MDU RESOURCES GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Twelve Months Ended March 31, 2012				Year Ended December 31, 2011
	(In thousands of dollars)
Earnings Available for Fixed Charges:
Net Income (a)		$	218,869			$	223,842
Income Taxes		112,447				110,273
		331,316				334,115
Rents (b)		13,603				13,568
Interest (c)		84,258				86,505
Total Earnings Available for Fixed Charges		$	429,177			$	434,188
Preferred Dividend Requirements		$	685			$	685
Ratio of Income Before Income Taxes to Net Income		151		%		149		%
Preferred Dividend Factor on Pretax Basis		1,034				1,021
Fixed Charges (d)		104,471				106,348
Combined Fixed Charges and Preferred Stock Dividends		$	105,505			$	107,369
Ratio of Earnings to Fixed Charges		4.1x				4.1x
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		4.1x				4.0x

(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).