EX-12.1 5 dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement of Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

 

STAR GAS PARTNERS, L.P.

STATEMENT OF COMPUTATION OF EARNINGS TO FIXED CHARGES

(In Thousands of Dollars, Except Ratio)

 

     Fiscal Years Ended September 30,

  
Three Months Ended
December 31,


     1999

    2000

   2001

    2002

    2003

   2002

   2003

Earnings:

                                             

Income (loss) before income taxes and cumulative effect of change in accounting principle

   $ (44,330 )   $ 1,845    $ (5,217 )   $ (12,625 )   5,613    20,615    19,718

Add:

                                             

Interest expense

     15,782       27,318      34,464       38,949     42,994    8,807    12,163

Interest component of rent expense(a)

     1,467       2,667      3,000       4,333     4,799    1,130    1,327
    


 

  


 


 
  
  
     $ (27,081 )   $ 31,830    $ 32,247     $ 30,657     53,406    30,552    33,208
    


 

  


 


 
  
  

Fixed charges:

                                             

Interest expense

   $ 15,782     $ 27,318    $ 34,464     $ 38,949     42,994    8,807    12,163

Interest component of rent expense(a)

     1,467       2,667      3,000       4,333     4,799    1,130    1,327
    


 

  


 


 
  
  
     $ 17,249     $ 29,985    $ 37,464     $ 43,282     47,973    9,937    13,490
    


 

  


 


 
  
  

Ratio

     *           1.1x      *           *         1.1x    3.1x    2.5x
    


 

  


 


 
  
  

(a)   One third of rent expense is the portion deemed representative of the interest component.
*   Ratio is less than 1:1. Deficiencies are $44,330, $5,217 and $12,625 for the fiscal years ended September 30, 1999, 2001 and 2002, respectively.

 

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