Magellan Midstream Partners (MMP) 10-Q 2016 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, 2016
	2011			2012			2013			2014			2015
EARNINGS:
Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle*	$	408,669		$	435,331		$	580,575		$	824,745		$	754,975		$	363,518
Add: Fixed charges	110,946			120,321			133,511			146,835			160,044			93,024
Amortization of interest capitalized	739			755			816			900			993			861
Distributed income of equity investees	5,598			7,793			3,274			3,086			66,285			31,080
Less: Interest capitalized	(3,174		)	(6,195		)	(14,339		)	(22,803		)	(14,442		)	(13,266		)
Total earnings	$	522,778		$	558,005		$	703,837		$	952,763		$	967,855		$	475,217
FIXED CHARGES:
Interest expense	$	110,700		$	120,068		$	132,887		$	145,862		$	158,895		$	92,410
Rent expense representative of interest factor	246			253			624			973			1,149			614
Total fixed charges	$	110,946		$	120,321		$	133,511		$	146,835		$	160,044		$	93,024
Ratio of earnings to fixed charges	4.7			4.6			5.3			6.5			6.0			5.1

* Excludes income from equity investments.