Magellan Midstream Partners (MMP) 10-Q 2013 Q1 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, 2013
	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		$	266,381
Add: Fixed charges	57,792			74,750			97,991			110,946			120,321			64,747
Amortization of interest capitalized	641			715			729			739			755			395
Distributed income of equity investees	5,200			4,558			4,853			5,598			7,793			2,052
Less: Interest capitalized	(4,803		)	(3,510		)	(2,943		)	(3,174		)	(6,195		)	(6,694		)
Total earnings	$	386,853		$	301,218		$	407,849		$	522,778		$	558,005		$	326,881
FIXED CHARGES:
Interest expense	$	51,961		$	69,847		$	93,436		$	105,695		$	111,786		$	56,749
Interest capitalized	4,803			3,510			2,943			3,174			6,195			6,694
Debt amortization expense	767			1,112			1,401			1,831			2,087			1,080
Rent expense representative of interest factor	261			281			211			246			253			224
Total fixed charges	$	57,792		$	74,750		$	97,991		$	110,946		$	120,321		$	64,747
Ratio of earnings to fixed charges	6.7			4.0			4.2			4.7			4.6			5.0

* Excludes income from equity investments.