Magellan Midstream Partners (MMP) 10-Q 2010 Q3 Quarterly report

Exhibit 12

MAGELLAN MIDSTREAM PARTNERS, L.P.

RATIO OF EARNINGS TO FIXED CHARGES

(In thousands)

	Year Ended												Nine Months Ended September 30, 2010
	2006			2007			2008			2009
EARNINGS:
Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle*	$	179,474		$	228,295		$	328,023		$	224,705		$	220,200
Add: Fixed charges		57,151			56,816			57,792			74,750			70,784
Amortization of interest capitalized		475			533			641			715			545
Distributed income of equity investees		4,125			3,800			5,200			4,558			3,240
Non-controlling owners’ interests in pre-tax loss of subsidiary		—			—			—			—			222
Less: Interest capitalized		(2,371	)		(4,452	)		(4,803	)		(3,510	)		(2,535	)
Total earnings	$	238,854		$	284,992		$	386,853		$	301,218		$	292,456
FIXED CHARGES:
Interest expense	$	52,415		$	50,504		$	51,961		$	69,847		$	67,076
Interest capitalized		2,371			4,452			4,803			3,510			2,535
Debt amortization expense		1,925			1,554			767			1,112			1,015
Rent expense representative of interest factor		440			306			261			281			158
Total fixed charges	$	57,151		$	56,816		$	57,792		$	74,750		$	70,784
Ratio of earnings to fixed charges		4.2			5.0			6.7			4.0			4.1

* Excludes income from equity investments.