EX-12.1 2 exh12_12017ratioofearnings.htm EXHIBIT 12.1 RATIO OF EARNINGS TO FIXED CHG Exhibit
Exhibit 12


Murphy USA Inc. and Consolidated Subsidiaries
Computation of Ratio of Earnings to Fixed Charges (unaudited)
(Thousands of dollars)


 
Years Ended December 31,
 
2017
2016
2015
2014
2013
Income from continuing operations before income taxes
$
240,023

$
352,031

$
218,289

$
339,347

$
254,194

Distributions greater than equity in earnings of affiliates
—

—

—

—

—

Previously capitalized interest charged to earnings during the period
54

—

—

—

—

Interest and expense on indebtedness, excluding capitalized interest
50,428

40,041

33,531

36,646

14,608

Interest portion of rentals *
4,737

7,728

7,473

2,842

2,380

Earnings before provision for taxes and fixed charges
$
295,242

$
399,800

$
259,293

$
378,835

$
271,182

 
 
 
 
 
 
 
 
 
 
 
 
Interest and expense on indebtedness, excluding capitalized interest
$
50,428

$
40,041

$
33,531

$
36,646

$
14,608

Capitalized interest
(3,768
)
(337
)
—

—

—

Interest portion of rentals *
4,737

7,728

7,473

2,842

2,380

Total fixed charges
$
51,397

$
47,432

$
41,004

$
39,488

$
16,988

 
 
 
 
 
 
Ratio of earnings to fixed charges
5.7

8.4

6.3

9.6

16.0

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