EX-12.1 4 a2228015zex-12_1.htm EX-12.1

Exhibit 12.1

 

FERRELLGAS , L.P. AND SUBSIDIARIES

CALCULATION OF EARNINGS TO FIXED CHARGES

(in thousands, except ratios)

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months

 

 

 

Fiscal Year Ended July 31,

 

ended January

 

 

 

2011

 

2012

 

2013

 

2014

 

2015

 

2016

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations

 

$

(9,837

)

$

6,709

 

$

75,213

 

$

52,378

 

$

46,043

 

$

(14,168

)

Add: Fixed charges (see below)

 

121,471

 

82,714

 

77,990

 

95,308

 

89,063

 

63,269

 

Less: capitalized interest

 

—

 

—

 

—

 

—

 

—

 

—

 

Income as adjusted (a)

 

$

111,634

 

$

89,423

 

$

153,203

 

$

147,686

 

$

135,106

 

$

49,101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, either expensed or capitalized, and amortized capitalized expenses related to indebtedness

 

116,523

 

77,127

 

72,974

 

91,534

 

84,227

 

60,459

 

Interest portion of lease expense

 

4,948

 

5,587

 

5,016

 

3,774

 

4,836

 

2,810

 

Fixed charges (b)

 

$

121,471

 

$

82,714

 

$

77,990

 

$

95,308

 

$

89,063

 

$

63,269

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (a/b)

 

0.9

 

1.1

 

2.0

 

1.5

 

1.5

 

0.8