EX-12 2 ex-12x3q12.htm RATIO OF EARNINGS TO FIXED CHARGES Ex - 12 - 3Q12


Exhibit 12

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


 
Year Ended December 31,
 
Nine Months Ended September 30, 2012
 
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

 
$
279,004

Add: Fixed charges
56,816

 
57,792

 
74,750

 
97,991

 
110,946

 
89,096

Amortization of interest capitalized
533

 
641

 
715

 
729

 
739

 
566

Distributed income of equity investees
3,800

 
5,200

 
4,558

 
4,853

 
5,598

 
6,103

Less: Interest capitalized
(4,452
)
 
(4,803
)
 
(3,510
)
 
(2,943
)
 
(3,174
)
 
(3,331
)
Total earnings
$
284,992

 
$
386,853

 
$
301,218

 
$
407,849

 
$
522,778

 
$
371,438

 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
50,504

 
$
51,961

 
$
69,847

 
$
93,436

 
$
105,695

 
$
84,023

Interest capitalized
4,452

 
4,803

 
3,510

 
2,943

 
3,174

 
3,331

Debt amortization expense
1,554

 
767

 
1,112

 
1,401

 
1,831

 
1,556

Rent expense representative of interest factor
306

 
261

 
281

 
211

 
246

 
186

Total fixed charges
$
56,816

 
$
57,792

 
$
74,750

 
$
97,991

 
$
110,946

 
$
89,096

Ratio of earnings to fixed charges
5.0

 
6.7

 
4.0

 
4.2

 
4.7

 
4.2

 
 
 
 
 
 
 
 
 
 
 
 



*    Excludes income from equity investments.