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