Exhibit 12.1
MAGELLAN MIDSTREAM PARTNERS, L.P.
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
| Twelve Months Ended December 31, | Nine Months Ended September 30, 2008 |
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| 2003 | 2004 | 2005 | 2006 | 2007 | ||||||||||||||||||||||
| EARNINGS: |
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| Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle* |
$ | 88,169 | $ | 108,601 | $ | 156,379 | $ | 189,404 | $ | 240,331 | $ | 258,997 | ||||||||||||||
| Add: |
Fixed charges |
39,779 | 41,657 | 56,656 | 60,599 | 59,714 | 41,452 | |||||||||||||||||||
| Amortization of capitalized interest |
462 | 463 | 465 | 475 | 533 | 472 | ||||||||||||||||||||
| Distributed income of equity investees |
— | — | 3,300 | 4,125 | 3,800 | 3,200 | ||||||||||||||||||||
| Less: |
Interest capitalized |
(102 | ) | (426 | ) | (817 | ) | (2,371 | ) | (4,452 | ) | (3,734 | ) | |||||||||||||
| Total earnings |
$ | 128,308 | $ | 150,295 | $ | 215,983 | $ | 252,232 | $ | 299,926 | $ | 300,387 | ||||||||||||||
| FIXED CHARGES: |
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| Interest expense, net of interest capitalized |
$ | 36,597 | $ | 37,893 | $ | 52,554 | $ | 55,107 | $ | 52,812 | $ | 36,983 | ||||||||||||||
| Interest capitalized |
102 | 426 | 817 | 2,371 | 4,452 | 3,734 | ||||||||||||||||||||
| Debt amortization |
2,830 | 3,056 | 2,871 | 2,681 | 2,144 | 548 | ||||||||||||||||||||
| Rent expense representative of interest factor |
250 | 282 | 414 | 440 | 306 | 187 | ||||||||||||||||||||
| Total fixed charges |
$ | 39,779 | $ | 41,657 | $ | 56,656 | $ | 60,599 | $ | 59,714 | $ | 41,452 | ||||||||||||||
| Ratio of earnings to fixed charges |
3.2 | 3.6 | 3.8 | 4.2 | 5.0 | 7.2 | ||||||||||||||||||||
| * | Excludes income from equity investments and minority interest expense. |