Exhibit 12.1
Black Hills Corporation
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
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| Six |
| Year ended December 31 |
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Ratio of Earnings to Fixed Charges |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
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Ratio = Earnings/Fixed Charges |
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Earnings as defined by Regulation S-K 503 |
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Income (loss) from continuing operations |
| 105,457 |
| 82,631 |
| (32,111 | ) | 130,889 |
| 118,307 |
| 109,417 |
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Add |
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Income Taxes |
| 43,757 |
| 10,475 |
| (22,160 | ) | 66,625 |
| 63,040 |
| 60,219 |
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(Income) loss from equity investee |
| (0 | ) | — |
| 4,749 |
| 1 |
| 86 |
| (10 | ) | ||||||
Income (loss) from continuing ops before equity in earnings of subsidiaries and income tax |
| 149,214 |
| 93,106 |
| (49,522 | ) | 197,515 |
| 181,433 |
| 169,626 |
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Plus |
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Fixed Charges as Defined |
| 72,472 |
| 146,163 |
| 90,020 |
| 76,636 |
| 115,820 |
| 120,011 |
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Distributed income of equity investees |
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| — |
| 261 |
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Less |
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Non-controlling interest |
| (6,739 | ) | (9,661 | ) | — |
| — |
| — |
| — |
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Interest capitalized |
| (299 | ) | (1,197 | ) | (1,309 | ) | (982 | ) | (1,061 | ) | (682 | ) | ||||||
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Earnings as Defined |
| $ | 214,648 |
| $ | 228,411 |
| $ | 39,189 |
| $ | 273,169 |
| $ | 296,192 |
| $ | 289,216 |
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Fixed Charges as defined in Regulation S-K |
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Interest expense incurred |
| 69,895 |
| 138,394 |
| 84,969 |
| 72,035 |
| 112,918 |
| 117,072 |
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Interest Rate Swap de-designation Loss |
| — |
| 953 |
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Interest capitalized |
| 299 |
| 1,197 |
| 1,309 |
| 982 |
| 1,061 |
| 682 |
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Total Interest per SEC 10K 10Q |
| 70,194 |
| 140,544 |
| 86,278 |
| 73,017 |
| 113,979 |
| 117,754 |
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Portion of rental charges deemed to be interest |
| 2,278 |
| 5,619 |
| 3,742 |
| 3,619 |
| 1,841 |
| 2,257 |
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Subtotal |
| 72,472 |
| 146,163 |
| 90,020 |
| 76,636 |
| 115,820 |
| 120,011 |
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Fixed Charges as Defined |
| $ | 72,472 |
| $ | 146,163 |
| $ | 90,020 |
| $ | 76,636 |
| $ | 115,820 |
| $ | 120,011 |
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Ratio of Earnings to Fixed Charges |
| 2.96 |
| 1.56 |
| 0.44 |
| 3.56 |
| 2.56 |
| 2.41 |
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