exh12.htm

MDU RESOURCES GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Three Months Ended			Years Ended December 31,
	March 31, 2008			2007			2006			2005			2004			2003
	(In thousands of dollars)
Earnings Available for Fixed Charges:
Net Income (a)	$	69,922		$	308,288		$	303,396		$	250,905		$	179,004		$	159,627
Income Taxes (b)		41,254			190,024			166,110			146,249			92,283			92,743
		111,176		$	498,312			469,506			397,154			271,287			252,370
Rents (c)		2,324			11,947			7,688			11,109			10,000			8,929
Interest (d)		19,771			76,248			74,531			56,440			58,814			54,055
Total Earnings Available for Fixed Charges	$	133,271		$	586,507		$	551,725		$	464,703		$	340,101		$	315,354
Preferred Dividend Requirements	$	171		$	685		$	685		$	685		$	685		$	718
Ratio of Income Before Income Taxes to Net Income		158	%		159	%		154	%		155	%		146	%		156	%
Preferred Dividend Factor on Pretax Basis		270			1,089			1,055			1,062			1,000			1,120
Fixed Charges (e)		22,776			90,545			84,898			68,934			70,215			67,242
Combined Fixed Charges and Preferred Stock Dividends	$	23,046		$	91,634		$	85,953		$	69,996		$	71,215		$	68,362
Ratio of Earnings to Fixed Charges		5.9	x		6.5	x		6.5	x		6.7	x		4.8	x		4.7	x
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		5.8	x		6.4	x		6.4	x		6.6	x		4.8	x		4.6	x

(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).