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, 2015 | ||||||||||||||||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | |||||||||||||||||||
| EARNINGS: | |||||||||||||||||||||||
| Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle* | $ | 307,219 | $ | 408,669 | $ | 435,331 | $ | 580,575 | $ | 824,745 | $ | 327,848 | |||||||||||
| Add: Fixed charges | 97,991 | 110,946 | 120,321 | 133,511 | 146,835 | 78,155 | |||||||||||||||||
| Amortization of interest capitalized | 729 | 739 | 755 | 816 | 900 | 482 | |||||||||||||||||
| Distributed income of equity investees | 4,853 | 5,598 | 7,793 | 3,274 | 3,086 | 31,243 | |||||||||||||||||
| Less: Interest capitalized | (2,943 | ) | (3,174 | ) | (6,195 | ) | (14,339 | ) | (22,803 | ) | (5,053 | ) | |||||||||||
| Total earnings | $ | 407,849 | $ | 522,778 | $ | 558,005 | $ | 703,837 | $ | 952,763 | $ | 432,675 | |||||||||||
| FIXED CHARGES: | |||||||||||||||||||||||
| Interest expense | $ | 96,379 | $ | 108,869 | $ | 117,981 | $ | 130,463 | $ | 143,529 | $ | 76,363 | |||||||||||
| Debt amortization expense | 1,401 | 1,831 | 2,087 | 2,424 | 2,333 | 1,227 | |||||||||||||||||
| Rent expense representative of interest factor | 211 | 246 | 253 | 624 | 973 | 565 | |||||||||||||||||
| Total fixed charges | $ | 97,991 | $ | 110,946 | $ | 120,321 | $ | 133,511 | $ | 146,835 | $ | 78,155 | |||||||||||
| Ratio of earnings to fixed charges | 4.2 | 4.7 | 4.6 | 5.3 | 6.5 | 5.5 | |||||||||||||||||
* Excludes income from equity investments.