Magellan Midstream Partners, L.P. - FORM 10-K - EX-12 - RATIO OF EARNINGS TO FIXED CHARGES

file	filename
10-K - FORM 10-K - Magellan Midstream Partners, L.P.	d10k.htm
EX-21 - SUBSIDIARIES OF MAGELLAN MIDSTREAM PARTNERS, L.P. - Magellan Midstream Partners, L.P.	dex21.htm
EX-32.(B) - SECTION 1350 CERTIFICATION OF JOHN D. CHANDLER, CHIEF FINANCIAL OFFICER - Magellan Midstream Partners, L.P.	dex32b.htm
EX-23 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - Magellan Midstream Partners, L.P.	dex23.htm
EX-10.(B) - DESCRIPTION OF MAGELLAN 2010 ANNUAL INCENTIVE PROGRAM - Magellan Midstream Partners, L.P.	dex10b.htm
EX-31.(B) - CERTIFICATION OF JOHN D. CHANDLER, PRINCIPAL FINANCIAL OFFICER - Magellan Midstream Partners, L.P.	dex31b.htm
EX-10.(A) - AMENDED AND RESTATED MAGELLAN MIDSTREAM PARTNERS LONG-TERM INCENTIVE PLAN - Magellan Midstream Partners, L.P.	dex10a.htm
EX-10.(S) - FORM OF 2010 PHANTOM UNIT AGREEMENT - Magellan Midstream Partners, L.P.	dex10s.htm
EX-10.(C) - MAGELLAN GP, LLC NON-MANAGEMENT DIRECTOR COMPENSATION PROGRAM - Magellan Midstream Partners, L.P.	dex10c.htm
EX-10.(F) - AMENDMENT NO. 1 TO $550,000,000 SECOND AMENDED AND RESTATED CREDIT AGREEMENT - Magellan Midstream Partners, L.P.	dex10f.htm
EX-32.(A) - SECTION 1350 CERTIFICATION OF DON R. WELLENDORF, CHIEF EXECUTIVE OFFICER - Magellan Midstream Partners, L.P.	dex32a.htm
EX-31.(A) - CERTIFICATION OF DON R. WELLENDORF, PRINCIPAL EXECUTIVE OFFICER - Magellan Midstream Partners, L.P.	dex31a.htm

Exhibit 12

MAGELLAN MIDSTREAM PARTNERS, L.P.

RATIO OF EARNINGS TO FIXED CHARGES

(In thousands)


	Year Ended December 31,
	2005			2006			2007			2008			2009
EARNINGS:
Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle*	$	133,067		$	179,474		$	228,295		$	328,023		$	224,705
Add: Fixed charges		65,029			57,151			56,816			57,792			74,750
Amortization of interest capitalized		465			475			533			641			715
Distributed income of equity investees		3,300			4,125			3,800			5,200			4,558
Less: Interest capitalized		(817	)		(2,371	)		(4,452	)		(4,803	)		(3,510	)

Total earnings	$	201,044		$	238,854		$	284,992		$	386,853		$	301,218

FIXED CHARGES:
Interest expense	$	61,551		$	52,415		$	50,504		$	51,961		$	69,847
Interest capitalized		817			2,371			4,452			4,803			3,510
Debt amortization expense		2,247			1,925			1,554			767			1,112
Rent expense representative of interest factor		414			440			306			261			281

Total fixed charges	$	65,029		$	57,151		$	56,816		$	57,792		$	74,750


Ratio of earnings to fixed charges		3.1			4.2			5.0			6.7			4.0

*	Excludes income from equity investments.

Magellan Midstream Partners, L.P. - FORM 10-K - EX-12 - RATIO OF EARNINGS TO FIXED CHARGES - February 24, 2010