Magellan Midstream Partners (MMP) 10-Q2011 Q1 Quarterly report

Filed: 4 May 11, 12:00am

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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			Three Months Ended March 31, 2011
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.