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

Mar 2, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACK HILLS CORP /SD/ (BKH)
CIK: 0001130464
Period of Report: 2010-02-26

Reporting Person: HOWARD JOHN R (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-02-26	Phantom Stock Unit	$	A	448.5109	Acquired		Common Stock (448.5109)	Indirect
2010-03-01	Phantom Stock Unit	$	A	214.7125	Acquired		Common Stock (214.7125)	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.