MDU RESOURCES GROUP INC - FORM 10-K - EX-12 - MDU RESOURCES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - February 23, 2018

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10-K - MDU RESOURCES 2017 FORM 10-K - MDU RESOURCES GROUP INCa2017form10-k.htm
EX-95 - MDU RESOURCES MINE SAFETY DISCLOSURES - MDU RESOURCES GROUP INCa2017ex95.htm
EX-32 - MDU RESOURCES CERTIFICATION OF CEO AND CFO - MDU RESOURCES GROUP INCa2017ex32.htm
EX-31.B - MDU RESOURCES CERTIFICATION OF CHIEF FINANCIAL OFFICER - MDU RESOURCES GROUP INCa2017ex31b.htm
EX-31.A - MDU RESOURCES CERTIFICATION OF CHIEF EXECUTIVE OFFICER - MDU RESOURCES GROUP INCa2017ex31a.htm
EX-23 - MDU RESOURCES CONSENT OF INDEPENDENT ACCOUNTING FIRM - MDU RESOURCES GROUP INCa2017ex23.htm
EX-21 - MDU RESOURCES SUBSIDIARIES OF MDU RESOURCES - MDU RESOURCES GROUP INCa2017ex21.htm
MDU RESOURCES GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
 
 
Years Ended December 31,
 
 
 
2017

 
2016

 
2015

 
2014

 
2013

 
 
 
(In thousands of dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Net Income (a)
 
$
284,982

 
$
233,102

 
$
176,545

 
$
185,577

 
$
171,236

 
Income Taxes
 
65,041

 
93,132

 
70,664

 
64,422

 
74,235

 
 
 
350,023

 
326,234

 
247,209

 
249,999

 
245,471

 
Rents (b)
 
24,576

 
21,656

 
17,974

 
15,632

 
13,240

 
Interest (c)
 
83,091

 
88,045

 
104,292

 
94,613

 
92,255

 
Total Earnings Available for Fixed Charges
 
$
457,690

 
$
435,935

 
$
369,475

 
$
360,244

 
$
350,966

 
Preferred Dividend Requirements
 
$
171

 
$
685

 
$
685

 
$
685

 
$
685

 
Ratio of Income Before Income Taxes to Net Income
 
123
%
 
140
%
 
140
%
 
135
%
 
143
%
 
Preferred Dividend Factor on Pretax Basis
 
210

 
959

 
959

 
925

 
980

 
Fixed Charges (d)
 
107,619

 
109,636

 
117,609

 
111,739

 
103,910

 
Combined Fixed Charges and Preferred Stock Dividends
 
$
107,829

 
$
110,595

 
$
118,568

 
$
112,664

 
$
104,890

 
Ratio of Earnings to Fixed Charges
 
4.3x

 
4.0x

 
3.1x

 
3.2x

 
3.4x

 
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
 
4.2x

 
3.9x

 
3.1x

 
3.2x

 
3.3x

 
(a)
Net income excludes undistributed income for equity investees.
(b)
Represents interest portion of rents estimated at 33 1/3%.

(c)
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.
 
(d)
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).


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