Mdu Resources Group Inc – ‘10-K’ for 12/31/04 – EX-12

On:  Wednesday, 2/23/05, at 2:10pm ET   ·   For:  12/31/04   ·   Accession #:  67716-5-48   ·   File #:  1-03480

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Mdu Resources Group, Inc. 2004 10-K                  156±   674K 
 2: EX-12       Computation of Ratio of Earnings                       2±     9K 
 3: EX-21       Subsidiaries of Mdu Resources Group, Inc.              2±    11K 
 4: EX-23       Independent Auditors' Consent                          1      8K 
 5: EX-31.A     Section 302 Certification of CEO                       2±    11K 
 6: EX-31.B     Section 302 Certification of CFO                       2±    11K 
 7: EX-32       Section 906 Certifications of CEO and CFO              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,
                2004      2003      2002      2001      2000
                   (In thousands of dollars)
Earnings Available for                                                        
Fixed Charges:                                                            

Net Income (a)       $184,805  $170,956  $148,444  $155,849  $111,028         

Income Taxes (b)       93,974    93,751    86,230    98,341    69,650         
             278,779   264,707   234,674   254,190   180,678

Rents (c)              10,194     9,073     8,156     6,561     3,952         

Interest (d)           59,101    54,354    51,393    51,201    51,801         

Total Earnings                                                                
Available for                                                             
Fixed Charges      $348,074  $328,134  $294,223  $311,952  $236,431       

Preferred Dividend                                                            
Requirements       $    685  $    717  $    756  $    762  $    766       

Ratio of Income                                                               
Before Income                                                             
Taxes to Net                                                              
Income                  145%      153%      158%      163%      163%      

Preferred Dividend                                                            
Factor on Pretax                                                          
Basis                   993     1,097     1,194     1,242     1,249       

Fixed Charges (e)      72,877    68,141    59,549    57,762    55,753         

Combined Fixed                                                                
Charges and                                                               
Preferred Stock                                                           
Dividends          $ 73,870  $ 69,238  $ 60,743  $ 59,004  $ 57,002       

Ratio of Earnings                                                             
to Fixed Charges       4.8x      4.8x      4.9x      5.4x      4.2x       

Ratio of Earnings                                                             
to Combined                                                               
Fixed Charges                                                             
and Preferred                                                             
Stock Dividends        4.7x      4.7x      4.8x      5.3x      4.1x       

(a)  Net income excludes undistributed income (loss) for equity               
investees.                                                          

(b)  Includes income tax benefits of $4,821 associated with the               
cumulative effect of accounting change for the twelve months ended  
December 31, 2003.                                                  

(c)  Represents interest portion of rents estimated at 33 1/3%.               

(d)  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.        

(e)  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).                                 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing		Date		Other Filings
Filed on:		2/23/05		4
For Period End:		12/31/04		11-K,  4,  5,  8-K
		12/31/03		10-K,  11-K,  4,  4/A,  5,  8-K
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