Exhibit 12
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
Six months
ended January 31,
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Earnings 1999 2000 2001 2002 2003 2003 2004
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Pre-tax income from continuing operations
before minority interest $14,783 $ 860 $ 64,068 $ 59,959 $ 59,503 $ 64,890 $48,409
Add: Fixed charges (see below) 50,287 71,978 79,905 72,290 72,445 36,225 36,666
Add: Amortization of capitalized interest - - - - - 250
Less: interest capitalized - - - 697 2,466 1,080 590
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Income as adjusted (a) $65,070 $72,838 $143,973 $131,552 $129,482 $100,035 $84,735
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Fixed charges
Interest, either expensed or capitalized, and amortized
capitalized expenses related to indebtedness 46,621 58,298 61,544 60,305 66,131 31,860 34,675
An estimate of the interest within lease expense 3,666 13,680 18,361 11,985 6,314 4,365 1,991
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Fixed charges (b) $50,287 $71,978 $ 79,905 $ 72,290 $ 72,445 $ 36,225 $36,666
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Ratio of Earnings to Fixed Charges (a/b) 1.3 1.0 1.8 1.8 1.8 2.8 2.3
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PRO FORMA CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six months
ended January 31,
------------------
Earnings 1999 2000 2001 2002 2003 2003 2004
- -------------------------------------------------------- -------- -------- -------- -------- -------- -------- --------
Pre-tax income from continuing operations
before minority interest $18,824 $ 7,715 $ 74,597 $ 59,959 $ 59,503 $ 64,890 $48,409
Add: Fixed charges (see below) 50,287 71,978 79,905 72,290 72,445 36,225 36,666
Add: Amortization of capitalized interest 250
Less: interest capitalized - - - 697 2,466 1,080 590
-------- -------- -------- -------- -------- -------- --------
Income as adjusted (a) $69,111 $79,693 $154,502 $131,552 $129,482 $100,035 $84,735
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Fixed charges
Interest, either expensed or capitalized, and amortized
capitalized expenses related to indebtedness 46,621 58,298 61,544 60,305 66,131 31,860 34,675
An estimate of the interest within lease expense 3,666 13,680 18,361 11,985 6,314 4,365 1,991
-------- -------- -------- -------- -------- -------- --------
Fixed charges (b) $50,287 $71,978 $ 79,905 $ 72,290 $ 72,445 $ 36,225 $36,666
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Ratio of Earnings to Fixed Charges (a/b) 1.4 1.1 1.9 1.8 1.8 2.8 2.3
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