Attached files
Exhibit 12
MAGELLAN MIDSTREAM PARTNERS, L.P.
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
Year Ended December 31, | ||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | ||||||||||||||||
EARNINGS: |
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Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle* |
$ | 133,067 | $ | 179,474 | $ | 228,295 | $ | 328,023 | $ | 224,705 | ||||||||||
Add: Fixed charges |
65,029 | 57,151 | 56,816 | 57,792 | 74,750 | |||||||||||||||
Amortization of interest capitalized |
465 | 475 | 533 | 641 | 715 | |||||||||||||||
Distributed income of equity investees |
3,300 | 4,125 | 3,800 | 5,200 | 4,558 | |||||||||||||||
Less: Interest capitalized |
(817 | ) | (2,371 | ) | (4,452 | ) | (4,803 | ) | (3,510 | ) | ||||||||||
Total earnings |
$ | 201,044 | $ | 238,854 | $ | 284,992 | $ | 386,853 | $ | 301,218 | ||||||||||
FIXED CHARGES: |
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Interest expense |
$ | 61,551 | $ | 52,415 | $ | 50,504 | $ | 51,961 | $ | 69,847 | ||||||||||
Interest capitalized |
817 | 2,371 | 4,452 | 4,803 | 3,510 | |||||||||||||||
Debt amortization expense |
2,247 | 1,925 | 1,554 | 767 | 1,112 | |||||||||||||||
Rent expense representative of interest factor |
414 | 440 | 306 | 261 | 281 | |||||||||||||||
Total fixed charges |
$ | 65,029 | $ | 57,151 | $ | 56,816 | $ | 57,792 | $ | 74,750 | ||||||||||
Ratio of earnings to fixed charges |
3.1 | 4.2 | 5.0 | 6.7 | 4.0 | |||||||||||||||
* | Excludes income from equity investments. |