EX-12 9 compratio.htm COMPUTATION OF RATIO OF EARNINGS Computation of Ratio of Earnings
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, 2007
  
Year
Ended
December 31, 2006
  
   
(In thousands of dollars)
  
Earnings Available for Fixed Charges:
                  
                   
Net Income (a)
        
$
294,310
        
$
303,353
  
                           
Income Taxes
         
159,492
          
166,072
  
           
453,802
          
469,425
  
                           
Rents (b)
          
8,277
          
7,688
  
                           
Interest (c)
          
77,994
          
74,531
  
                           
Total Earnings Available for Fixed Charges
        
$
540,073
        
$
551,644
  
                           
Preferred Dividend Requirements
        
$
685
        
$
685
  
                           
 Ratio of Income Before Income Taxes to Net Income
         
154
%
        
154
%
                           
Preferred Dividend Factor on Pretax Basis
         
1,055
          
1,055
  
                           
Fixed Charges (d)
          
89,178
          
84,898
  
                           
 Combined Fixed Charges and Preferred Stock Dividends
        
$
90,233
        
$
85,953
  
                           
Ratio of Earnings to Fixed Charges
          
6.1x
          
6.5x
  
                           
 Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
         
6.0x
          
6.4x
  

(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).