EXHIBIT 12.1
HERITAGE PROPANE PARTNERS, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
RATIO OF EARNINGS TO FIXED CHARGES OF HERITAGE PROPANE PARTNERS, L.P. AND
SUBSIDIARIES ON A CONSOLIDATED BASIS FOR THE PERIODS INDICATED (FORMERLY PEOPLES
GAS):
<Table>
<Caption>
Eight Nine
Months Months
Ended Ended
Years ended December 31, August 31, Years Ended August 31, May 31,
---------------------------------- ---------- ---------------------- --------
1997 1998 1999 2000 2001 2002 2003
-------- -------- -------- -------- -------- -------- --------
Pre-tax income from continuing
operations before minority interest $ 980 $ 3,483 $ 2,895 $ (3,547) $ 20,524 $ 5,476 $ 49,961
Less: Equity in earnings (losses)
of affiliates -- -- -- (67) 1,250 1,338 1,687
Add: Fixed charges 13 8 12 2,817 36,339 38,034 28,068
Distributed income of
equity investees 125 400 303
-------- -------- -------- -------- -------- -------- --------
Total earnings as adjusted 993 3,491 2,907 (663) 55,738 42,572 76,645
-------- -------- -------- -------- -------- -------- --------
Fixed charges:
Interest expensed -- -- -- 2,409 35,567 37,341 27,563
Amortized debt issuance costs -- -- -- 389 636 587 440
Estimated interest element of
rentals 13 8 12 19 136 106 65
-------- -------- -------- -------- -------- -------- --------
Total fixed charges 13 8 12 2,817 36,339 38,034 28,068
-------- -------- -------- -------- -------- -------- --------
RATIO OF EARNINGS TO FIXED CHARGES 76.38x 436.37x 242.25x (A) 1.53x 1.12x 2.73x
</Table>
- ----------
(A) Earnings for the eight months ended August 31, 2000, were insufficient to
cover fixed charges by $3.5 million.
RATIO OF EARNINGS TO FIXED CHARGES OF HERITAGE PROPANE PARTNERS, L.P. AND
SUBSIDIARIES ON A CONSOLIDATED BASIS FOR THE PERIODS INDICATED (PREDECESSOR
HERITAGE):
<Table>
<Caption>
Period
Years ended Ended
August 31, August 9,
------------------- ---------
1998 1999 2000
------- ------- ---------
Pre-tax income from continuing
operations before minority interest $ 9,266 $10,116 $ 6,936
Less: Equity in earnings (losses) of affiliates 707 1,005 614
Add: Fixed charges 15,148 16,477 18,352
Distributed income of equity investees 100 470 200
------- ------- -------
Total earnings as adjusted 23,807 26,058 24,874
------- ------- -------
Fixed charges:
Interest expensed 14,599 15,915 17,664
Amortized debt issuance costs 446 465 584
Estimated interest element of rentals 103 97 104
------- ------- -------
Total fixed charges 15,148 16,477 18,352
------- ------- -------
RATIO OF EARNINGS TO FIXED CHARGES 1.57x 1.58x 1.35x
</Table>