Magellan Midstream Partners (MMP) 10-Q 2015 Q3 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 September 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		$	564,166
Add: Fixed charges	97,991			110,946			120,321			133,511			146,835			118,866
Amortization of interest capitalized	729			739			755			816			900			739
Distributed income of equity investees	4,853			5,598			7,793			3,274			3,086			47,236
Less: Interest capitalized	(2,943		)	(3,174		)	(6,195		)	(14,339		)	(22,803		)	(9,037		)
Total earnings	$	407,849		$	522,778		$	558,005		$	703,837		$	952,763		$	721,970
FIXED CHARGES:
Interest expense	$	96,379		$	108,869		$	117,981		$	130,463		$	143,529		$	116,142
Debt amortization expense	1,401			1,831			2,087			2,424			2,333			1,867
Rent expense representative of interest factor	211			246			253			624			973			857
Total fixed charges	$	97,991		$	110,946		$	120,321		$	133,511		$	146,835		$	118,866
Ratio of earnings to fixed charges	4.2			4.7			4.6			5.3			6.5			6.1

* Excludes income from equity investments.