Magellan Midstream Partners (MMP) 10-K 2012 FY Annual report

Exhibit 12

MAGELLAN MIDSTREAM PARTNERS, L.P.

RATIO OF EARNINGS TO FIXED CHARGES

(In thousands)

	Year Ended December 31,
	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
Add: Fixed charges	57,792			74,750			97,991			110,946			120,321
Amortization of interest capitalized	641			715			729			739			755
Distributed income of equity investees	5,200			4,558			4,853			5,598			7,793
Less: Interest capitalized	(4,803		)	(3,510		)	(2,943		)	(3,174		)	(6,195		)
Total earnings	$	386,853		$	301,218		$	407,849		$	522,778		$	558,005
FIXED CHARGES:
Interest expense	$	51,961		$	69,847		$	93,436		$	105,695		$	111,786
Interest capitalized	4,803			3,510			2,943			3,174			6,195
Debt amortization expense	767			1,112			1,401			1,831			2,087
Rent expense representative of interest factor	261			281			211			246			253
Total fixed charges	$	57,792		$	74,750		$	97,991		$	110,946		$	120,321
Ratio of earnings to fixed charges	6.7			4.0			4.2			4.7			4.6

*Excludes income from equity investments.