MDU RESOURCES GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Twelve Months Year
Ended Ended
September 30, 2000 December 31, 1999
(In thousands of dollars)
Earnings Available for
Fixed Charges:
Net Income per Consolidated
Statements of Income $ 98,947 $ 84,080
Income Taxes 59,298 49,310
158,245 133,390
Rents (a) 3,698 2,018
Interest (b) 44,298 36,539
Total Earnings Available
for Fixed Charges $ 206,241 $ 171,947
Preferred Dividend Requirements $ 768 $ 772
Ratio of Income Before Income
Taxes to Net Income 160% 159%
Preferred Dividend Factor on
Pretax Basis 1,229 1,227
Fixed Charges (c) 47,996 38,557
Combined Fixed Charges and
Preferred Stock Dividends $ 49,225 $ 39,784
Ratio of Earnings to Fixed
Charges 4.3x 4.5x
Ratio of Earnings to
Combined Fixed Charges
and Preferred Stock Dividends 4.2x 4.3x
(a) Represents portion (33 1/3%) of rents which is estimated to
approximately constitute the return to the lessors on their
investment in leased premises.
(b) Represents interest and amortization of debt discount and
expense on all indebtedness and excludes amortization of gains
or losses on reacquired debt which, under the Uniform System of
Accounts, is classified as a reduction of, or increase in,
interest expense in the Consolidated Statements of Income.
(c) Represents rents and interest, both as defined above.
