Magellan Midstream Partners (MMP) 10-Q 2012 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, 2012
	2007			2008			2009			2010			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		$	408,669		$	229,646
Add: Fixed charges	56,816			57,792			74,750			97,991			110,946			59,402
Amortization of interest capitalized	533			641			715			729			739			376
Distributed income of equity investees	3,800			5,200			4,558			4,853			5,598			4,353
Less: Interest capitalized	(4,452		)	(4,803		)	(3,510		)	(2,943		)	(3,174		)	(1,892		)
Total earnings	$	284,992		$	386,853		$	301,218		$	407,849		$	522,778		$	291,885
FIXED CHARGES:
Interest expense	$	50,504		$	51,961		$	69,847		$	93,436		$	105,695		$	56,349
Interest capitalized	4,452			4,803			3,510			2,943			3,174			1,892
Debt amortization expense	1,554			767			1,112			1,401			1,831			1,037
Rent expense representative of interest factor	306			261			281			211			246			124
Total fixed charges	$	56,816		$	57,792		$	74,750		$	97,991		$	110,946		$	59,402
Ratio of earnings to fixed charges	5.0			6.7			4.0			4.2			4.7			4.9

*Excludes income from equity investments.