Exhibit 12.1
MAGELLAN MIDSTREAM PARTNERS, L.P.
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
| Year Ended December 31, | Year-to-Date Period Ending March 31, 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 | $ | 175,204 | ||||||||||||
Add: Fixed charges | 97,991 | 110,946 | 120,321 | 133,511 | 146,835 | 37,464 | ||||||||||||||||||
Amortization of interest capitalized | 729 | 739 | 755 | 816 | 900 | 238 | ||||||||||||||||||
Distributed income of equity investees | 4,853 | 5,598 | 7,793 | 3,274 | 3,086 | 9,229 | ||||||||||||||||||
Less: Interest capitalized | (2,943 | ) | (3,174 | ) | (6,195 | ) | (14,339 | ) | (22,803 | ) | (2,107 | ) | ||||||||||||
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Total earnings | $ | 407,849 | $ | 522,778 | $ | 558,005 | $ | 703,837 | $ | 952,763 | $ | 220,028 | ||||||||||||
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FIXED CHARGES: | ||||||||||||||||||||||||
Interest expense | $ | 96,379 | $ | 108,869 | $ | 117,981 | $ | 130,463 | $ | 143,529 | $ | 36,607 | ||||||||||||
Debt amortization expense | 1,401 | 1,831 | 2,087 | 2,424 | 2,333 | 587 | ||||||||||||||||||
Rent expense representative of interest factor | 211 | 246 | 253 | 624 | 973 | 270 | ||||||||||||||||||
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Total fixed charges | $ | 97,991 | $ | 110,946 | $ | 120,321 | $ | 133,511 | $ | 146,835 | $ | 37,464 | ||||||||||||
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Ratio of earnings to fixed charges | 4.2 | 4.7 | 4.6 | 5.3 | 6.5 | 5.9 | ||||||||||||||||||
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| * | Excludes income from equity investments. |
