Attached files
Exhibit 12
MAGELLAN MIDSTREAM PARTNERS, L.P.
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
| Year Ended | Nine
Months Ended September 30, 2010 |
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| 2006 | 2007 | 2008 | 2009 | |||||||||||||||||
| EARNINGS: |
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| Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle* |
$ | 179,474 | $ | 228,295 | $ | 328,023 | $ | 224,705 | $ | 220,200 | ||||||||||
| Add: Fixed charges |
57,151 | 56,816 | 57,792 | 74,750 | 70,784 | |||||||||||||||
| Amortization of interest capitalized |
475 | 533 | 641 | 715 | 545 | |||||||||||||||
| Distributed income of equity investees |
4,125 | 3,800 | 5,200 | 4,558 | 3,240 | |||||||||||||||
| Non-controlling owners’ interests in pre-tax loss of subsidiary |
— | — | — | — | 222 | |||||||||||||||
| Less: Interest capitalized |
(2,371 | ) | (4,452 | ) | (4,803 | ) | (3,510 | ) | (2,535 | ) | ||||||||||
| Total earnings |
$ | 238,854 | $ | 284,992 | $ | 386,853 | $ | 301,218 | $ | 292,456 | ||||||||||
| FIXED CHARGES: |
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| Interest expense |
$ | 52,415 | $ | 50,504 | $ | 51,961 | $ | 69,847 | $ | 67,076 | ||||||||||
| Interest capitalized |
2,371 | 4,452 | 4,803 | 3,510 | 2,535 | |||||||||||||||
| Debt amortization expense |
1,925 | 1,554 | 767 | 1,112 | 1,015 | |||||||||||||||
| Rent expense representative of interest factor |
440 | 306 | 261 | 281 | 158 | |||||||||||||||
| Total fixed charges |
$ | 57,151 | $ | 56,816 | $ | 57,792 | $ | 74,750 | $ | 70,784 | ||||||||||
| Ratio of earnings to fixed charges |
4.2 | 5.0 | 6.7 | 4.0 | 4.1 | |||||||||||||||
* Excludes income from equity investments.