MDU RESOURCES GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Twelve Months Ended September 30, 2015				Year Ended December 31, 2014
	(In thousands of dollars)
Earnings Available for Fixed Charges:
Net Income (a)		$	138,006			$	179,714
Income Taxes		52,675				63,227
		190,681				242,941
Rents (b)		20,449				16,166
Interest (c)		100,910				94,648
Total Earnings Available for Fixed Charges		$	312,040			$	353,755
Preferred Dividend Requirements		$	685			$	685
Ratio of Income Before Income Taxes to Net Income		138		%		135		%
Preferred Dividend Factor on Pretax Basis		945				925
Fixed Charges (d)		122,047				113,849
Combined Fixed Charges and Preferred Stock Dividends		$	122,992			$	114,774
Ratio of Earnings to Fixed Charges		2.6x				3.1x
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		2.5x				3.1x

(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).