Exhibit 12
AMERIGAS PARTNERS, L.P. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of dollars)
| Year Ended September 30, | Nine 2003 | |||||||||||||||||||||||
| 1998 | 1999 | 2000 | 2001 | 2002 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Earnings before income taxes, minority interests and income from equity investee | $ | 21,729 | $ | 26,061 | $ | 15,443 | $ | 53,394 | $ | 56,413 | $ | 104,913 | ||||||||||||
Interest expense | 67,566 | 68,299 | 76,734 | 82,037 | 88,484 | 65,954 | ||||||||||||||||||
Amortization of debt discount and expense | 1,616 | 1,656 | 1,772 | 2,049 | 2,633 | 2,557 | ||||||||||||||||||
Amortization of debt premium | (2,993 | ) | (3,370 | ) | (3,742 | ) | (3,690 | ) | (3,278 | ) | (2,460 | ) | ||||||||||||
Estimated interest component of rental expense | 9,675 | 10,150 | 9,663 | 10,903 | 13,991 | 11,029 | ||||||||||||||||||
| $ | 97,593 | $ | 102,796 | $ | 99,870 | $ | 144,693 | $ | 158,243 | $ | 181,993 | |||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 67,566 | $ | 68,299 | $ | 76,734 | $ | 82,037 | $ | 88,484 | $ | 65,954 | ||||||||||||
Amortization of debt discount and expense | 1,616 | 1,656 | 1,772 | 2,049 | 2,633 | 2,557 | ||||||||||||||||||
Amortization of debt premium | (2,993 | ) | (3,370 | ) | (3,742 | ) | (3,690 | ) | (3,278 | ) | (2,460 | ) | ||||||||||||
Estimated interest component of rental expense | 9,675 | 10,150 | 9,663 | 10,903 | 13,991 | 11,029 | ||||||||||||||||||
| $ | 75,864 | $ | 76,735 | $ | 84,427 | $ | 91,299 | $ | 101,830 | $ | 77,080 | |||||||||||||
Ratio of earnings to fixed charges | 1.29 | 1.34 | 1.18 | 1.58 | 1.55 | 2.36 | ||||||||||||||||||
