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, 2014				Year Ended December 31, 2013
	(In thousands of dollars)
Earnings Available for Fixed Charges:
Net Income (a)		$	279,426			$	281,163
Income Taxes		136,673				136,736
		416,099				417,899
Rents (b)		16,619				16,035
Interest (c)		92,609				92,481
Total Earnings Available for Fixed Charges		$	525,327			$	526,415
Preferred Dividend Requirements		$	685			$	685
Ratio of Income Before Income Taxes to Net Income		149		%		149		%
Preferred Dividend Factor on Pretax Basis		1,021				1,021
Fixed Charges (d)		108,929				107,892
Combined Fixed Charges and Preferred Stock Dividends		$	109,950			$	108,913
Ratio of Earnings to Fixed Charges		4.8x				4.9x
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		4.8x				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).