Attached files
| file | filename |
|---|---|
| EX-95 - EXHIBIT 95 - BLACK HILLS CORP /SD/ | bkhex-95q22016.htm |
| EX-32.2 - EXHIBIT 32.2 - BLACK HILLS CORP /SD/ | bkhex-322q22016.htm |
| EX-32.1 - EXHIBIT 32.1 - BLACK HILLS CORP /SD/ | bkhex-321q22016.htm |
| EX-31.2 - EXHIBIT 31.2 - BLACK HILLS CORP /SD/ | bkhex-312q22016.htm |
| EX-31.1 - EXHIBIT 31.1 - BLACK HILLS CORP /SD/ | bkhex-311q22016.htm |
| 10-Q - 10-Q - BLACK HILLS CORP /SD/ | bkh10qq22016.htm |
EXHIBIT 12
BLACK HILLS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions of dollars)
Six Months Ended | |||||||||||||||||||||||||||
June 30 | Year Ended December 31 | ||||||||||||||||||||||||||
2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||
Income of consolidated group from continuing operations | $ | 43,333 | $ | (7,992 | ) | $ | (32,111 | ) | $ | 130,889 | $ | 118,307 | $ | 109,417 | $ | 44,374 | |||||||||||
Income taxes | 4,561 | (2,605 | ) | (22,160 | ) | 66,625 | 63,040 | 60,219 | 20,445 | ||||||||||||||||||
(Income) loss from equity investee | — | 5,514 | 4,749 | 1 | 86 | (10 | ) | (1,121 | ) | ||||||||||||||||||
Dividends received from unconsolidated affiliates | — | — | — | — | — | 261 | 2,197 | ||||||||||||||||||||
Fixed charges | 69,086 | 41,300 | 90,020 | 76,636 | 115,820 | 120,011 | 118,649 | ||||||||||||||||||||
Noncontrolling interest | (2,662 | ) | — | — | — | — | — | — | |||||||||||||||||||
Interest capitalized | (503 | ) | (757 | ) | (1,309 | ) | (982 | ) | (1,061 | ) | (682 | ) | (11,260 | ) | |||||||||||||
Total earnings | $ | 113,815 | $ | 35,460 | $ | 39,189 | $ | 273,169 | $ | 296,192 | $ | 289,216 | $ | 173,284 | |||||||||||||
Fixed charges: | |||||||||||||||||||||||||||
Interest expense of consolidated group | $ | 66,180 | $ | 38,698 | $ | 84,969 | $ | 72,035 | $ | 112,918 | $ | 117,072 | $ | 105,424 | |||||||||||||
Interest capitalized | 503 | 757 | 1,309 | 982 | 1,061 | 682 | 11,260 | ||||||||||||||||||||
Portion of rental charges deemed to be interest | 2,403 | 1,845 | 3,742 | 3,619 | 1,841 | 2,257 | 1,965 | ||||||||||||||||||||
Total fixed charges | $ | 69,086 | $ | 41,300 | $ | 90,020 | $ | 76,636 | $ | 115,820 | $ | 120,011 | $ | 118,649 | |||||||||||||
Ratio of earnings to fixed charges | 1.65 | 0.86 | 0.44 | 3.56 | 2.56 | 2.41 | 1.46 | ||||||||||||||||||||
EXHIBIT 12
The table above sets forth our ratio of earnings to fixed charges for each of the periods indicated. For this purpose, earnings consist of income or loss from continuing operations (before adjustment for income taxes, income attributable to noncontrolling interests or income or loss from equity investees), plus fixed charges and distributed income of equity investees and less interest capitalized. Fixed charges consist of interest expensed and capitalized, amortization of debt issuance costs and an estimate of the interest within rental expense.
The six months ended June 30, 2015 and year ended December 31, 2015 include after-tax impairments of Oil and Gas properties of $77 million and $158 million, respectively. Because of this, the ratio for these periods is below 1. To achieve a ratio of 1 for the six months ended June 30, 2015 and the year ended December 31, 2015, additional earnings of $5.9 million and $51 million, respectively, would be needed.