EX-12 2 ex-12x3q13.htm RATIO OF EARNINGS TO FIXED CHARGES Ex - 12 - 3Q13


Exhibit 12

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


 
Year Ended December 31,
 
Nine Months Ended September 30, 2013
 
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

 
$
390,233

Add: Fixed charges
57,792

 
74,750

 
97,991

 
110,946

 
120,321

 
97,336

Amortization of interest capitalized
641

 
715

 
729

 
739

 
755

 
597

Distributed income of equity investees
5,200

 
4,558

 
4,853

 
5,598

 
7,793

 
2,511

Less: Interest capitalized
(4,803
)
 
(3,510
)
 
(2,943
)
 
(3,174
)
 
(6,195
)
 
(10,474
)
Total earnings
$
386,853

 
$
301,218

 
$
407,849

 
$
522,778

 
$
558,005

 
$
480,203

 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
51,961

 
$
69,847

 
$
93,436

 
$
105,695

 
$
111,786

 
$
84,821

Interest capitalized
4,803

 
3,510

 
2,943

 
3,174

 
6,195

 
10,474

Debt amortization expense
767

 
1,112

 
1,401

 
1,831

 
2,087

 
1,620

Rent expense representative of interest factor
261

 
281

 
211

 
246

 
253

 
421

Total fixed charges
$
57,792

 
$
74,750

 
$
97,991

 
$
110,946

 
$
120,321

 
$
97,336

Ratio of earnings to fixed charges
6.7

 
4.0

 
4.2

 
4.7

 
4.6

 
4.9

 
 
 
 
 
 
 
 
 
 
 
 

* Excludes income from equity investments.