Exhibit 12.1
BLACK HILLS CORPORATION
Computation of Ratios of Earnings to Fixed Charges and Earnings to
Fixed Charges and Preferred Stock Dividends
| Historical |
Pro-Forma |
|||||||||||||||||||||||||
| Year ended December 31, |
Three months ended March 31, |
Year ended December 31 |
Three months ended March 31 |
|||||||||||||||||||||||
| 1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
2002 |
2002 |
2003 |
||||||||||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES: |
||||||||||||||||||||||||||
| EARNINGS: |
||||||||||||||||||||||||||
| Pretax income from continuting operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees: |
||||||||||||||||||||||||||
| Income before minority interest, income taxes, discontinued operations and change in accounting principle |
37,449 |
52,022 |
|
94,427 |
|
141,920 |
|
96,017 |
|
25,499 |
|
25,085 |
|
86,088 |
|
22,909 |
| |||||||||
| Less: Equity in earnings of unconsolidated subs |
— |
— |
|
(20,149 |
) |
(14,776 |
) |
(4,588 |
) |
(456 |
) |
(1,162 |
) |
(4,588 |
) |
(456 |
) | |||||||||
| Total |
37,449 |
52,022 |
|
74,278 |
|
127,144 |
|
91,429 |
|
25,043 |
|
23,923 |
|
81,500 |
|
22,453 |
| |||||||||
| Fixed Charges |
||||||||||||||||||||||||||
| Interest Expensed |
14,707 |
15,054 |
|
29,924 |
|
38,860 |
|
38,025 |
|
12,423 |
|
8,804 |
|
47,954 |
|
15,013 |
| |||||||||
| Capitalized Interest |
— |
1,109 |
|
1,246 |
|
6,848 |
|
10,530 |
|
190 |
|
2,308 |
|
10,530 |
|
190 |
| |||||||||
| Amortization of debt issuance costs |
216 |
172 |
|
212 |
|
619 |
|
3,209 |
|
1,659 |
|
817 |
|
3,404 |
|
1,708 |
| |||||||||
| Estimate of interest within rental expense |
49 |
68 |
|
191 |
|
1,517 |
|
422 |
|
455 |
|
78 |
|
422 |
|
455 |
| |||||||||
| Total fixed charges |
14,972 |
16,403 |
|
31,573 |
|
47,844 |
|
52,186 |
|
14,727 |
|
12,007 |
|
62,310 |
|
17,366 |
| |||||||||
| Amortization of capitalized interest |
— |
— |
|
4 |
|
133 |
|
695 |
|
192 |
|
38 |
|
695 |
|
192 |
| |||||||||
| Distributed income of equity investees |
— |
— |
|
13,838 |
|
6,328 |
|
2,737 |
|
120 |
|
— |
|
2,737 |
|
120 |
| |||||||||
| Interest Capitalized |
— |
(1,109 |
) |
(1,246 |
) |
(6,848 |
) |
(10,530 |
) |
(190 |
) |
(2,308 |
) |
(10,530 |
) |
(190 |
) | |||||||||
| Preferred dividend requirements of consolidated subsidiaries |
— |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||
| Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges |
— |
— |
|
(11,083 |
) |
(2,231 |
) |
(1,239 |
) |
— |
|
(512 |
) |
(1,239 |
) |
— |
| |||||||||
| Total earnings |
52,421 |
67,316 |
|
107,364 |
|
172,370 |
|
135,278 |
|
39,892 |
|
33,148 |
|
135,473 |
|
39,941 |
| |||||||||
| Total fixed charges |
14,972 |
16,403 |
|
31,573 |
|
47,844 |
|
52,186 |
|
14,727 |
|
12,007 |
|
62,310 |
|
17,366 |
| |||||||||
| Ratio of Earnings to Fixed Charges |
3.50 |
4.10 |
|
3.40 |
|
3.60 |
|
2.59 |
|
2.71 |
|
2.76 |
|
2.17 |
|
2.30 |
| |||||||||
| Preference Security Dividend adjusted for pretax earnings required to service preferred dividend |
— |
— |
|
120 |
|
811 |
|
343 |
|
88 |
|
86 |
|
343 |
|
88 |
| |||||||||
| Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
3.50 |
4.10 |
|
3.39 |
|
3.54 |
|
2.58 |
|
2.69 |
|
2.74 |
|
2.16 |
|
2.29 |
| |||||||||