Exhibit 12.1
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES
CALCULATION OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
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| Nine months |
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| Year ended July 31, |
| ended April 30, |
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| 2007 |
| 2008 |
| 2009 |
| 2010 |
| 2011 |
| 2012 |
| 2011 |
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Earnings |
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Pre-tax income from continuing operations |
| $ | 41,360 |
| $ | 24,771 |
| $ | 54,864 |
| $ | 34,625 |
| $ | (42,407 | ) | $ | 25,862 |
| $ | (1,453 | ) |
Add: Fixed charges (see below) |
| 98,997 |
| 96,043 |
| 95,911 |
| 126,270 |
| 154,063 |
| 75,043 |
| 129,079 |
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Less: capitalized interest |
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Income as adjusted (a) |
| $ | 140,357 |
| $ | 120,814 |
| $ | 150,775 |
| $ | 160,895 |
| $ | 111,656 |
| $ | 100,905 |
| $ | 127,626 |
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Fixed charges |
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Interest, either expensed or capitalized, and amortized capitalized expenses related to indebtedness |
| 87,953 |
| 86,712 |
| 89,519 |
| 122,000 |
| 148,847 |
| 70,904 |
| 125,167 |
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Interest portion of lease expense |
| 11,044 |
| 9,331 |
| 6,392 |
| 4,270 |
| 5,216 |
| 4,139 |
| 3,912 |
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Fixed charges (b) |
| $ | 98,997 |
| $ | 96,043 |
| $ | 95,911 |
| $ | 126,270 |
| $ | 154,063 |
| $ | 75,043 |
| $ | 129,079 |
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Ratio of Earnings to Fixed Charges (a/b) |
| 1.4 |
| 1.3 |
| 1.6 |
| 1.3 |
| 0.7 |
| 1.3 |
| 1.0 |
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