EX-12.1 3 ex1212016ugiutilities10-k.htm EXHIBIT 12.1 Exhibit


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


 
Year Ended September 30,
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
Earnings before income taxes
$
163,271

 
$
200,539

 
$
207,929

 
$
171,010

 
$
142,971

Interest expense
37,285

 
40,400

 
37,897

 
38,578

 
41,599

Amortization of debt discount and
 
 
 
 
 
 
 
 
 
expense
345

 
728

 
575

 
731

 
814

Estimated interest component of rental
 
 
 
 
 
 
 
 
 
expense
2,512

 
2,728

 
2,398

 
2,090

 
2,121

 
$
203,413

 
$
244,395

 
$
248,799

 
$
212,409

 
$
187,505

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
37,285

 
$
40,400

 
$
37,897

 
$
38,578

 
$
41,599

Amortization of debt discount and
 
 
 
 
 
 
 
 
 
expense
345

 
728

 
575

 
731

 
814

Allowance for funds used during
 
 
 
 
 
 
 
 
 
construction (capitalized interest)
602

 
407

 
227

 
286

 
10

Estimated interest component of rental
 
 
 
 
 
 
 
 
 
expense
2,512

 
2,728

 
2,398

 
2,090

 
2,121

 
$
40,744

 
$
44,263

 
$
41,097

 
$
41,685


$
44,544

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
4.99

 
5.52

 
6.05

 
5.10

 
4.21