EX-12.1 2 exh12_1ratioofearningstofc.htm EXHIBIT 12.1 RATIO OF EARNINGS TO FC
Exhibit 12
Murphy USA Inc. and Consolidated Subsidiaries
Computation of Ratio of Earnings to Fixed Charges (unaudited)
(Thousands of dollars)

| Years Ended December 31,
| 2015 | 2014 | 2013 | 2012 | 2011
Income from continuing operations before income taxes | $ | 218,289 |  | $ | 339,347 |  | $ | 254,194 |  | $ | 229,940 |  | $ | 310,409 |
Distributions greater than equity in earnings of affiliates | — |  | — |  | — |  | — |  | — |
Previously capitalized interest charged to earnings during the period | — |  | — |  | — |  | — |  | — |
Interest and expense on indebtedness, excluding capitalized interest | 33,531 |  | 36,646 |  | 14,608 |  | 505 |  | 548 |
Interest portion of rentals * | 7,473 |  | 2,842 |  | 2,380 |  | 2,610 |  | 3,015 |
Earnings before provision for taxes and fixed charges | $ | 259,293 |  | $ | 378,835 |  | $ | 271,182 |  | $ | 233,055 |  | $ | 313,972 |
Interest and expense on indebtedness, excluding capitalized interest | $ | 33,531 |  | $ | 36,646 |  | $ | 14,608 |  | $ | 505 |  | $ | 548 |
Capitalized interest | — |  | — |  | — |  | — |  | — |
Interest portion of rentals * | 7,473 |  | 2,842 |  | 2,380 |  | 2,610 |  | 3,015 |
Total fixed charges | $ | 41,004 |  | $ | 39,488 |  | $ | 16,988 |  | $ | 3,115 |  | $ | 3,563 |
Ratio of earnings to fixed charges | 6.3 |  | 9.6 |  | 16.0 |  | 74.8 |  | 88.1 |
* Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.