EX-12 9 compofratio.htm MDU RESOURCES RATIO OF EARNINGS TO CHARGES & DIVIDENDS MDU Resources Ratio of Earnings to Charges & Dividends
MDU RESOURCES GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

   
Years Ended December 31,
  
   
2005
  
2004
  
2003
  
2002
  
2001
  
   
(In thousands of dollars)
  
                       
Earnings Available for Fixed Charges:
                      
                       
Net Income (a)
  
$
260,697
  
$
184,805
  
$
170,956
  
$
148,444
  
$
155,849
  
                                 
Income Taxes (b)
    
145,779
    
93,974
    
93,751
    
86,230
    
98,341
  
                                 
     
406,476
    
278,779
    
264,707
    
234,674
    
254,190
  
                                 
Rents (c)
    
11,335
    
10,194
    
9,073
    
8,156
    
6,561
  
                                 
Interest (d)
    
56,807
    
59,101
    
54,354
    
51,393
    
51,201
  
                                 
Total Earnings Available for Fixed Charges
  
$
474,618
  
$
348,074
  
$
328,134
  
$
294,223
  
$
311,952
  
                                 
Preferred Dividend Requirements
  
$
685
  
$
685
  
$
717
  
$
756
  
$
762
  
                                 
Ratio of Income Before Income Taxes to Net Income
    
153
%
  
145
%
  
153
%
  
158
%
  
163
%
                                 
Preferred Dividend Factor on Pretax Basis
    
1,048
    
993
    
1,097
    
1,194
    
1,242
  
                                 
Fixed Charges (e)
    
76,814
    
72,877
    
68,141
    
59,549
    
57,762
  
                                 
Combined Fixed Charges and Preferred Stock
Dividends
  
$
77,862
  
$
73,870
  
$
69,238
  
$
60,743
  
$
59,004
  
                                 
Ratio of Earnings to Fixed Charges
    
6.2x
    
4.8x
    
4.8x
    
4.9x
    
5.4x
  
                                 
Ratio of Earnings Fixed Charges and Preferred
Stock Dividends
    
6.1x
    
4.7x
    
4.7x
    
4.8x
    
5.3x
  
 
(a)  
Net income excludes undistributed income for equity investees.
 
(b)  
Includes income tax benefits of $4,821 associated with the cumulative effect of accounting change for the twelve months ended December 31, 2003.
 
(c)  
Represents interest portion of rents estimated at 33 1/3%.

(d)  
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.

(e)  
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).