EXHIBIT 12.1
CH ENERGY GROUP, INC.
Computation of Ratio of Earnings to Fixed Charges
| Year Ended December 31, | |||||||||||||||||||||||
| Earnings: ($000) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
| A. | Net income from Continuing Operations | $ | 43,184 | $ | 40,330 | $ | 33,597 | $ | 30,968 | $ | 41,143 | ||||||||||||
| B. | Preferred Stock Dividends | 970 | 970 | 970 | 970 | 970 | |||||||||||||||||
| C. | Federal and State Income Tax | 23,813 | 19,214 | 22,269 | 20,663 | 22,567 | |||||||||||||||||
| Less | Income from Equity Investments | 735 | (318 | ) | 228 | 568 | 1,895 | ||||||||||||||||
| Plus | Cash Distribution from Equity Investments | 895 | 871 | 1,775 | 2,463 | 3,427 | |||||||||||||||||
| D. | Earnings before Income Taxes and Equity Investments | $ | 68,127 | $ | 61,703 | $ | 58,383 | $ | 54,496 | $ | 66,212 | ||||||||||||
| E. | Fixed Charges | ||||||||||||||||||||||
| Interest on Other Long-Term Debt | 26,520 | 22,973 | 20,999 | 20,518 | 18,653 | ||||||||||||||||||
| Other Interest | 4,879 | 5,422 | 3,995 | 3,357 | 3,189 | ||||||||||||||||||
Interest Portion of Rents(1) | 952 | 960 | 1,043 | 1,220 | 1,278 | ||||||||||||||||||
| Amortization of Premium & Expense on Debt | 1,084 | 913 | 956 | 982 | 963 | ||||||||||||||||||
| Preferred Stock Dividends Requirements of Central Hudson | 1,428 | 1,386 | 1,551 | 1,565 | 1,452 | ||||||||||||||||||
| Total Fixed Charges | $ | 34,863 | $ | 31,654 | $ | 28,544 | $ | 27,642 | $ | 25,535 | |||||||||||||
| Less | Preferred Stock Dividends Requirements of Central Hudson | 1,428 | 1,386 | 1,551 | 1,565 | 1,452 | |||||||||||||||||
| F. | Total Earnings | $ | 101,562 | $ | 91,971 | $ | 85,376 | $ | 80,573 | $ | 90,295 | ||||||||||||
| Preferred Dividend Requirements: | |||||||||||||||||||||||
| G. | Allowance for Preferred Stock Dividends Under IRC Sec. 247 | $ | 970 | $ | 970 | $ | 970 | $ | 970 | $ | 970 | ||||||||||||
| H. | Less Allowable Dividend Deduction | (127 | ) | (127 | ) | (127 | ) | (127 | ) | (127 | ) | ||||||||||||
| I. | Net Subject to Gross-Up | 843 | 843 | 843 | 843 | 843 | |||||||||||||||||
| J. | Ratio of Earnings before Income Taxes and Equity Inv. To Net Income (D/(A+B)) | 1.543 | 1.494 | 1.689 | 1.706 | 1.572 | |||||||||||||||||
| K. | Preferred Dividend (Pre-tax) (I x J) | 1,301 | 1,259 | 1,424 | 1,438 | 1,325 | |||||||||||||||||
| L. | Plus Allowable Dividend Deduction | 127 | 127 | 127 | 127 | 127 | |||||||||||||||||
| M. | Preferred Dividend Factor | $ | 1,428 | $ | 1,386 | $ | 1,551 | $ | 1,565 | $ | 1,452 | ||||||||||||
| N. | Ratio of Earnings to Fixed Charges (F/E) | 2.9 | 2.9 | 3.0 | 2.9 | 3.5 | |||||||||||||||||
| (1) | The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor. |