Attached files
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, 2009 |
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| 2004 | 2005 | 2006 | 2007 | 2008 | ||||||||||||||||||||||
| EARNINGS: |
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| Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle* |
$ | 87,733 | $ | 133,067 | $ | 179,474 | $ | 228,295 | $ | 328,023 | $ | 142,969 | ||||||||||||||
| Add: |
Fixed charges |
46,055 | 65,653 | 57,907 | 57,406 | 57,792 | 53,191 | |||||||||||||||||||
| Amortization of interest capitalized |
463 | 465 | 475 | 533 | 641 | 535 | ||||||||||||||||||||
| Distributed income of equity investees |
— | 3,300 | 4,125 | 3,800 | 5,200 | 3,168 | ||||||||||||||||||||
| Less: |
Interest capitalized |
(426 | ) | (817 | ) | (2,371 | ) | (4,452 | ) | (4,803 | ) | (2,752 | ) | |||||||||||||
| Total earnings |
$ | 133,825 | $ | 201,668 | $ | 239,610 | $ | 285,582 | $ | 386,853 | $ | 197,111 | ||||||||||||||
| FIXED CHARGES: |
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| Interest expense |
$ | 42,291 | $ | 61,551 | $ | 52,415 | $ | 50,504 | $ | 51,961 | $ | 49,446 | ||||||||||||||
| Interest capitalized |
426 | 817 | 2,371 | 4,452 | 4,803 | 2,752 | ||||||||||||||||||||
| Debt amortization expense |
3,056 | 2,871 | 2,681 | 2,144 | 767 | 775 | ||||||||||||||||||||
| Rent expense representative of interest factor |
282 | 414 | 440 | 306 | 261 | 218 | ||||||||||||||||||||
| Total fixed charges |
$ | 46,055 | $ | 65,653 | $ | 57,907 | $ | 57,406 | $ | 57,792 | $ | 53,191 | ||||||||||||||
| Ratio of earnings to fixed charges |
2.9 | 3.1 | 4.1 | 5.0 | 7.0 | 3.7 | ||||||||||||||||||||
* Excludes income from equity investments.