EX-12 6 exhibit12201210k.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 (2012 10K)



Exhibit 12

MAGELLAN MIDSTREAM PARTNERS, L.P.
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)


 
Year Ended December 31,
 
2008
 
2009
 
2010
 
2011
 
2012
EARNINGS:
 
 
 
 
 
 
 
 
 
Income from continuing operations before income
taxes, extraordinary gain (loss) and cumulative
effect of change in accounting principle*
$
328,023

 
$
224,705

 
$
307,219

 
$
408,669

 
$
435,331

Add: Fixed charges
57,792

 
74,750

 
97,991

 
110,946

 
120,321

Amortization of interest capitalized
641

 
715

 
729

 
739

 
755

Distributed income of equity investees
5,200

 
4,558

 
4,853

 
5,598

 
7,793

Less: Interest capitalized
(4,803
)
 
(3,510
)
 
(2,943
)
 
(3,174
)
 
(6,195
)
Total earnings
$
386,853

 
$
301,218

 
$
407,849

 
$
522,778

 
$
558,005

 
 
 
 
 
 
 
 
 
 
FIXED CHARGES:
 
 
 
 
 
 
 
 
 
Interest expense
$
51,961

 
$
69,847

 
$
93,436

 
$
105,695

 
$
111,786

Interest capitalized
4,803

 
3,510

 
2,943

 
3,174

 
6,195

Debt amortization expense
767

 
1,112

 
1,401

 
1,831

 
2,087

Rent expense representative of interest factor
261

 
281

 
211

 
246

 
253

Total fixed charges
$
57,792

 
$
74,750

 
$
97,991

 
$
110,946

 
$
120,321

Ratio of earnings to fixed charges
6.7

 
4.0

 
4.2

 
4.7

 
4.6

 
 
 
 
 
 
 
 
 
 






*    Excludes income from equity investments.