BLACK HILLS CORP /SD/ — Director's Dealing 2010

Dec 2, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACK HILLS CORP /SD/ (BKH)
CIK: 0001130464
Period of Report: 2010-11-30

Reporting Person: HOWARD JOHN R (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-11-30	Phantom Stock Unit	$	A	411.8616	Acquired		Common Stock (411.8616)	Indirect
2010-12-01	Phantom Stock Unit	$	A	217.0042	Acquired		Common Stock (217.0042)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	16864.122	Direct

Footnotes

F1: 1 for 1 Conversion Ratio

F2: Derivative Security is exercisable upon retirement under terms of the agreement.

F3: Derivative Security expires upon retirement under terms of the agreement.