Attached files

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8-K - 8-K - BLACK HILLS CORP /SD/a13-24110_48k.htm
EX-4 - EX-4 - BLACK HILLS CORP /SD/a13-24110_4ex4.htm
EX-1 - EX-1 - BLACK HILLS CORP /SD/a13-24110_4ex1.htm
EX-99 - EX-99 - BLACK HILLS CORP /SD/a13-24110_4ex99.htm
EX-5.1 - EX-5.1 - BLACK HILLS CORP /SD/a13-24110_4ex5d1.htm
EX-5.2 - EX-5.2 - BLACK HILLS CORP /SD/a13-24110_4ex5d2.htm

Exhibit 12

 

BLACK HILLS CORPORATION

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

 

 

Years Ended December 31,

 

September 30,

 

 

 

2010

 

2011

 

2012

 

2013

 

2012

 

Ratio =

Earnings / Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings as defined by Regulation S-K

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

63,141

 

$

40,365

 

$

88,505

 

$

96,839

 

$

57,571

 

 

 

 

 

 

 

 

 

 

 

 

 

Add

Income Taxes

 

22,169

 

18,224

 

48,400

 

50,527

 

30,057

 

 

(Income) loss from equity investee

 

(1,559

)

(1,121

)

(10

)

86

 

12

 

(A)

Income (loss) from continuing ops before equity in earnings of subsidiaries and income tax

 

$

83,751

 

$

57,468

 

$

136,895

 

$

147,452

 

$

87,640

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus

 

 

 

 

 

 

 

 

 

 

 

 

(B)

Fixed Charges as Defined

 

$

107,824

 

$

118,649

 

$

120,011

 

$

73,214

 

$

86,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(D)

Distributed income of equity investees

 

$

2,444

 

$

2,197

 

$

261

 

$

 

$

226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less

 

 

 

 

 

 

 

 

 

 

 

 

(E)

Interest capitalized

 

$

(4,381

)

$

(11,260

)

$

(682

)

$

(811

)

$

(467

)

 

Preference secuirty dividend requirements of consolidated sub

 

 

 

 

 

 

 

Minority interest in pre-tax income of subs

 

 

 

 

 

 

 

Total Adjusted Earnings

 

$

189,638

 

$

167,054

 

$

256,485

 

$

219,855

 

$

174,342

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges as defined in Regulation S-K

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed per SEC reports (includes amort of deferred financing costs)

 

$

101,295

 

$

105,424

 

$

117,072

 

$

70,070

 

$

84,683

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

4,381

 

11,260

 

682

 

811

 

467

 

 

Total Interest per 10K / 10Q

 

$

105,676

 

$

116,684

 

$

117,754

 

$

70,881

 

$

85,151

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimate of interest within rental expense

 

2,148

 

1,965

 

2,257

 

2,333

 

1,792

 

 

Subtotal

 

$

107,824

 

$

118,649

 

$

120,011

 

$

73,214

 

$

86,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges as Defined

 

$

107,824

 

$

118,649

 

$

120,011

 

$

73,214

 

$

86,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.76

 

1.41

 

2.14

 

3.00

 

2.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

 

1.76

 

1.41

 

2.14

 

3.00

 

2.01