Exhibit 12
MAGELLAN MIDSTREAM PARTNERS, L.P.
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
| Year Ended December 31, | Year-to-Date Period Ending March 31, 2014 | ||||||||||||||||||||||
| 2009 | 2010 | 2011 | 2012 | 2013 | |||||||||||||||||||
| EARNINGS: | |||||||||||||||||||||||
| Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle* | $ | 224,705 | $ | 307,219 | $ | 408,669 | $ | 435,331 | $ | 580,575 | $ | 243,309 | |||||||||||
| Add: Fixed charges | 74,750 | 97,991 | 110,946 | 120,321 | 133,511 | 37,245 | |||||||||||||||||
| Amortization of interest capitalized | 715 | 729 | 739 | 755 | 816 | 220 | |||||||||||||||||
| Distributed income of equity investees | 4,558 | 4,853 | 5,598 | 7,793 | 3,274 | 384 | |||||||||||||||||
| Less: Interest capitalized | (3,510 | ) | (2,943 | ) | (3,174 | ) | (6,195 | ) | (14,339 | ) | (5,310 | ) | |||||||||||
| Total earnings | $ | 301,218 | $ | 407,849 | $ | 522,778 | $ | 558,005 | $ | 703,837 | $ | 275,848 | |||||||||||
| FIXED CHARGES: | |||||||||||||||||||||||
| Interest expense | $ | 69,847 | $ | 93,436 | $ | 105,695 | $ | 111,786 | $ | 116,124 | $ | 31,106 | |||||||||||
| Interest capitalized | 3,510 | 2,943 | 3,174 | 6,195 | 14,339 | 5,310 | |||||||||||||||||
| Debt amortization expense | 1,112 | 1,401 | 1,831 | 2,087 | 2,424 | 599 | |||||||||||||||||
| Rent expense representative of interest factor | 281 | 211 | 246 | 253 | 624 | 230 | |||||||||||||||||
| Total fixed charges | $ | 74,750 | $ | 97,991 | $ | 110,946 | $ | 120,321 | $ | 133,511 | $ | 37,245 | |||||||||||
| Ratio of earnings to fixed charges | 4.0 | 4.2 | 4.7 | 4.6 | 5.3 | 7.4 | |||||||||||||||||
* Excludes income from equity investments.