EX-12.1 3 ex1212017ugiutilities10-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,
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
Earnings before income taxes
$
188,095

 
$
163,271

 
$
200,539

 
$
207,929

 
$
171,010

Interest expense
39,831

 
37,285

 
40,400

 
37,897

 
38,578

Amortization of debt discount and
 
 
 
 
 
 
 
 
 
expense
381

 
345

 
728

 
575

 
731

Estimated interest component of rental
 
 
 
 
 
 
 
 
 
expense
2,373

 
2,512

 
2,728

 
2,398

 
2,090

 
$
230,680

 
$
203,413

 
$
244,395

 
$
248,799

 
$
212,409

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
39,831

 
$
37,285

 
$
40,400

 
$
37,897

 
$
38,578

Amortization of debt discount and
 
 
 
 
 
 
 
 
 
expense
381

 
345

 
728

 
575

 
731

Allowance for funds used during
 
 
 
 
 
 
 
 
 
construction (capitalized interest)
1,608

 
602

 
407

 
227

 
286

Estimated interest component of rental
 
 
 
 
 
 
 
 
 
expense
2,373

 
2,512

 
2,728

 
2,398

 
2,090

 
$
44,193

 
$
40,744

 
$
44,263

 
$
41,097


$
41,685

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
5.22

 
4.99

 
5.52

 
6.05

 
5.10