Magellan Midstream Partners (MMP) 10-Q 2011 Q2 Quarterly report

Exhibit 12

MAGELLAN MIDSTREAM PARTNERS, L.P.

RATIO OF EARNINGS TO FIXED CHARGES

(In thousands)

	Year Ended December 31,												Six Months Ended June 30, 2011
	2007			2008			2009			2010
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		$	191,204
Add: Fixed charges	56,816			57,792			74,750			97,991			53,333
Amortization of interest capitalized	533			641			715			729			368
Distributed income of equity investees	3,800			5,200			4,558			4,853			2,710
Less: Interest capitalized	(4,452		)	(4,803		)	(3,510		)	(2,943		)	(1,861		)
Total earnings	$	284,992		$	386,853		$	301,218		$	407,849		$	245,754
FIXED CHARGES:
Interest expense	$	50,504		$	51,961		$	69,847		$	93,436		$	50,613
Interest capitalized	4,452			4,803			3,510			2,943			1,861
Debt amortization expense	1,554			767			1,112			1,401			770
Rent expense representative of interest factor	306			261			281			211			89
Total fixed charges	$	56,816		$	57,792		$	74,750		$	97,991		$	53,333
Ratio of earnings to fixed charges	5.0			6.7			4.0			4.2			4.6

*Excludes income from equity investments.