EX-12.1 6 dex121.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of earnings to fixed charges

Exhibit 12.1

 

MAGELLAN MIDSTREAM PARTNERS, L.P.

RATIO OF EARNINGS TO FIXED CHARGES

(In thousands)

 

     Twelve Months Ended December 31,
    

Nine Months
Ended
September 30,

2004

  
     1999
     2000
     2001
     2002
     2003
    

EARNINGS:

                                                 

Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle *

    $ 89,220     $ 79,316     $ 97,613     $ 107,495     $ 88,169     $ 73,894  

Fixed charges

      20,508       28,438       15,755       33,344       39,779       28,035  

Amortization of capitalized interest

      457       459       465       471       462       347  

Capitalized interest

      (1,215 )     (1,282 )     (764 )     (231 )     (102 )     (365 )
    
 
 
 
 
 

Total earnings

    $ 108,970     $ 106,931     $ 113,069     $ 141,079     $ 128,308     $ 101,911  
    
 
 
 
 
 

FIXED CHARGES:

                                                 

Interest expense

    $ 19,167     $ 27,009     $ 14,606     $ 22,907     $ 36,597     $ 25,248  

Capitalized interest

      1,215       1,282       764       231       102       365  

Debt expense amortization

      —         —         253       9,950       2,830       2,224  

Rent expense representative of interest factor

      126       147       132       256       250       198  
    
 
 
 
 
 

Total fixed charges

    $ 20,508     $ 28,438     $ 15,755     $ 33,344     $ 39,779     $ 28,035  
    
 
 
 
 
 

Ratio of earnings to fixed charges

      5.3       3.8       7.2       4.2       3.2       3.6  
    
 
 
 
 
 
* Excludes equity investment income and minority interest expense.