MDU Resources (MDU) 10-Q 2005 Q3 Quarterly report

MDU RESOURCES GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 Twelve MonthsYear

Ended Ended

September 30, 2005December 31, 2004

 (In thousands of dollars)

Earnings Available for Fixed Charges:
Net Income (a)	$	235,661	$	184,805
Income Taxes		131,841		93,974
		367,502		278,779
Rents (b)		11,005		10,194
Interest (c)		56,266		59,101
Total Earnings Available for Fixed Charges	$	434,773	$	348,074
Preferred Dividend Requirements	$	685	$	685
Ratio of Income Before Income Taxes to Net Income		152%		145%
Preferred Dividend Factor on Pretax Basis		1,041		993
Fixed Charges (d)		74,558		72,877
Combined Fixed Charges and Preferred Stock Dividends	$	75,599	$	73,870
Ratio of Earnings to Fixed Charges		5.8x		4.8x
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		5.8x		4.7x

(a)   Net income excludes undistributed income for equity investees.

(b)   Represents interest portion of rents estimated at 33 1/3%.

(c)   Represents interest, amortization of debt discount and expense on all indebtedness and amortization of interest capitalized, and excludes amortization of gains or losses on reacquired debt (which, under the Federal Energy Regulatory Commission Uniform System of Accounts, is classified as a reduction of, or increase in, interest expense in the Consolidated Statements of Income) and interest capitalized.

(d)   Represents rents (as defined above), interest, amortization of debt discount and expense on all indebtedness, and excludes amortization of gains or losses on reacquired debt (which, under the Federal Energy Regulatory Commission Uniform System of Accounts, is classified as a reduction of, or increase in, interest expense in the Consolidated Statements of Income).