MDU RESOURCES GROUP, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Twelve Months Year Ended Ended June 30, 2005 December 31, 2004 (In thousands of dollars) Earnings Available for Fixed Charges: Net Income (a) $213,025 $ 184,805 Income Taxes 119,623 93,974 332,648 278,779 Rents (b) 10,664 10,194 Interest (c) 56,408 59,101 Total Earnings Available for Fixed Charges $399,720 $ 348,074 Preferred Dividend Requirements $ 685 $ 685 Ratio of Income Before Income Taxes to Net Income 150% 145% Preferred Dividend Factor on Pretax Basis 1,028 993 Fixed Charges (d) 72,602 72,877 Combined Fixed Charges and Preferred Stock Dividends $ 73,630 $ 73,870 Ratio of Earnings to Fixed Charges 5.5x 4.8x Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends 5.4x 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).