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
| Year Ended December 31, | ||||||||||||||||||||||
| Earnings: ($000) | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||
| A. | Net income | $ | 45,037 | $ | 46,118 | $ | 32,776 | $ | 27,238 | $ | 33,436 | |||||||||||
| B. | Federal and State Income Tax | 28,177 | 26,164 | 21,142 | 19,273 | 20,326 | ||||||||||||||||
| C. | Earnings before Income Taxes | $ | 73,214 | $ | 72,282 | $ | 53,918 | $ | 46,511 | $ | 53,762 | |||||||||||
| D. | Fixed Charges | |||||||||||||||||||||
| Interest on Other Long-Term Debt | 23,602 | 19,745 | 18,830 | 20,518 | 18,653 | |||||||||||||||||
| Other Interest | 4,812 | 5,413 | 5,253 | 4,495 | 4,378 | |||||||||||||||||
Interest Portion of Rents(1) | 703 | 678 | 635 | 788 | 898 | |||||||||||||||||
| Amortization of Premium & Expense on Debt | 1,084 | 913 | 956 | 982 | 963 | |||||||||||||||||
| Total Fixed Charges | $ | 30,201 | $ | 26,749 | $ | 25,674 | $ | 26,783 | $ | 24,892 | ||||||||||||
| E. | Total Earnings | $ | 103,415 | $ | 99,031 | $ | 79,592 | $ | 73,294 | $ | 78,654 | |||||||||||
| Preferred Dividend Requirements: | ||||||||||||||||||||||
| F. | Allowance for Preferred Stock Dividends Under IRC Sec. 247 | $ | 970 | $ | 970 | $ | 970 | $ | 970 | $ | 970 | |||||||||||
| G. | Less Allowable Dividend Deduction | (127 | ) | (127 | ) | (127 | ) | (127 | ) | (127 | ) | |||||||||||
| H. | Net Subject to Gross-Up | 843 | 843 | 843 | 843 | 843 | ||||||||||||||||
| I. | Ratio of Earnings before Income Taxes to Net Income (C/A) | 1.626 | 1.567 | 1.645 | 1.708 | 1.608 | ||||||||||||||||
| J. | Preferred Dividend (Pre-tax) (H x I) | 1,371 | 1,321 | 1,387 | 1,440 | 1,356 | ||||||||||||||||
| K. | Plus Allowable Dividend Deduction | 127 | 127 | 127 | 127 | 127 | ||||||||||||||||
| L. | Preferred Dividend Factor | 1,498 | 1,448 | 1,514 | 1,567 | 1,483 | ||||||||||||||||
| M. | Fixed Charges (D) | 30,201 | 26,749 | 25,674 | 26,783 | 24,892 | ||||||||||||||||
| N. | Total Fixed Charges and Preferred Dividends | $ | 31,699 | $ | 28,197 | $ | 27,188 | $ | 28,350 | $ | 26,375 | |||||||||||
| O. | Ratio of Earnings to Fixed Charges (E/D) | 3.4 | 3.7 | 3.1 | 2.7 | 3.2 | ||||||||||||||||
| P. | Ratio of Earnings to Fixed Charges and Preferred Dividends (E/N) | 3.3 | 3.5 | 2.9 | 2.6 | 3.0 | ||||||||||||||||
| (1) | The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor. |