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):
Eight
Months
Ended
Years ended December 31, August 31, Years Ended August 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 $33,041
Less: Equity in earnings (losses)
of affiliates -- -- -- (67) 1,250 1,338 1,371
Add: Fixed charges 13 8 12 2,817 36,339 38,034 36,515
Distributed income of
equity investees 125 400 535
------ -------- -------- -------- -------- -------- -------
Total earnings as adjusted 993 3,491 2,907 (663) 55,738 42,572 68,720
------ -------- -------- -------- -------- -------- -------
Fixed charges:
Interest expensed -- -- -- 2,409 35,567 37,341 35,740
Amortized debt issuance costs -- -- -- 389 636 587 703
Estimated interest element of
rentals 13 8 12 19 136 106 72
------ -------- -------- -------- -------- -------- -------
Total fixed charges 13 8 12 2,817 36,339 38,034 36,515
------ -------- -------- -------- -------- -------- -------
RATIO OF EARNINGS TO FIXED CHARGES 76.38x 436.37x 242.25x (A) 1.53x 1.12x 1.88x
- ------------
(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):
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