EX-12 2 ex-121.htm RATIO OF EARNINGS TO FIXED CHARGES Ex - 12 (1)


Exhibit 12

MAGELLAN MIDSTREAM PARTNERS, L.P.
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)


 
Year Ended December 31,
 
Nine Months Ended September 30, 2011
 
2007
 
2008
 
2009
 
2010
 
EARNINGS:
 
 
 
 
 
 
 
 
 
Income from continuing operations before income
taxes, extraordinary gain (loss) and cumulative
effect of change in accounting principle*
$
228,295

 
$
328,023

 
$
224,705

 
$
307,219

 
$
299,936

Add: Fixed charges
56,816

 
57,792

 
74,750

 
97,991

 
81,118

Amortization of interest capitalized
533

 
641

 
715

 
729

 
553

Distributed income of equity investees
3,800

 
5,200

 
4,558

 
4,853

 
4,365

Less: Interest capitalized
(4,452
)
 
(4,803
)
 
(3,510
)
 
(2,943
)
 
(2,526
)
Total earnings
$
284,992

 
$
386,853

 
$
301,218

 
$
407,849

 
$
383,446

 
 
 
 
 
 
 
 
 
 
FIXED CHARGES:
 
 
 
 
 
 
 
 
 
Interest expense
$
50,504

 
$
51,961

 
$
69,847

 
$
93,436

 
$
77,280

Interest capitalized
4,452

 
4,803

 
3,510

 
2,943

 
2,526

Debt amortization expense
1,554

 
767

 
1,112

 
1,401

 
1,180

Rent expense representative of interest factor
306

 
261

 
281

 
211

 
132

Total fixed charges
$
56,816

 
$
57,792

 
$
74,750

 
$
97,991

 
$
81,118

Ratio of earnings to fixed charges
5.0

 
6.7

 
4.0

 
4.2

 
4.7

 
 
 
 
 
 
 
 
 
 



*    Excludes income from equity investments.