MDU Resources (MDU) 10-Q 2007 Q3 Quarterly report

MDU RESOURCES GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Twelve Months Ended September 30, 2007			Year Ended December 31, 2006
	(In thousands of dollars)
Earnings Available for Fixed Charges:
Net Income (a)	$	293,988		$	303,353
Income Taxes		176,709			166,072
		470,697			469,425
Rents (b)		10,321			7,688
Interest (c)		76,198			74,531
Total Earnings Available for Fixed Charges	$	557,216		$	551,644
Preferred Dividend Requirements	$	685		$	685
Ratio of Income Before Income Taxes to Net Income		157	%		154	%
Preferred Dividend Factor on Pretax Basis		1,075			1,055
Fixed Charges (d)		89,252			84,898
Combined Fixed Charges and Preferred Stock Dividends	$	90,327		$	85,953
Ratio of Earnings to Fixed Charges		6.2x			6.5x
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		6.2x			6.4x

(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).