Exhibit 12.1
FERRELLGAS , L.P. AND SUBSIDIARIES
CALCULATION OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
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| Six months |
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| Fiscal Year Ended July 31, |
| ended January |
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| 2011 |
| 2012 |
| 2013 |
| 2014 |
| 2015 |
| 2016 |
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Earnings |
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Pre-tax income from continuing operations |
| $ | (9,837 | ) | $ | 6,709 |
| $ | 75,213 |
| $ | 52,378 |
| $ | 46,043 |
| $ | (14,168 | ) |
Add: Fixed charges (see below) |
| 121,471 |
| 82,714 |
| 77,990 |
| 95,308 |
| 89,063 |
| 63,269 |
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Less: capitalized interest |
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| — |
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Income as adjusted (a) |
| $ | 111,634 |
| $ | 89,423 |
| $ | 153,203 |
| $ | 147,686 |
| $ | 135,106 |
| $ | 49,101 |
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Fixed charges |
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Interest, either expensed or capitalized, and amortized capitalized expenses related to indebtedness |
| 116,523 |
| 77,127 |
| 72,974 |
| 91,534 |
| 84,227 |
| 60,459 |
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Interest portion of lease expense |
| 4,948 |
| 5,587 |
| 5,016 |
| 3,774 |
| 4,836 |
| 2,810 |
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Fixed charges (b) |
| $ | 121,471 |
| $ | 82,714 |
| $ | 77,990 |
| $ | 95,308 |
| $ | 89,063 |
| $ | 63,269 |
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Ratio of Earnings to Fixed Charges (a/b) |
| 0.9 |
| 1.1 |
| 2.0 |
| 1.5 |
| 1.5 |
| 0.8 |
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