Exhibit 12
BLACK HILLS CORPORATION
|
|
|
|
|
|
|
|
|
|
|
| Three months ended |
| |||
|
| Year ended December 31, |
| March 31, |
| |||||||||||
|
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2010 |
| 2009 |
| |
Ratio = | Earnings/Fixed Charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings as defined by Regulation S-K |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) from continuing operations |
| 78,756 |
| (52,037 | ) | 75,658 |
| 55,772 |
| 50,072 |
| 31,434 |
| 25,625 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add | Minority Interest |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
| Income Taxes |
| 33,315 |
| (29,395 | ) | 32,427 |
| 23,103 |
| 26,633 |
| 16,476 |
| 6,023 |
|
| (Income) loss from equity investee |
| (1,343 | ) | (4,366 | ) | 1,231 |
| (1,653 | ) | (14,325 | ) | (317 | ) | 327 |
|
(A) | Income (loss) from continuing ops before equity in earnings of subsidiaries/income tax |
| 110,728 |
| (85,798 | ) | 109,316 |
| 77,222 |
| 62,380 |
| 47,593 |
| 31,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(B) | Fixed Charges as Defined |
| 92,325 |
| 59,392 |
| 34,520 |
| 35,691 |
| 28,015 |
| 25,304 |
| 20,219 |
|
C | Amortization of Capitalized Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(D) | Distributed income of equity investees |
| 4,813 |
| 1,781 |
| 3,724 |
| 4,304 |
| 12,956 |
| 657 |
| 2,360 |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(E) | Interest capitalized |
| (322 | ) | (1,318 | ) | (2,323 | ) | (1,571 | ) | — |
| (206 | ) | (93 | ) |
(F) | Preference security dividend requirements of consolidated sub |
|
|
| — |
| — |
| — |
| (241 | ) | — |
| — |
|
| Minority interest in pre-tax income of subs |
| — |
| — |
| — |
|
|
|
|
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Adjusted Earnings |
| 207,544 |
| (25,943 | ) | 145,237 |
| 115,646 |
| 103,110 |
| 73,348 |
| 54,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Charges as defined in Regulation S-K |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| interest expensed per SEC reports (includes amort of def fin costs) |
| 84,690 |
| 54,123 |
| 25,181 |
| 29,946 |
| 26,607 |
| 21,766 |
| 18,901 |
|
| add back AFUDC borrowings |
| 5,839 |
| 2,811 |
| 6,415 |
| 2,972 |
| 262 |
| 3,148 |
| 838 |
|
| add back AFUDC other incorrectly offset to interest |
|
|
|
|
|
|
| 432 |
| 94 |
| — |
| — |
|
| interest capitalized |
| 322 |
| 1,318 |
| 2,323 |
| 1,571 |
| — |
| 206 |
| 93 |
|
| estimate of interest within rental expense |
| 1,474 |
| 1,140 |
| 601 |
| 529 |
| 580 |
| 184 |
| 387 |
|
| Subtotal |
| 92,325 |
| 59,392 |
| 34,520 |
| 35,450 |
| 27,543 |
| 25,304 |
| 20,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Preference security dividend requirements of consolidated sub |
|
|
|
|
|
|
| 241 |
| 472 |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fixed Charges as Defined |
| 92,325 |
| 59,392 |
| 34,520 |
| 35,691 |
| 28,015 |
| 25,304 |
| 20,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratio of Earnings to Fixed Charges |
| 2.25 |
| (0.44 | ) | 4.21 |
| 3.26 |
| 3.74 |
| 2.90 |
| 2.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
| 2.25 |
| (0.44 | ) | 4.21 |
| 3.24 |
| 3.68 |
| 2.90 |
| 2.69 |
|
| The earnings as defined in 2008 would need to increase $85.3 million for the 2008 ratio to be 1.0. |