Mdu Resources Group Inc – ‘10-K’ for 12/31/02 – EX-12

On:  Friday, 2/28/03, at 1:02pm ET   ·   For:  12/31/02   ·   Accession #:  67716-3-11   ·   File #:  1-03480

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        2002 Form 10-K                                        77±   329K 
 2: EX-10.B     Key Employee Stock Option Plan                        12±    47K 
 3: EX-10.C     Supplemental Income Security Plan                     15±    64K 
 4: EX-10.E     Deferred Compensation Plan for Directors              10±    39K 
 5: EX-10.T     Separation Agreement                                   9±    43K 
 6: EX-10.U     1998 Option Award Program                              9±    36K 
 7: EX-10.V     Group Genius Innovation Plan                          14±    55K 
 8: EX-12       Computation of Ratio of Earnings                       2±     8K 
 9: EX-13       2002 Annual Report                                    56±   259K 
10: EX-21       Subsidiaries of Mdu Resources Group, Inc.              2±    12K 
11: EX-23       Consent of Independent Auditors                        1      8K 
12: EX-99       Sarbanes-Oxley Act of 2002                             1      7K 

EX-12   —   Computation of Ratio of Earnings

MDU RESOURCES GROUP, INC.     
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES     
AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS    

            Years Ended December 31,
                2002      2001      2000      1999      1998
                   (In thousands of dollars)
Earnings Available for                                                          
Fixed Charges:                                                                

Net Income per                                                                  
Consolidated                                                                  
Statements of                                                                 
Income               $148,444  $155,849  $111,028  $ 84,080  $ 34,107         

Income Taxes            86,230    98,341    69,650    49,310    17,485          
             234,674   254,190   180,678   133,390    51,592

Rents (a)                8,156     6,561     3,952     2,018     1,749          

Interest (b)            51,393    51,201    51,801    36,539    31,587          

Total Earnings                                                                  
Available for                                                                 
Fixed Charges        $294,223  $311,952  $236,431  $171,947  $ 84,928         

Preferred Dividend                                                              
Requirements         $    756  $    762  $    766  $    772  $    777         

Ratio of Income                                                                 
Before Income                                                                 
Taxes to Net                                                                  
Income                    158%      163%      163%      159%      151%        

Preferred Dividend                                                              
Factor on Pretax                                                              
Basis                   1,194     1,242     1,249     1,227     1,173         

Fixed Charges (c)       59,549    57,762    55,753    38,557    33,336          

Combined Fixed                                                                  
Charges and                                                                   
Preferred Stock                                                               
Dividends            $ 60,743  $ 59,004  $ 57,002  $ 39,784  $ 34,509         

Ratio of Earnings                                                               
to Fixed Charges         4.9x      5.4x      4.2x      4.5x      2.5x         

Ratio of Earnings                                                               
to Combined                                                                   
Fixed Charges                                                                 
and Preferred                                                                 
Stock Dividends          4.8x      5.3x      4.1x      4.3x      2.5x         

(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.