	42,327	$	24,102
Amortization of debt discount and expense		831		627		625		467		462		243
Allowance for funds used during construction (capitalized interest)		78		74		160		139		179		85
Estimated interest component of rental expense		1,421		1,912		1,965		1,619		1,506		1,675
	$	34,290	$	44,949	$	46,668	$	41,290	$	44,474	$	26,105
Ratio of earnings to fixed charges		5.97		4.27		3.69		4.00		3.76		4.08