EX-12.1 2 ex1212013ugiutilities10-k.htm EXHIBIT 12.1 Ex. 12.1 2013 UGI Utilities 10-K


UGI UTILITIES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - EXHIBIT 12.1
(Thousands of dollars)


 
Year Ended September 30,
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings:
 
 
 
 
 
 
 
 
 
Earnings before income taxes
$
171,010

 
$
142,971

 
$
168,693

 
$
147,183

 
$
125,554

Interest expense
39,309

 
42,412

 
42,728

 
42,336

 
43,918

Amortization of debt discount and
 
 
 
 
 
 
 
 
 
expense
731

 
814

 
1,060

 
627

 
625

Estimated interest component of rental
 
 
 
 
 
 
 
 
 
expense
2,090

 
2,121

 
1,740

 
1,912

 
1,965

 
$
213,140

 
$
188,318

 
$
214,221

 
$
192,058

 
$
172,062

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
39,309

 
$
42,412

 
$
42,728

 
$
42,336

 
$
43,918

Amortization of debt discount and
 
 
 
 
 
 
 
 
 
expense
731

 
814

 
1,060

 
627

 
625

Allowance for funds used during
 
 
 
 
 
 
 
 
 
construction (capitalized interest)
286

 
10

 
90

 
74

 
160

Estimated interest component of rental
 
 
 
 
 
 
 
 
 
expense
2,090

 
2,121

 
1,740

 
1,912

 
1,965

 
$
42,416

 
$
45,357

 
$
45,618

 
$
44,949


$
46,668

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
5.02

 
4.15

 
4.70

 
4.27

 
3.69