CH Energy 10-Q 2011 Q1 Quarterly report

EXHIBIT 12.2

CENTRAL HUDSON GAS & ELECTRIC CORPORATION

Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Fixed Charges and Preferred Dividends

		2011						2010			Year Ended December 31,
		3 Months			12 Months			3 Months
		Ended			Ended			Ended
	Earnings: ($000)	March 31			March 31			March 31			2010			2009			2008			2007			2006
A.	Net income	$	12,639		$	42,112		$	16,645		$	46,118		$	32,776		$	27,238		$	33,436		$	34,871
B.	Federal and State Income Tax		8,249			23,395			11,480			26,626			21,142			19,273			20,326			21,528
C.	Earnings before Income Taxes	$	20,888		$	65,507		$	28,125		$	72,744		$	53,918		$	46,511		$	53,762		$	56,399
D.	Fixed Charges
	Interest on Other-Long-Term Debt		5,904			20,876			4,773			19,745			18,830			20,518			18,653			16,425
	Other Interest		1,228			5,161			1,480			5,413			5,253			4,495			4,378			3,622
	Interest Portion of Rents(1)		203			682			199			678			635			788			898			818
	Amortization of Premium & Expense on Debt		300			989			224			913			956			982			963			991
	Total Fixed Charges	$	7,635		$	27,708		$	6,676		$	26,749		$	25,674		$	26,783		$	24,892		$	21,856
E.	Total Earnings	$	28,523		$	93,215		$	34,801		$	99,493		$	79,592		$	73,294		$	78,654		$	78,255
	Preferred Dividend Requirements:
F.	Allowance for Preferred Stock Dividends Under IRC Sec. 247	$	242		$	970		$	242		$	970		$	970		$	970		$	970		$	970
G.	Less Allowable Dividend Deduction		(32	)		(127	)		(32	)		(127	)		(127	)		(127	)		(127	)		(127	)
H.	Net Subject to Gross-Up		210			843			210			843			843			843			843			843
I.	Ratio of Earnings before Income Taxes to Net Income (C/A)		1.653			1.556			1.690			1.577			1.645			1.708			1.608			1.617
J.	Preferred Dividend (Pre-tax) (H x I)		347			1,312			355			1,329			1,387			1,440			1,356			1,363
K.	Plus Allowable Dividend Deduction		32			127			32			127			127			127			127			127
L.	Preferred Dividend Factor		379			1,439			387			1,456			1,514			1,567			1,483			1,490
M.	Fixed Charges (D)		7,635			27,708			6,676			26,749			25,674			26,783			24,892			21,856
N.	Total Fixed Charges and Preferred Dividends	$	8,014		$	29,147		$	7,063		$	28,205		$	27,188		$	28,350		$	26,375		$	23,346
O.	Ratio of Earnings to Fixed Charges (E/D)		3.7			3.4			5.2			3.7			3.1			2.7			3.2			3.6
P.	Ratio of Earnings to Fixed Charges and Preferred Dividends (E/N)		3.6			3.2			4.9			3.5			2.9			2.6			3.0			3.4

(1) The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor.