Magellan Midstream Partners (MMP) 10-Q 2013 Q3 Quarterly report

Exhibit 12

MAGELLAN MIDSTREAM PARTNERS, L.P.

RATIO OF EARNINGS TO FIXED CHARGES

(In thousands)

	Year Ended December 31,															Nine Months Ended September 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		$	390,233
Add: Fixed charges	57,792			74,750			97,991			110,946			120,321			97,336
Amortization of interest capitalized	641			715			729			739			755			597
Distributed income of equity investees	5,200			4,558			4,853			5,598			7,793			2,511
Less: Interest capitalized	(4,803		)	(3,510		)	(2,943		)	(3,174		)	(6,195		)	(10,474		)
Total earnings	$	386,853		$	301,218		$	407,849		$	522,778		$	558,005		$	480,203
FIXED CHARGES:
Interest expense	$	51,961		$	69,847		$	93,436		$	105,695		$	111,786		$	84,821
Interest capitalized	4,803			3,510			2,943			3,174			6,195			10,474
Debt amortization expense	767			1,112			1,401			1,831			2,087			1,620
Rent expense representative of interest factor	261			281			211			246			253			421
Total fixed charges	$	57,792		$	74,750		$	97,991		$	110,946		$	120,321		$	97,336
Ratio of earnings to fixed charges	6.7			4.0			4.2			4.7			4.6			4.9

* Excludes income from equity investments.