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Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. freshman Avg
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- 10-K Annual report
- 10.2 Grandfather Amendment to Pep
- 10.3 2005 Pep Plan
- 10.4 Pep Restated
- 10.5 Restoration Plan
- 10.6 NQDC Plan Restated
- 10 2005 Omnibus Amendment
- 10.13 Stock Option Agreement
- 10.15 Restricted Stock Award
- 10.17 Restricted Stock Unit Award
- 10.19 Performance Share Award Agreement
- 10.23 Directors Stock Based Compensation Plan
- 10.25 Stip Amendment
- 12 Computation of Ratios
- 21 BHC Subs
- 23.1 Auditors Consent
- 23.2 Engineer Consent
- 31.1 CEO Certification
- 31.2 CFO Certification
- 32.1 CEO Section 1350 Certification
- 32.2 CFO Section 1350 Certification
EXHIBIT 12
BLACK HILLS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)
| Year Ended December 31, | |||||||||
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| 2008 | 2007 | 2006 | 2005 | 2004 | |||||
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Earnings as defined in Regulation S-K – |
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Income (loss) from continuing operations | $ | (52,167) | $ | 75,281 | $ | 55,262 | $ | 49,795 | $ | 44,422 |
Minority interest |
| 130 |
| 377 |
| 510 |
| 277 |
| 186 |
Income tax expense (benefit) |
| (29,395) |
| 32,427 |
| 23,103 |
| 26,633 |
| 19,713 |
(Income) loss from equity investee |
| (4,366) |
| 1,231 |
| (1,653) |
| (14,325) |
| 386 |
Income (loss) from continuing operations before |
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minority interest, earnings from equity investees, |
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and income taxes |
| (85,798) |
| 109,316 |
| 77,222 |
| 62,380 |
| 64,707 |
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Fixed charges |
| 59,392 |
| 34,520 |
| 35,018 |
| 28,122 |
| 25,210 |
Amortization of capitalized interest |
| 48 |
| 93 |
| 63 |
| — |
| — |
Distributed income of equity investees |
| 1,781 |
| 3,724 |
| 4,304 |
| 12,956 |
| 3,762 |
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|
Interest capitalized |
| (1,318) |
| (2,323) |
| (1,571) |
| — |
| — |
Preference security dividend requirements of |
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consolidated subsidiaries |
| — |
| — |
| — |
| (241) |
| (472) |
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Earnings as defined | $ | (25,895) | $ | 145,330 | $ | 115,036 | $ | 103,217 | $ | 93,207 |
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Fixed Charges as defined in Regulation S-K – |
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Interest expense | $ | 54,123 | $ | 25,181 | $ | 29,946 | $ | 26,607 | $ | 24,021 |
AFUDC interest |
| 2,811 |
| 6,415 |
| 2,972 |
| 694 |
| 165 |
Interest capitalized |
| 1,318 |
| 2,323 |
| 1,571 |
| — |
| — |
Estimate of interest within rental expense |
| 1,140 |
| 601 |
| 529 |
| 580 |
| 552 |
Fixed Charges as defined |
| 59,392 |
| 34,520 |
| 35,018 |
| 27,881 |
| 24,738 |
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Preference security dividend requirements of |
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|
|
|
|
|
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|
|
consolidated subsidiaries |
| — |
| — |
| — |
| 241 |
| 472 |
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Fixed Charges and Preference Security Dividend |
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as defined | $ | 59,392 | $ | 34,520 | $ | 35,018 | $ | 28,122 | $ | 25,210 |
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Ratio of Earnings to Fixed Charges (a) |
| (0.44) |
| 4.21 |
| 3.29 |
| 3.70 |
| 3.77 |
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Ratio of Earnings to Fixed Charges and |
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Preference Security Dividend (a) |
| (0.44) |
| 4.21 |
| 3.29 |
| 3.67 |
| 3.70 |
______________________________________
(a) | The earnings as defined in 2008 would need to increase $85.3 million for the 2008 ratios to be 1.0. |