MDU RESOURCES GROUP, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Years Ended December 31, 1995 1994 1993 1992 1991 (In thousands of dollars) Earnings Available for Fixed Charges: Net Income per Consolidated Statements of Income $41,633 $39,845 $38,817* $35,371 $38,017 Income Taxes 23,057 18,833 19,982* 10,900 16,808 64,690 58,678 58,799 46,271 54,825 Rents (a) 894 878 871 504 519 Interest (b) 29,924 29,173 27,928 30,056 36,392 Total Available for Fixed Charges $95,508 $88,729 $87,598* $76,831 $91,736 Fixed Charges (c) $30,818 $30,051 $28,799 $30,560 $36,911 Ratio of Earnings to Fixed Charges 3.10x 2.95x 3.04x* 2.51x 2.49x * Before cumulative effect of accounting change of $5,521 (net of income taxes). (a) Represents portion (33 1/3%) of rents which is estimated to approximately constitute the return to the lessors on their investment in leased premises. (b) Represents interest and amortization of debt discount and expense on all indebtedness and excludes amortization of gains or losses on reacquired debt which, under the Uniform System of Accounts, is classified as a reduction of, or increase in, interest expense in the Consolidated Statements of Income. Also includes carrying costs associated with natural gas available under a repurchase agreement with Frontier Gas Storage Company as more fully described in Notes to Consolidated Financial Statements. (c) Represents rents and interest, both as defined above.