EX-12 6 exhibit12.htm RATIO OF EARNINGS TO FIXED CHARGES WebFilings | EDGAR view
 

 
Exhibit 12
 
MAGELLAN MIDSTREAM PARTNERS, L.P.
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
 
 
 
Year Ended December 31,
 
2006
 
2007
 
2008
 
2009
 
2010
EARNINGS:
 
 
 
 
 
 
 
 
 
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
 
 
$
307,219
 
Add: Fixed charges
57,151
 
 
56,816
 
 
57,792
 
 
74,750
 
 
97,991
 
Amortization of interest capitalized
475
 
 
533
 
 
641
 
 
715
 
 
729
 
Distributed income of equity investees
4,125
 
 
3,800
 
 
5,200
 
 
4,558
 
 
4,853
 
Less: Interest capitalized
(2,371
)
 
(4,452
)
 
(4,803
)
 
(3,510
)
 
(2,943
)
Total earnings
$
238,854
 
 
$
284,992
 
 
$
386,853
 
 
$
301,218
 
 
$
407,849
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES:
 
 
 
 
 
 
 
 
 
Interest expense
$
52,415
 
 
$
50,504
 
 
$
51,961
 
 
$
69,847
 
 
$
93,436
 
Interest capitalized
2,371
 
 
4,452
 
 
4,803
 
 
3,510
 
 
2,943
 
Debt amortization expense
1,925
 
 
1,554
 
 
767
 
 
1,112
 
 
1,401
 
Rent expense representative of interest factor
440
 
 
306
 
 
261
 
 
281
 
 
211
 
Total fixed charges
$
57,151
 
 
$
56,816
 
 
$
57,792
 
 
$
74,750
 
 
$
97,991
 
Ratio of earnings to fixed charges
4.2
 
 
5.0
 
 
6.7
 
 
4.0
 
 
4.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    Excludes income from equity investments.