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.