EX-12 5 exhibit121.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 (2011 10K)



Exhibit 12

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


 
Year Ended December 31,
 
2007
 
2008
 
2009
 
2010
 
2011
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

 
$
408,669

Add: Fixed charges
56,816

 
57,792

 
74,750

 
97,991

 
110,946

Amortization of interest capitalized
533

 
641

 
715

 
729

 
739

Distributed income of equity investees
3,800

 
5,200

 
4,558

 
4,853

 
5,598

Less: Interest capitalized
(4,452
)
 
(4,803
)
 
(3,510
)
 
(2,943
)
 
(3,174
)
Total earnings
$
284,992

 
$
386,853

 
$
301,218

 
$
407,849

 
$
522,778

 
 
 
 
 
 
 
 
 
 
FIXED CHARGES:
 
 
 
 
 
 
 
 
 
Interest expense
$
50,504

 
$
51,961

 
$
69,847

 
$
93,436

 
$
105,695

Interest capitalized
4,452

 
4,803

 
3,510

 
2,943

 
3,174

Debt amortization expense
1,554

 
767

 
1,112

 
1,401

 
1,831

Rent expense representative of interest factor
306

 
261

 
281

 
211

 
246

Total fixed charges
$
56,816

 
$
57,792

 
$
74,750

 
$
97,991

 
$
110,946

Ratio of earnings to fixed charges
5.0

 
6.7

 
4.0

 
4.2

 
4.7

 
 
 
 
 
 
 
 
 
 






*    Excludes income from equity investments.