Exhibit 12
Black Hills Corporation
Computation of Ratios of Earnings to Fixed Charges and
Earnings to Fixed Charges and Preferred Stock Dividends
(Dollars are in thousands)
|
Earnings: |
2003 |
2004 |
2005 |
2006 |
2007 | |||||
|
Pre-tax income from continued |
|
|
|
|
|
|
|
|
|
|
|
operations before adjustment for |
|
|
|
|
|
|
|
|
|
|
|
minority interests in consolidated |
|
|
|
|
|
|
|
|
|
|
|
subsidiaries or income or loss from |
|
|
|
|
|
|
|
|
|
|
|
equity investees |
$ |
84,470 |
$ |
82,952 |
$ |
35,788 |
$ |
106,705 |
$ |
147,373 |
|
Fixed charges |
|
53,886 |
|
54,010 |
|
54,555 |
|
59,936 |
|
53,558 |
|
Amortization of capitalized interest |
|
12 |
|
12 |
|
12 |
|
75 |
|
199 |
|
Distributed income of equity investees |
|
1,873 |
|
3,762 |
|
12,956 |
|
4,304 |
|
3,724 |
|
Interest capitalized |
|
(363) |
|
— |
|
— |
|
(1,571) |
|
(3,562) |
|
AFUDC – interest |
|
(18) |
|
(71) |
|
(262) |
|
(2,972) |
|
(6,415) |
|
Preference security dividend |
|
|
|
|
|
|
|
|
|
|
|
requirements of consolidated |
|
|
|
|
|
|
|
|
|
|
|
subsidiaries |
|
(410) |
|
(472) |
|
(241) |
|
— |
|
— |
|
Total |
$ |
139,450 |
$ |
140,193 |
$ |
102,809 |
$ |
166,477 |
$ |
194,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
$ |
48,765 |
$ |
48,092 |
$ |
48,633 |
$ |
51,026 |
$ |
40,953 |
|
Interest capitalized |
|
363 |
|
— |
|
— |
|
1,571 |
|
3,562 |
|
AFUDC – interest |
|
18 |
|
71 |
|
262 |
|
2,972 |
|
6,415 |
|
AFUDC – other |
|
|
|
|
|
|
|
|
|
|
|
in interest expense for years 2004 & |
|
|
|
|
|
|
|
|
|
|
|
2005 only |
|
— |
|
94 |
|
432 |
|
— |
|
— |
|
Amortized premiums, discounts and |
|
|
|
|
|
|
|
|
|
|
|
capitalized expenses related to |
|
|
|
|
|
|
|
|
|
|
|
indebtedness |
|
4,280 |
|
5,228 |
|
4,924 |
|
4,260 |
|
2,516 |
|
Estimate of interest within rental |
|
|
|
|
|
|
|
|
|
|
|
expense |
|
50 |
|
53 |
|
64 |
|
107 |
|
112 |
|
Subtotal |
$ |
53,476 |
$ |
53,538 |
$ |
54,315 |
$ |
59,936 |
$ |
53,558 |
|
Preference security dividend |
|
|
|
|
|
|
|
|
|
|
|
requirements of consolidated |
|
|
|
|
|
|
|
|
|
|
|
subsidiaries |
|
410 |
|
472 |
|
241 |
|
— |
|
— |
|
Total |
$ |
53,886 |
$ |
54,010 |
$ |
54,555 |
$ |
59,936 |
$ |
53,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings over fixed charges |
|
2.61x |
|
2.62x |
|
1.89x |
|
2.78x |
|
3.64x |
|
Earnings over fixed charges and |
|
|
|
|
|
|
|
|
|
|
|
preference security dividend |
|
2.59x |
|
2.60x |
|
1.88x |
|
2.78x |
|
3.64x |