EX-12 8 ex-12.htm MDUR COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS ex-12.htm
MDU RESOURCES GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

   
Years Ended December 31,
  
   
2008
    
2007
    
2006
    
2005
    
2004
  
   
(In thousands of dollars)
  
                               
Earnings Available for
Fixed Charges:
                              
                               
Net Income (a)
   $ 293,826     $ 308,288     $ 303,396     $ 250,905     $ 179,004  
                                         
Income Taxes
     147,475       190,024       166,110       146,249       92,283  
                                         
      441,301       498,312       469,506       397,154       271,287  
                                         
Rents (b)
     11,781       11,947       7,688       11,109       10,000  
                                         
Interest (c)
     86,320       76,248       74,531       56,440       58,814  
                                         
Total Earnings Available for Fixed Charges
   $ 539,402     $ 586,507     $ 551,725     $ 464,703     $ 340,101  
                                         
Preferred Dividend Requirements
   $ 685     $ 685     $ 685     $ 685     $ 685  
                                         
Ratio of Income Before Income Taxes to Net Income
     150 %     159 %     154 %     155 %     146 %
                                         
Preferred Dividend Factor on Pretax Basis
     1,028       1,089       1,055       1,062       1,000  
                                         
Fixed Charges (d)
     101,452       90,545       84,898       68,934       70,215  
                                         
Combined Fixed Charges and Preferred Stock Dividends
   $ 102,480     $ 91,634     $ 85,953     $ 69,996     $ 71,215  
                                         
Ratio of Earnings to Fixed Charges
     5.3x       6.5x       6.5x       6.7x       4.8x  
                                         
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
     5.3x       6.4x       6.4x       6.6x       4.8x  
 
(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).