Exhibit 12
Murphy USA Inc. and Consolidated Subsidiaries
Computation of Ratio of Earnings to Fixed Charges (unaudited)
(Thousands of dollars)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended | | Years Ended December 31, |
| | June 30, 2018 | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 |
Income from continuing operations before income taxes | | $ | 116,400 |
| | $ | 240,023 |
| | $ | 352,031 |
| | $ | 218,289 |
| | $ | 339,347 |
| | $ | 254,194 |
|
Distributions greater than equity in earnings of affiliates | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
Previously capitalized interest charged to earnings during the period | | 82 |
| | 54 |
| | — |
| | — |
| | — |
| | — |
|
Interest and expense on indebtedness, excluding capitalized interest | | 27,693 |
| | 50,428 |
| | 40,041 |
| | 33,531 |
| | 36,646 |
| | 14,608 |
|
Interest portion of rentals * | | 2,665 |
| | 4,737 |
| | 7,728 |
| | 7,473 |
| | 2,842 |
| | 2,380 |
|
Earnings before provision for taxes and fixed charges | | $ | 146,840 |
| | 295,242 |
| | 399,800 |
| | 259,293 |
| | 378,835 |
| | 271,182 |
|
Interest and expense on indebtedness, excluding capitalized interest | | $ | 27,693 |
| | $ | 50,428 |
| | $ | 40,041 |
| | $ | 33,531 |
| | $ | 36,646 |
| | $ | 14,608 |
|
Capitalized interest | | (1,331 | ) | | (3,768 | ) | | (337 | ) | | — |
| | — |
| | — |
|
Interest portion of rentals* | | 2,665 |
| | 4,737 |
| | 7,728 |
| | 7,473 |
| | 2,842 |
| | 2,380 |
|
Total fixed charges | | $ | 29,027 |
| | 51,397 |
| | 47,432 |
| | 41,004 |
| | 39,488 |
| | 16,988 |
|
Ratio of earnings to fixed charges | | 5.1 |
| | 5.7 |
| | 8.4 |
| | 6.3 |
| | 9.6 |
| | 16.0 |
|
* Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.