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)
Six months
Year ended July 31, ended January 31,
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Earnings 1998 1999 2000 2001 2002 2002 2003
- -------- --------- ------- ------- -------- --------- ---------- --------------
Pre-tax income from continuing operations $ 4,943 $14,783 $ 860 $ 64,068 $ 59,959 $ 54,686 $ 64,890
Add: Fixed charges (see below) 52,063 50,287 71,978 79,905 71,593 36,574 36,720
Less: capitalized interest - - - - 697 - 1,092
--------- ------- ------- -------- --------- ---------- --------------
Income as adjusted $ 57,006 $65,070 $72,838 $143,973 $ 130,855 $ 91,260 $ 100,518
========= ======= ======= ======== ========= ========== ==============
Fixed charges
Interest, either expensed or capitalized, and
amortized capitalized expenses related
to indebtedness $ 49,129 $46,621 $58,298 $ 61,544 $ 59,608 $ 30,322 $ 31,872
An estimate of the interest within lease expense 2,934 3,666 13,680 18,361 11,985 6,252 4,848
--------- ------- ------- -------- --------- ---------- --------------
Fixed charges $ 52,063 $50,287 $71,978 $ 79,905 $ 71,593 $ 36,574 $ 36,720
========= ======= ======= ======== ========= ========== ==============
Ratio of Earnings to Fixed Charges 1.1 1.3 1.0 1.8 1.8 2.5 2.7
========= ======= ======= ======== ========= ========== ==============
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)
Six months
Year ended July 31, ended January 31,
-----------------------------------------------------------------------------
Earnings 1998 1999 2000 2001 2002 2002 2003
- -------- --------- --------- --------- --------- --------- ---------- ----------
Pre-tax income from continuing operations $ 4,943 $ 14,783 $ 860 $ 64,068 $ 59,959 $ 54,686 $ 64,890
Add: Fixed charges (see below) 52,063 50,287 71,978 79,905 71,593 36,574 36,720
Less: capitalized interest - - - - 697 - 1,092
--------- --------- --------- --------- --------- ---------- ----------
Income as adjusted $ 57,006 $ 65,070 $ 72,838 $ 143,973 $ 130,855 $ 91,260 $ 100,518
========= ========= ========= ========= ========= ========== ==========
Fixed charges
- -------------
Interest, either expensed or capitalized,
and amortized capitalized expenses
related to indebtedness $ 49,129 $ 46,621 $ 58,298 $ 61,544 $ 59,608 $ 30,322 $ 31,872
An estimate of the interest within lease
expense 2,934 3,666 13,680 18,361 11,985 6,252 4,848
--------- --------- --------- --------- ---------
Fixed charges $ 52,063 $ 50,287 $ 71,978 $ 79,905 $ 71,593 $ 36,574 $ 36,720
Preference distributions $ - $ - $ 11,108 $ 18,013 $ 11,172 $ 5,604 $ 5,525
Combined fixed charges and
preference distributions $ 52,063 $ 50,287 $ 83,086 $ 97,918 $ 82,765 $ 42,178 $ 42,245
Ratio of Earnings to Fixed Charges 1.1 1.3 0.9 1.5 1.6 2.2 2.4
Exhibit 12.1 - 1
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)
Six months
Year ended July 31, ended January 31,
-----------------------------------------------------------------------------
Earnings 1998 1999 2000 2001 2002 2002 2003
- -------- --------- --------- --------- --------- --------- ---------- ----------
Pre-tax income from continuing operations $ 20,671 $30,606 $16,069 $ 82,032 $ 76,359 $ 63,174 $ 81,365
Add: Fixed charges (see below) 36,549 34,773 56,931 66,047 55,957 28,718 28,382
Less: capitalized interest - - - - 697 - 1,092
--------- --------- --------- --------- --------- ---------- ----------
Income as adjusted $ 57,220 $65,379 $73,000 $148,079 $131,619 $ 91,892 $ 108,655
========= ========= ========= ========= ========= ========== ==========
Fixed charges
Interest, either expensed or capitalized,
and amortized capitalized expenses
related to indebtedness $ 33,615 $31,107 $43,251 $ 47,686 $ 43,972 $ 22,466 $ 23,534
An estimate of the interest within lease expense 2,934 3,666 13,680 18,361 11,985 6,252 4,848
--------- --------- --------- --------- --------- ---------- ----------
Fixed charges $ 36,549 34,773 $56,931 $ 66,047 $ 55,957 $ 28,718 $ 28,382
========= ========= ========= ========= ========= ========== ==========
Ratio of Earnings to Fixed Charges 1.6 1.9 1.3 2.2 2.4 3.2 3.8
========= ========= ========= ========= ========= ========== ==========
Exhibit 12.1 - 2