Net Earnings (Loss) Per Common Unitholders' Interest

12 Months Ended

Jul. 31, 2014

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Common Unitholders' Interest

Net earnings (loss) per common unitholders’ interest

Below is a calculation of the basic and diluted net earnings per common unitholders’ interest in the consolidated statements of earnings for the periods indicated. In accordance with guidance issued by the FASB regarding participating securities and the two-class method, Ferrellgas calculates net earnings (loss) per common unitholders’ interest for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed. Due to the seasonality of Ferrellgas' business, the dilutive effect of the two-class method typically impacts only the three months ending January 31. In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows.

	Ratio of total distributions payable to:
Quarterly distribution per common unit	Common unitholder		General partner
$0.56 to $0.63	86.9	%	13.1	%
$0.64 to $0.82	76.8	%	23.2	%
$0.83 and above	51.5	%	48.5	%

There was not a dilutive effect resulting from this guidance on basic and diluted net earnings (loss) per common unitholders’ interest for fiscal 2014, 2013 and 2012.

In periods with net losses, the allocation of the net losses to the limited partners and the general partner will be determined based on the same allocation basis specified in the Ferrellgas Partners’ partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, in periods with net losses, there are no dilutive securities. Units that could potentially dilute basic net earnings per common unitholders’ interest in the future that were not included in the computation of diluted net earnings per common unitholders’ interest, because it would have been antidilutive for the year ended July 31, 2012 was 0.1 million.

	For the year ended July 31,
	2014		2013		2012
Common unitholders’ interest in net earnings (loss)	$	32,879	$	55,862	$	(10,842	)
Weighted average common units outstanding (in thousands)	79,651.1		79,038.6		77,572.4
Dilutive securities	20.6		37.0		—
Weighted average common units outstanding plus dilutive securities	79,671.7		79,075.6		77,572.4
Basic and diluted net earnings (loss) per common unitholders’ interest	$	0.41	$	0.71	$	(0.14	)