CH Energy 10-Q 2012 Q3 Quarterly report

EXHIBIT 12.1

CH ENERGY GROUP, INC.

Computation of Ratio of Earnings to Fixed Charges

			2012									2011
			3 Months			9 Months			12 Months			3 Months			9 Months
			Ended			Ended			Ended			Ended			Ended			Year Ended December 31,
		Earnings: ($000)	Sept 30			Sept 30			Sept 30			Sept 30			Sept 30			2011			2010			2009			2008			2007
A.		Net income from Continuing Operations	$	9,160		$	26,137		$	41,332		$	4,807		$	27,989		$	43,184		$	40,330		$	33,597		$	30,968		$	41,143
B.		Preferred Stock Dividends		103			521			764			242			727			970			970			970			970			970
C.		Federal and State Income Tax		6,548			21,345			28,160			3,478			16,998			23,813			19,214			22,269			20,663			22,567
	Less	Income from Equity Investments		(59	)		43			134			25			644			735			(318	)		228			568			1,895
	Plus	Cash Distribution from Equity Investments		244			437			594			190			738			895			871			1,775			2,463			3,427
D.		Earnings before Income Taxes and Equity Investments	$	16,114		$	48,397		$	70,716		$	8,692		$	45,808		$	68,127		$	61,703		$	58,383		$	54,496		$	66,212
E.		Fixed Charges
		Interest on Other Long-Term Debt		6,201			18,638			25,068			6,620			20,090			26,520			22,973			20,999			20,518			18,653
		Other Interest		1,466			4,356			2,283			4,375			6,952			4,879			5,422			3,995			3,357			3,189
		Interest Portion of Rents(1)		219			918			1,137			240			733			952			960			1,043			1,220			1,278
		Amortization of Premium & Expense on Debt		257			774			1,038			261			820			1,084			913			956			982			963
		Preferred Stock Dividends Requirements of Central Hudson		156			868			1,197			394			1,103			1,428			1,386			1,551			1,565			1,452
		Total Fixed Charges	$	8,299		$	25,554		$	30,723		$	11,890		$	29,698		$	34,863		$	31,654		$	28,544		$	27,642		$	25,535
	Less	Preferred Stock Dividends Requirements of Central Hudson		156			868			1,197			394			1,103			1,428			1,386			1,551			1,565			1,452
F.		Total Earnings	$	24,257		$	73,083		$	100,242		$	20,188		$	74,403		$	101,562		$	91,971		$	85,376		$	80,573		$	90,295
		Preferred Dividend Requirements:
G.		Allowance for Preferred Stock Dividends Under IRC Sec. 247	$	103		$	521		$	764		$	242		$	727		$	970		$	970		$	970		$	970		$	970
H.		Less Allowable Dividend Deduction		(32	)		(96	)		(127	)		(32	)		(96	)		(127	)		(127	)		(127	)		(127	)		(127	)
I.		Net Subject to Gross-Up		71			425			637			210			631			843			843			843			843			843
J.		Ratio of Earnings before Income Taxes and Equity Inv. To Net Income (D/(A+B))		1.740			1.815			1.680			1.722			1.595			1.543			1.494			1.689			1.706			1.572
K.		Preferred Dividend (Pre-tax) (I x J)		124			772			1,070			362			1,007			1,301			1,259			1,424			1,438			1,325
L.		Plus Allowable Dividend Deduction		32			96			127			32			96			127			127			127			127			127
M.		Preferred Dividend Factor	$	156		$	868		$	1,197		$	394		$	1,103		$	1,428		$	1,386		$	1,551		$	1,565		$	1,452
N.		Ratio of Earnings to Fixed Charges (F/E)		2.9			2.9			3.3			1.7			2.5			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.