EX-12 4 computationofratio.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

MDU RESOURCES GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

                Twelve Months     Year
                  Ended        Ended 
              September 30, 2005 December 31, 2004
        (In thousands of dollars)
Earnings Available for Fixed Charges:
              
               
Net Income (a)
  
$
235,661
  
$
184,805
  
               
Income Taxes
   
131,841
    
93,974
  
     
367,502
    
278,779
  
               
Rents (b)
    
11,005
    
10,194
  
               
Interest (c)
    
56,266
    
59,101
  
               
Total Earnings Available for Fixed Charges
  
$
434,773
  
$
348,074
  
               
Preferred Dividend Requirements
  
$
685
  
$
685
  
               
Ratio of Income Before Income Taxes to Net Income
   
152%
 
  
145%
 
               
Preferred Dividend Factor on Pretax Basis
   
1,041
    
993
  
               
Fixed Charges (d)
    
74,558
    
72,877
  
               
Combined Fixed Charges and Preferred Stock Dividends
  
$
75,599
  
$
73,870
  
               
Ratio of Earnings to Fixed Charges
    
5.8x
    
4.8x
  
               
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
   
5.8x
    
4.7x
  

(a)  
Net income excludes undistributed income for equity investees.

(b)  
Represents interest portion of rents estimated at 33 1/3%.

(c)  
Represents interest, amortization of debt discount and expense on all indebtedness and amortization of interest capitalized, and excludes amortization of gains or losses on reacquired debt (which, under the Federal Energy Regulatory Commission Uniform System of Accounts, is classified as a reduction of, or increase in, interest expense in the Consolidated Statements of Income) and interest capitalized.

(d)  
Represents rents (as defined above), interest, amortization of debt discount and expense on all indebtedness, and excludes amortization of gains or losses on reacquired debt (which, under the Federal Energy Regulatory Commission Uniform System of Accounts, is classified as a reduction of, or increase in, interest expense in the Consolidated Statements of Income).