Attached files
Exhibit 12
MAGELLAN MIDSTREAM PARTNERS, L.P.
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
Year Ended December 31, | Three Months Ended March 31, 2011 | ||||||||||||||||||
2007 | 2008 | 2009 | 2010 | ||||||||||||||||
EARNINGS: | |||||||||||||||||||
Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle* | $ | 228,295 | $ | 328,023 | $ | 224,705 | $ | 307,219 | $ | 89,163 | |||||||||
Add: Fixed charges | 56,816 | 57,792 | 74,750 | 97,991 | 26,917 | ||||||||||||||
Amortization of interest capitalized | 533 | 641 | 715 | 729 | 185 | ||||||||||||||
Distributed income of equity investees | 3,800 | 5,200 | 4,558 | 4,853 | 1,518 | ||||||||||||||
Less: Interest capitalized | (4,452 | ) | (4,803 | ) | (3,510 | ) | (2,943 | ) | (671 | ) | |||||||||
Total earnings | $ | 284,992 | $ | 386,853 | $ | 301,218 | $ | 407,849 | $ | 117,112 | |||||||||
FIXED CHARGES: | |||||||||||||||||||
Interest expense | $ | 50,504 | $ | 51,961 | $ | 69,847 | $ | 93,436 | $ | 25,815 | |||||||||
Interest capitalized | 4,452 | 4,803 | 3,510 | 2,943 | 671 | ||||||||||||||
Debt amortization expense | 1,554 | 767 | 1,112 | 1,401 | 385 | ||||||||||||||
Rent expense representative of interest factor | 306 | 261 | 281 | 211 | 46 | ||||||||||||||
Total fixed charges | $ | 56,816 | $ | 57,792 | $ | 74,750 | $ | 97,991 | $ | 26,917 | |||||||||
Ratio of earnings to fixed charges | 5.0 | 6.7 | 4.0 | 4.2 | 4.4 | ||||||||||||||
* Excludes income from equity investments.