EX-12 2 ex-12_09302016.htm EXHIBIT 12 RATIO OF EARNINGS TO FC Exhibit


Exhibit 12
Murphy USA Inc. and Consolidated Subsidiaries
Computation of Ratio of Earnings to Fixed Charges (unaudited)
(Thousands of dollars)
 
 
 
Nine Months
 
 
 
 
 
 
 
 
 
 
 
 
Ended
 
Years Ended December 31,
 
 
September 30, 2016
 
2015
 
2014
 
2013
 
2012
 
2011
Income from continuing operations before income taxes
 
$
285,199

 
$
218,289

 
$
339,346

 
$
254,194

 
$
229,940

 
$
310,409

Distributions greater than equity in earnings of affiliates
 
—

 
—

 
—

 
—

 
—

 
—

Previously capitalized interest charged to earnings during the period
 
—

 
—

 
—

 
—

 
—

 
—

Interest and expense on indebtedness, excluding capitalized interest
 
29,780

 
33,531

 
36,646

 
14,608

 
505

 
548

Interest portion of rentals *
 
5,653

 
7,473

 
2,842

 
2,380

 
2,610

 
3,015

Earnings before provision for taxes and fixed charges
 
$
320,632

 
$
259,293

 
$
378,834

 
$
271,182

 
$
233,055

 
$
313,972

Interest and expense on indebtedness, excluding capitalized interest
 
29,780

 
33,531

 
36,646

 
14,608

 
505

 
548

Capitalized interest
 
—

 
—

 
—

 
—

 
—

 
—

Interest portion of rentals *
 
5,653

 
7,473

 
2,842

 
2,380

 
2,610

 
3,015

Total fixed charges
 
$
35,433

 
$
41,004

 
$
39,488

 
$
16,988

 
$
3,115

 
$
3,563

Ratio of earnings to fixed charges
 
9.0

 
6.3

 
9.6

 
16.0

 
74.8

 
88.1


*    Calculated as one-third of rentals.  Considered a reasonable approximation of interest factor.