EX-12 10 a2015ex12.htm MDU RESOURCES FIXED CHARGES AND COMBINED FIXED CHARGES Wdesk | Exhibit
MDU RESOURCES GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
 
 
Years Ended December 31,
 
 
 
2015

 
2014

 
2013

 
2012

 
2011

 
 
 
(In thousands of dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Net Income (a)
 
$
114,849

 
$
179,714

 
$
170,972

 
$
150,337

 
$
131,452

 
Income Taxes
 
65,603

 
63,227

 
74,294

 
70,067

 
56,865

 
 
 
180,452

 
242,941

 
245,266

 
220,404

 
188,317

 
Rents (b)
 
21,697

 
16,166

 
13,240

 
11,693

 
11,612

 
Interest (c)
 
106,181

 
94,648

 
92,368

 
83,649

 
86,309

 
Total Earnings Available for Fixed Charges
 
$
308,330

 
$
353,755

 
$
350,874

 
$
315,746

 
$
286,238

 
Preferred Dividend Requirements
 
$
685

 
$
685

 
$
685

 
$
685

 
$
685

 
Ratio of Income Before Income Taxes to Net Income
 
157
%
 
135
%
 
143
%
 
147
%
 
143
%
 
Preferred Dividend Factor on Pretax Basis
 
1,075

 
925

 
980

 
1,007

 
980

 
Fixed Charges (d)
 
123,741

 
113,849

 
104,984

 
98,362

 
104,195

 
Combined Fixed Charges and Preferred Stock Dividends
 
$
124,816

 
$
114,774

 
$
105,964

 
$
99,369

 
$
105,175

 
Ratio of Earnings to Fixed Charges
 
2.5x

 
3.1x

 
3.3x

 
3.2x

 
2.7x

 
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
 
2.5x

 
3.1x

 
3.3x

 
3.2x

 
2.7x

 
(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).