EX-12 2 ex-12_09302016.htm EXHIBIT 12 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)

|  | Nine Months |  |  |  |  |  |  |  |  |  |
|  | Ended |  | Years Ended December 31,
|  | September 30, 2016 |  | 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011
Income from continuing operations before income taxes |  | $ | 285,199 |  |  | $ | 218,289 |  |  | $ | 339,346 |  |  | $ | 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 |  | 29,780 |  |  | 33,531 |  |  | 36,646 |  |  | 14,608 |  |  | 505 |  |  | 548 |
Interest portion of rentals * |  | 5,653 |  |  | 7,473 |  |  | 2,842 |  |  | 2,380 |  |  | 2,610 |  |  | 3,015 |
Earnings before provision for taxes and fixed charges |  | $ | 320,632 |  |  | $ | 259,293 |  |  | $ | 378,834 |  |  | $ | 271,182 |  |  | $ | 233,055 |  |  | $ | 313,972 |
Interest and expense on indebtedness, excluding capitalized interest |  | 29,780 |  |  | 33,531 |  |  | 36,646 |  |  | 14,608 |  |  | 505 |  |  | 548 |
Capitalized interest |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest portion of rentals * |  | 5,653 |  |  | 7,473 |  |  | 2,842 |  |  | 2,380 |  |  | 2,610 |  |  | 3,015 |
Total fixed charges |  | $ | 35,433 |  |  | $ | 41,004 |  |  | $ | 39,488 |  |  | $ | 16,988 |  |  | $ | 3,115 |  |  | $ | 3,563 |
Ratio of earnings to fixed charges |  | 9.0 |  |  | 6.3 |  |  | 9.6 |  |  | 16.0 |  |  | 74.8 |  |  | 88.1 |

* Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.