What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2022-02-23 compared with 2021-02-19 · 2 added, 108 removed, 29 unchanged (79% of the section changed)

4 unchanged sentences

The Company has paid uninterrupted dividends to stockholders for 84 consecutive years with an increase in the payout amount for the last 31 consecutive years.

The declaration and payment of dividends is at the sole discretion of the board of directors, subject to limitations imposed by the Company's credit agreements, federal and state laws, and applicable regulatory limitations.

The declaration and payment of dividends is at the sole discretion of the board of directors, subject to limitations imposed by agreements governing the Company's indebtedness, federal and state laws, and applicable regulatory limitations.

For more information on factors that may limit the Company's ability to pay dividends, see Item 8 - Note 12.

19 unchanged sentences

Total 42,297 $29.00 — —

(1) Represents shares of common stock purchased on the open market in connection with annual stock grants made to the Company's non-employee directors.

(1) Represents shares of common stock purchased on the open market in connection with annual stock grants made to the Company's non-employee directors and for those directors who elected to receive additional shares of common stock in lieu of a portion of their cash retainer.

(2) Not applicable.

1 unchanged sentence

32 MDU Resources Group, Inc.

Selected Financial Data

2020 2019 2018 2017 2016 2015

Selected Financial Data

Operating revenues (000's):

$ 332,029 $ 351,725 $ 335,123 $ 342,805 $ 322,356 $ 280,615

Natural gas distribution

848,185 865,222 823,247 848,388 766,115 817,419

Pipeline 143,877 140,444 128,923 122,213 141,602 154,904

Construction materials and contracting

2,178,002 2,190,717 1,925,854 1,812,529 1,874,270 1,904,282

Construction services

2,095,723 1,849,266 1,371,453 1,367,602 1,073,272 926,427

11,903 16,551 11,259 7,874 8,643 9,191

Intersegment eliminations

(76,969) (77,149) (64,307) (58,060) (57,430) (78,786)

$ 5,532,750 $ 5,336,776 $ 4,531,552 $ 4,443,351 $ 4,128,828 $ 4,014,052

Operating income (loss) (000's):

$ 63,434 $ 64,039 $ 65,148 $ 79,902 $ 67,929 $ 59,915

Natural gas distribution

73,082 69,188 72,336 84,239 66,166 54,974

Pipeline 49,436 42,796 36,128 36,004 42,864 30,218

Construction materials and contracting

214,498 179,955 141,426 143,230 178,753 148,312

Construction services

147,644 126,426 86,764 81,292 53,546 43,678

(3,169) (1,184) (79) (619) (349) (8,414)

Intersegment eliminations

— — — — — (2,942)

$ 544,925 $ 481,220 $ 401,723 $ 424,048 $ 408,909 $ 325,741

Earnings (loss) on common stock (000's):

$ 55,601 $ 54,763 $ 47,000 $ 49,366 $ 42,222 $ 35,914

Natural gas distribution

44,049 39,517 37,732 32,225 27,102 23,607

Pipeline 37,012 29,603 28,459 20,493 23,435 13,250

Construction materials and contracting

147,325 120,371 92,647 123,398 102,687 89,096

Construction services

109,721 92,998 64,309 53,306 33,945 23,762

(3,181) (2,086) (761) (1,422) (3,231) (14,941)

Intersegment eliminations

— — — 6,849 6,251 5,016

Earnings on common stock before income (loss) from discontinued operations 390,527 335,166 269,386 284,215 232,411 175,704

Income (loss) from discontinued operations, net of tax* (322) 287 2,932 (3,783) (300,354) (834,080)

Loss from discontinued operations attributable to noncontrolling interest — — — — (131,691) (35,256)

$ 390,205 $ 335,453 $ 272,318 $ 280,432 $ 63,748 $ (623,120)

Earnings per common share before discontinued operations - diluted $ 1.95 $ 1.69 $ 1.38 $ 1.45 $ 1.19 $ .90

Discontinued operations attributable to the Company, net of tax

— — .01 (.02) (.86) (4.10)

$ 1.95 $ 1.69 $ 1.39 $ 1.43 $ .33 $ (3.20)

Common Stock Statistics

Weighted average common shares outstanding - diluted (000's) 200,571 198,626 196,150 195,687 195,618 194,986

Dividends declared per common share

$ .8350 $ .8150 $ .7950 $ .7750 $ .7550 $ .7350

Book value per common share

$ 15.36 $ 14.21 $ 13.09 $ 12.44 $ 11.78 $ 12.83

Market price per common share (year end)

$ 26.34 $ 29.71 $ 23.84 $ 26.88 $ 28.77 $ 18.32

Market price ratios:

Dividend payout** 43 % 48 % 58 % 53 % 63 % 82 %

Yield 3 % 3 % 3 % 3 % 3 % 4 %

Market value as a percent of book value 171 % 209 % 182 % 216 % 244 % 143 %

* Reflects oil and natural gas properties noncash write-downs of $315.3 million (after tax) in 2015 and fair value impairments of assets held for sale of $157.8 million (after tax) and $475.4 million (after tax) in 2016 and 2015, respectively.

** Based on continuing operations.

30 MDU Resources Group, Inc.

Selected Financial Data (continued)

2020 2019 2018 2017 2016 2015

Total assets (000's)

$ 8,053,372 $ 7,683,059 $ 6,988,110 $ 6,334,666 $ 6,284,467 $ 6,565,154

Total long-term debt (000's)

$ 2,213,130 $ 2,243,107 $ 2,108,695 $ 1,714,853 $ 1,790,159 $ 1,796,163

Capitalization ratios:

Total equity 58 % 56 % 55 % 59 % 56 % 58 %

Total debt 42 44 45 41 44 42

100 % 100 % 100 % 100 % 100 % 100 %

Retail sales (thousand kWh)

3,204,523 3,314,307 3,354,401 3,306,470 3,258,537 3,316,017

Electric system summer and firm purchase contract ZRCs (Interconnected system)

553.2 591.3 574.5 553.1 559.7 547.3

Electric system peak demand obligation, including firm purchase contracts, planning reserve margin requirement (Interconnected system)

531.4 537.2 537.2 530.2 559.7 547.3

All-time demand peak - kW (Interconnected system)

611,542 611,542 611,542 611,542 611,542 611,542

Electricity produced (thousand kWh)

2,647,746 2,792,770 2,840,353 2,630,640 2,626,763 1,898,160

Electricity purchased (thousand kWh)

890,054 891,539 831,039 955,687 904,702 1,658,002

Average cost of electric fuel and purchased power per kWh

$ .019 $ .023 $ .022 $ .022 $ .021 $ .024

Natural Gas Distribution

Retail sales (Mdk)

114,543 123,675 112,566 112,551 99,296 95,559

Transportation sales (Mdk)

160,010 166,077 149,497 144,477 147,592 154,225

Transportation (Mdk)

438,615 429,660 351,498 312,520 285,254 290,494

Gathering (Mdk)

8,611 13,900 14,882 16,064 20,049 33,441

Customer natural gas storage balance (Mdk)

25,451 16,223 13,928 22,397 26,403 16,600

Construction Materials and Contracting

Sales (000's):

Aggregates (tons) 30,949 32,314 29,795 28,213 27,580 26,959

Asphalt (tons) 7,202 6,707 6,838 6,237 7,203 6,705

Ready-mixed concrete (cubic yards) 4,087 4,123 3,518 3,548 3,655 3,592

Aggregate reserves (000's tons) 1,104,887 1,054,186 1,014,431 965,036 989,084 1,022,513

MDU Resources Group, Inc.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity