Black Hills (BKH) 8-K Black Hills Corp. Announces Pricing of $200 Million of Senior Notes

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.