EX-12 7 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of earnings to fixed charges

Exhibit 12

MAGELLAN MIDSTREAM PARTNERS, L.P.

RATIO OF EARNINGS TO FIXED CHARGES

(In thousands)

 

     Year Ended December 31,  
     2005     2006     2007     2008     2009  

EARNINGS:

           

Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle*

    $ 133,067      $ 179,474      $ 228,295      $ 328,023      $ 224,705   

Add: Fixed charges

      65,029        57,151        56,816        57,792        74,750   

Amortization of interest capitalized

      465        475        533        641        715   

Distributed income of equity investees

      3,300        4,125        3,800        5,200        4,558   

Less: Interest capitalized

      (817 )      (2,371 )      (4,452 )      (4,803 )      (3,510 ) 
                                        

Total earnings

    $ 201,044      $ 238,854      $ 284,992      $ 386,853      $ 301,218   
                                        

FIXED CHARGES:

           

Interest expense

    $ 61,551      $ 52,415      $ 50,504      $ 51,961      $ 69,847   

Interest capitalized

      817        2,371        4,452        4,803        3,510   

Debt amortization expense

      2,247        1,925        1,554        767        1,112   

Rent expense representative of interest factor

      414        440        306        261        281   
                                        

Total fixed charges

    $ 65,029      $ 57,151      $ 56,816      $ 57,792      $ 74,750   
                                        

Ratio of earnings to fixed charges

      3.1        4.2        5.0        6.7        4.0   
                                        

 

* Excludes income from equity investments.