Black Hills (BKH) 8-K Black Hills Corp. Announces Pricing of $525 Million of Senior Notes

Exhibit 12

BLACK HILLS CORPORATION

											Nine Months Ended
					Years Ended December 31,						September 30,
		2010			2011			2012			2013			2012
Ratio =	Earnings / Fixed Charges
Earnings as defined by Regulation S-K
Income (loss) from continuing operations		$	63,141		$	40,365		$	88,505		$	96,839		$	57,571
Add	Income Taxes	22,169			18,224			48,400			50,527			30,057
	(Income) loss from equity investee	(1,559		)	(1,121		)	(10		)	86			12
(A)	Income (loss) from continuing ops before equity in earnings of subsidiaries and income tax	$	83,751		$	57,468		$	136,895		$	147,452		$	87,640
Plus
(B)	Fixed Charges as Defined	$	107,824		$	118,649		$	120,011		$	73,214		$	86,943
(D)	Distributed income of equity investees	$	2,444		$	2,197		$	261		$	—		$	226
Less
(E)	Interest capitalized	$	(4,381	)	$	(11,260	)	$	(682	)	$	(811	)	$	(467	)
	Preference secuirty dividend requirements of consolidated sub	—			—			—			—			—
	Minority interest in pre-tax income of subs	—			—			—			—			—
	Total Adjusted Earnings	$	189,638		$	167,054		$	256,485		$	219,855		$	174,342
Fixed Charges as defined in Regulation S-K
	Interest expensed per SEC reports (includes amort of deferred financing costs)	$	101,295		$	105,424		$	117,072		$	70,070		$	84,683
	Interest capitalized	4,381			11,260			682			811			467
	Total Interest per 10K / 10Q	$	105,676		$	116,684		$	117,754		$	70,881		$	85,151
	Estimate of interest within rental expense	2,148			1,965			2,257			2,333			1,792
	Subtotal	$	107,824		$	118,649		$	120,011		$	73,214		$	86,943
	Fixed Charges as Defined	$	107,824		$	118,649		$	120,011		$	73,214		$	86,943
	Ratio of Earnings to Fixed Charges	1.76			1.41			2.14			3.00			2.01
	Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	1.76			1.41			2.14			3.00			2.01