Exhibit 12.1
MAGELLAN MIDSTREAM PARTNERS, L.P.
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
| Year Ended December 31, | Nine Months Ended September 30, |
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| 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | |||||||||||||||||||
| EARNINGS: |
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| Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle * |
$ | 97,613 | $ | 107,495 | $ | 88,169 | $ | 108,601 | $ | 156,379 | $ | 133,797 | ||||||||||||
| Fixed charges |
15,755 | 33,344 | 39,779 | 41,657 | 56,656 | 45,478 | ||||||||||||||||||
| Amortization of interest capitalized |
465 | 471 | 462 | 463 | 465 | 356 | ||||||||||||||||||
| Distributed income of equity investees |
— | — | — | — | 3,300 | 3,075 | ||||||||||||||||||
| Interest capitalized |
(764 | ) | (231 | ) | (102 | ) | (426 | ) | (817 | ) | (1,346 | ) | ||||||||||||
| Total earnings |
$ | 113,069 | $ | 141,079 | $ | 128,308 | $ | 150,295 | $ | 215,983 | $ | 181,360 | ||||||||||||
| FIXED CHARGES: |
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| Interest expense |
$ | 15,370 | $ | 23,138 | $ | 36,699 | $ | 38,319 | $ | 53,371 | $ | 43,116 | ||||||||||||
| Debt expense amortization |
253 | 9,950 | 2,830 | 3,056 | 2,871 | 2,034 | ||||||||||||||||||
| Rent expense representative of interest factor |
132 | 256 | 250 | 282 | 414 | 328 | ||||||||||||||||||
| Total fixed charges |
$ | 15,755 | $ | 33,344 | $ | 39,779 | $ | 41,657 | $ | 56,656 | 45,478 | |||||||||||||
| Ratio of earnings to fixed charges |
7.2 | 4.2 | 3.2 | 3.6 | 3.8 | 4.0 | ||||||||||||||||||
| * | Excludes income from equity investments and minority interest expense. |