Magellan Midstream Partners (MMP) 10-Q 2014 Q2 Quarterly report

Exhibit 12

MAGELLAN MIDSTREAM PARTNERS, L.P.

RATIO OF EARNINGS TO FIXED CHARGES

(In thousands)

	Year Ended December 31,															Year-to-Date Period Ending June 30, 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		$	388,954
Add: Fixed charges	74,750			97,991			110,946			120,321			133,511			75,368
Amortization of interest capitalized	715			729			739			755			816			443
Distributed income of equity investees	4,558			4,853			5,598			7,793			3,274			1,713
Less: Interest capitalized	(3,510		)	(2,943		)	(3,174		)	(6,195		)	(14,339		)	(12,153		)
Total earnings	$	301,218		$	407,849		$	522,778		$	558,005		$	703,837		$	454,325
FIXED CHARGES:
Interest expense	$	73,357		$	96,379		$	108,869		$	117,981		$	130,463		$	73,681
Debt amortization expense	1,112			1,401			1,831			2,087			2,424			1,201
Rent expense representative of interest factor	281			211			246			253			624			486
Total fixed charges	$	74,750		$	97,991		$	110,946		$	120,321		$	133,511		$	75,368
Ratio of earnings to fixed charges	4.0			4.2			4.7			4.6			5.3			6.0

* Excludes income from equity investments.