Exhibit 12.1
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES
Calculation of Ferrellgas Partners' historical ratio of
earnings to fixed charges in connection with the
registration of debt securities of Ferrellgas Partners.
(in thousands, except ratios)
Three months
Year ended July 31, ended Oct 31,
------------------------------------------------- -----------------------
Earnings 1998 1999 2000 2001 2002 2001 2002
- -------- --------- ------- ------- -------- ---------- --------- ----------
Pre-tax income from continuing operations $ 4,943 $14,783 $ 860 $ 64,068 $ 59,959 $(13,502) $(22,212)
Add: Fixed charges (see below) 52,063 50,287 71,978 79,905 71,593 18,463 18,003
Less: capitalized interest - - - - 697 - 470
--------- ------- ------- -------- ---------- --------- ----------
Income as adjusted $ 57,006 $65,070 $72,838 $143,973 $130,855 $ 4,961 $ (4,679)
========= ======= ======= ======== ========== ========= ==========
Fixed charges
- -------------
Interest, either expensed or capitalized,
and amortized capitalized expenses
related to indebtedness $ 49,129 $46,621 $58,298 $ 61,544 $ 59,608 $ 15,114 $ 15,166
An estimate of the interest within lease expense 2,934 3,666 13,680 18,361 11,985 3,349 2,837
--------- ------- ------- -------- ---------- --------- ----------
Fixed charges $ 52,063 $50,287 $71,978 $ 79,905 $ 71,593 $ 18,463 $ 18,003
========= ======= ======= ======== ========== ========= ==========
Ratio of Earnings to Fixed Charges 1.1 1.3 1.0 1.8 1.8 0.3 (0.3)
========= ======= ======= ======== ========== ========= ==========
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES
Calculation of Ferrellgas Partners' pro forma ratio of
earnings to fixed charges in connection with the
registration of debt securities of Ferrellgas Partners.
(in thousands, except ratios)
Three months
Year ended July 31, ended Oct 31,
----------------------------------------------- -----------------------
Earnings 1998 1999 2000 2001 2002 2001 2002
- -------- --------- ------- ------- -------- -------- --------- ----------
Pro forma pre-tax income from continuing operations $ 8,584 $18,824 $ 7,715 $ 74,597 $ 59,959 $(13,502) $(22,212)
Add: Fixed charges (see below) 52,063 50,287 71,978 79,905 71,593 18,463 18,003
Less: capitalized interest - - - - 697 - 470
--------- ------- ------- -------- -------- --------- ----------
Pro forma income as adjusted $ 60,647 $69,111 $79,693 $154,502 $130,855 $ 4,961 $ (4,679)
========= ======= ======= ======== ======== ========= ==========
Fixed charges
- -------------
Interest, either expensed or capitalized, and amortized
capitalized expenses related to indebtedness $49,129 $46,621 $58,298 $ 61,544 $ 59,608 $ 15,114 $ 15,166
An estimate of the interest within lease expense 2,934 3,666 13,680 18,361 11,985 3,349 2,837
--------- ------- ------- -------- -------- --------- ----------
Fixed charges $52,063 $50,287 $71,978 $ 79,905 $ 71,593 $ 18,463 $ 18,003
========= ======= ======= ======== ======== ========= ==========
Pro forma ratio of earnings to fixed charges 1.2 1.4 1.1 1.9 1.8 0.3 (0.3)
========= ======= ======= ======== ======== ========= ==========
Exhibit 12.1-1
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES
Calculation of Ferrellgas Partners' historical ratio of
earnings to combined fixed charges and preference distributions
in connection with the registration of senior units of Ferrellgas
Partners.
(in thousands, except ratios)
Three months
Year ended July 31, ended Oct 31,
-------------------------------------------------------- -----------------------
Earnings 1998 1999 2000 2001 2002 2001 2002
- -------- --------- -------- --------- --------- ---------- --------- ----------
Pre-tax income from continuing operations $ 4,943 $ 14,783 $ 860 $ 64,068 $ 59,959 $(13,502) $(22,212)
Add: Fixed charges (see below) 52,063 50,287 71,978 79,905 71,593 18,463 18,003
Less: capitalized interest - - - 697 - 470
--------- -------- --------- --------- ---------- --------- ----------
Income as adjusted $ 57,006 $ 65,070 $ 72,838 $143,973 $130,855 $ 4,961 $ (4,679)
========= ======== ========= ========= ========== ======== ===========
Fixed charges
- -------------
Interest, either expensed or capitalized,
and amortized capitalized expenses
related to indebtedness $ 49,129 $ 46,621 $ 58,298 $ 61,544 $ 59,608 $ 15,114 $ 15,166
An estimate of the interest within lease
expense 2,934 3,666 13,680 18,361 11,985 3,349 2,837
--------- -------- --------- --------- ---------- --------- ----------
Fixed charges $ 52,063 $ 50,287 $ 71,978 $ 79,905 $ 71,593 $ 18,463 $ 18,003
Preference distributions $ - $ - $ 11,108 $ 18,013 $ 11,172 $ 2,802 $ 2,782
- ------------------------ --------- -------- --------- --------- ---------- --------- ----------
Combined fixed charges and
preference distributions $ 52,063 $ 50,287 $ 83,086 $ 97,918 $ 82,765 $ 21,265 $ 20,785
- ------------------------ ========= ======== ========= ========= ========== ======== ===========
Ratio of Earnings to Fixed Charges 1.1 1.3 0.9 1.5 1.6 0.2 (0.2)
========= ======== ========= ========= ========== ======== ===========
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES
Calculation of Ferrellgas Partners' pro forma ratio of
earnings to combined fixed charges and preference distributions
in connection with the registration of senior units of
Ferrellgas Partners
(in thousands, except ratios)
Three months
Year ended July 31, ended Oct 31,
-------------------------------------------------------- -----------------------
Earnings 1998 1999 2000 2001 2002 2001 2002
- -------- -------- -------- -------- -------- ---------- --------- ---------
Pro forma pre-tax income from continuing
operations $ 8,584 $ 18,824 $ 7,715 $ 74,597 $ 59,959 $(13,502) $(22,212)
Add: Fixed charges (see below) 52,063 50,287 71,978 79,905 71,593 18,463 18,003
Less: capitalized interest - - - - 697 - 470
-------- -------- -------- -------- ---------- --------- ---------
Pro forma income as adjusted $ 60,647 $ 69,111 $ 79,693 $154,502 $130,855 $ 4,961 $ (4,679)
======== ======== ======== ======== ========== ========= =========
Fixed charges
- -------------
Interest, either expensed or
capitalized, and amortized
capitalized expenses
related to indebtedness
$ 49,129 $ 46,621 $ 58,298 $ 61,544 $ 59,608 $ 15,114 $ 15,166
An estimate of the interest within lease
expense 2,934 3,666 13,680 18,361 11,985 3,349 2,837
-------- -------- -------- -------- ---------- --------- ---------
Fixed charges $ 52,063 $ 50,287 $ 71,978 $ 79,905 $ 71,593 $ 18,463 $ 18,003
Preference distributions $ - - $ 11,108 $ 18,013 $ 11,172 $ 2,802 $ 2,782
- ------------------------ -------- -------- -------- -------- ---------- --------- ---------
Combined fixed charges and
preference distributions $ 52,063 $ 50,287 $ 83,086 $ 97,918 $ 82,765 $ 21,265 $ 20,785
- ------------------------ ======== ======== ======== ======== ========== ========= =========
Pro forma ratio of earnings to fixed 1.2 1.4 1.0 1.6 1.6 0.2 (0.2)
charges ======== ======== ======== ======== ========== ========= =========
Exhibit 12.1 -2
FERRELLGAS, L.P. AND SUBSIDIARIES
Calculation of Ferrellgas, L.P.'s historical ratio of
earnings to fixed charges in connection with the
registration of debt securities of Ferrellgas, L.P.
(in thousands, except ratios)
Three months
Year ended July 31, ended Oct 31,
-------------------------------------------------------- -----------------------
Earnings 1998 1999 2000 2001 2002 2001 2002
- -------- -------- -------- -------- -------- ---------- --------- ---------
Pre-tax income from continuing operations $ 20,671 $ 30,606 $ 16,069 $ 82,032 $ 76,359 $ (9,633) $(11,338)
Add: Fixed charges (see below) 36,549 34,773 56,931 66,047 55,957 14,497 14,062
Less: capitalized interest - - - - 697 - 470
-------- -------- -------- -------- ---------- --------- ---------
Income as adjusted $ 57,220 $ 65,379 $ 73,000 $148,079 $131,619 $ 4,864 $ 2,254
======== ======== ======== ======== ========== ========= =========
Fixed charges
- -------------
Interest, either expensed or capitalized, and
amortized capitalized expenses related to
indebtedness $ 33,615 $ 31,107 $ 43,251 $ 47,686 $ 43,972 $ 11,148 $ 11,225
An estimate of the interest within lease expense 2,934 3,666 13,680 18,361 11,985 3,349 2,837
-------- -------- -------- -------- ---------- --------- ---------
Fixed charges $ 36,549 $ 34,773 $ 56,931 $ 66,047 $ 55,957 $ 14,497 $ 14,062
======== ======== ======== ======== ========== ========= =========
Ratio of Earnings to Fixed Charges 1.6 1.9 1.3 2.2 2.4 0.3 0.2
======== ======== ======== ======== ========== ========= =========
FERRELLGAS, L.P. AND SUBSIDIARIES
Calculation of Ferrellgas, L.P.'s pro forma ratio of
earnings to fixed charges in connection with the
registration of debt securities of Ferrellgas, L.P.
(in thousands, except ratios)
Three months
Year ended July 31, ended Oct 31,
-------------------------------------------------------- -----------------------
Earnings 1998 1999 2000 2001 2002 2001 2002
- -------- -------- -------- -------- -------- ---------- --------- ---------
Pro forma pre-tax income from continuing
operations $ 24,312 $ 34,647 $ 22,924 $ 92,561 $ 76,359 $ (9,633) $ (11,338)
Add: Fixed charges (see below) 36,549 34,773 56,931 66,047 55,957 14,497 14,062
Less: capitalized interest - - - - 697 - 470
-------- -------- -------- -------- ---------- --------- ---------
Pro forma income as adjusted $ 60,861 $69,420 $79,855 $158,608 $131,619 $ 4,864 $ 2,254
======== ======== ======== ======== ========== ========= =========
Fixed charges
Interest, either expensed or capitalized, and
amortized capitalized expenses related to
indebtedness $ 33,615 $ 31,107 $43,251 $ 47,686 $ 43,972 $ 11,148 $ 11,225
An estimate of the interest within lease expense 2,934 3,666 13,680 18,361 11,985 3,349 2,837
-------- -------- -------- -------- ---------- --------- ---------
Fixed charges $ 36,549 $ 34,773 $56,931 $ 66,047 $ 55,957 $ 14,497 $ 14,062
======== ======== ======== ======== ========== ========= =========
Pro forma ratio of earnings to fixed charges 1.7 2.0 1.4 2.4 2.4 0.3 0.2
======== ======== ======== ======== ========== ========= =========