Attached files
| file | filename |
|---|---|
| EX-95 - EXHIBIT 95 - BLACK HILLS CORP /SD/ | bkhex-95q22018.htm |
| EX-32.2 - EXHIBIT 32.2 - BLACK HILLS CORP /SD/ | bkhex-322q22018.htm |
| EX-32.1 - EXHIBIT 32.1 - BLACK HILLS CORP /SD/ | bkhex-321q22018.htm |
| EX-31.2 - EXHIBIT 31.2 - BLACK HILLS CORP /SD/ | bkhex-312q22018.htm |
| EX-31.1 - EXHIBIT 31.1 - BLACK HILLS CORP /SD/ | bkhex-311q22018.htm |
| 10-Q - 10-Q - BLACK HILLS CORP /SD/ | bkh10qq22018.htm |
EXHIBIT 12
BLACK HILLS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands of dollars)
Six Months Ended | |||||||||||||||||||||||||||
June 30 | Year Ended December 31 | ||||||||||||||||||||||||||
2018 | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||
Income of consolidated group from continuing operations (a) | $ | 166,144 | $ | 107,642 | $ | 208,375 | $ | 146,793 | $ | 141,548 | $ | 132,462 | $ | 113,311 | |||||||||||||
Income taxes | (19,261 | ) | 45,040 | 73,367 | 59,101 | 78,657 | 67,336 | 61,225 | |||||||||||||||||||
(Income) loss from equity investee | — | — | — | — | — | — | — | ||||||||||||||||||||
Dividends received from unconsolidated affiliates | — | — | — | — | — | — | — | ||||||||||||||||||||
Fixed charges | 71,685 | 71,162 | 143,232 | 141,787 | 87,820 | 74,425 | 116,312 | ||||||||||||||||||||
Noncontrolling interest | (6,453 | ) | (6,739 | ) | (14,242 | ) | (9,661 | ) | — | — | — | ||||||||||||||||
Interest capitalized | (77 | ) | (133 | ) | (223 | ) | (356 | ) | (326 | ) | — | — | |||||||||||||||
Total earnings | $ | 212,038 | $ | 216,972 | $ | 410,509 | $ | 337,664 | $ | 307,699 | $ | 274,223 | $ | 290,848 | |||||||||||||
Fixed charges: | |||||||||||||||||||||||||||
Interest expense of consolidated group | $ | 70,803 | $ | 69,997 | $ | 140,533 | $ | 139,091 | $ | 85,900 | $ | 72,858 | $ | 114,675 | |||||||||||||
Interest capitalized | 77 | 133 | 223 | 356 | 326 | — | — | ||||||||||||||||||||
Portion of rental charges deemed to be interest | 805 | 1,032 | 2,476 | 2,340 | 1,594 | 1,567 | 1,637 | ||||||||||||||||||||
Total fixed charges | $ | 71,685 | $ | 71,162 | $ | 143,232 | $ | 141,787 | $ | 87,820 | $ | 74,425 | $ | 116,312 | |||||||||||||
Ratio of earnings to fixed charges | 2.96 | 3.05 | 2.87 | 2.38 | 3.50 | 3.68 | 2.50 | ||||||||||||||||||||
EXHIBIT 12
(a) On November 1, 2017, our Board of Directors approved a complete divestiture of our Oil and Gas segment. The Oil and Gas segment assets and liabilities have been classified as held for sale and the results of operations are shown in income (loss) from discontinued operations, other than certain general and administrative costs and interest expense which do not meet the criteria for income (loss) from discontinued operations. As a result, prior period earnings have been restated.
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.