EXHIBIT 12.1
CH ENERGY GROUP, INC.
Computation of Ratio of Earnings to Fixed Charges
| Year Ended December 31, | |||||||||||||||||||
| Earnings: ($000) | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||
| A. | Net income from Continuing Operations | $ | 39,847 | $ | 43,184 | $ | 40,330 | $ | 33,597 | $ | 30,968 | ||||||||
| B. | Preferred Stock Dividends | 624 | 970 | 970 | 970 | 970 | |||||||||||||
| C. | Federal and State Income Tax | 26,908 | 23,813 | 19,214 | 22,269 | 20,663 | |||||||||||||
| Less | Income from Equity Investments | 174 | 735 | (318) | 228 | 568 | |||||||||||||
| Plus | Cash Distribution from Equity Investments | 459 | 895 | 871 | 1,775 | 2,463 | |||||||||||||
| D. | Earnings before Income Taxes and Equity Investments | $ | 67,664 | $ | 68,127 | $ | 61,703 | $ | 58,383 | $ | 54,496 | ||||||||
| E. | Fixed Charges | ||||||||||||||||||
| Interest on Other Long-Term Debt | 24,949 | 26,520 | 22,973 | 20,999 | 20,518 | ||||||||||||||
| Other Interest | 6,054 | 4,879 | 5,422 | 3,995 | 3,357 | ||||||||||||||
Interest Portion of Rents(1) | 925 | 952 | 960 | 1,043 | 1,220 | ||||||||||||||
| Amortization of Premium & Expense on Debt | 1,027 | 1,084 | 913 | 956 | 982 | ||||||||||||||
| Preferred Stock Dividends Requirements of Central Hudson | 958 | 1,428 | 1,386 | 1,551 | 1,565 | ||||||||||||||
| Total Fixed Charges | $ | 33,913 | $ | 34,863 | $ | 31,654 | $ | 28,544 | $ | 27,642 | |||||||||
| Less | Preferred Stock Dividends Requirements of Central Hudson | 958 | 1,428 | 1,386 | 1,551 | 1,565 | |||||||||||||
| F. | Total Earnings | $ | 100,619 | $ | 101,562 | $ | 91,971 | $ | 85,376 | $ | 80,573 | ||||||||
| Preferred Dividend Requirements: | |||||||||||||||||||
| G. | Allowance for Preferred Stock Dividends Under IRC Sec. 247 | $ | 624 | $ | 970 | $ | 970 | $ | 970 | $ | 970 | ||||||||
| H. | Less Allowable Dividend Deduction | (127) | (127) | (127) | (127) | (127) | |||||||||||||
| I. | Net Subject to Gross-Up | 497 | 843 | 843 | 843 | 843 | |||||||||||||
| J. | Ratio of Earnings before Income Taxes and Equity Inv. To Net Income (D/(A+B)) | 1.672 | 1.543 | 1.494 | 1.689 | 1.706 | |||||||||||||
| K. | Preferred Dividend (Pre-tax) (I x J) | 831 | 1,301 | 1,259 | 1,424 | 1,438 | |||||||||||||
| L. | Plus Allowable Dividend Deduction | 127 | 127 | 127 | 127 | 127 | |||||||||||||
| M. | Preferred Dividend Factor | $ | 958 | $ | 1,428 | $ | 1,386 | $ | 1,551 | $ | 1,565 | ||||||||
| N. | Ratio of Earnings to Fixed Charges (F/E) | 3.0 | 2.9 | 2.9 | 3.0 | 2.9 | |||||||||||||
| (1) | The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor. |