CH ENERGY GROUP, INC. | EXHIBIT 12 (i) | |||||||||||||||||||||||||||||
Computation of Ratio of Earnings to Fixed Charges |
2010 | 2009 | Year Ended December 31, | ||||||||||||||||||||||||||||||||
3 Months | 9 Months | 12 Months | 3 Months | 9 Months | ||||||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||||||||||
Earnings: ($000) | Sept 30 | Sept 30 | Sept 30 | Sept 30 | Sept 30 | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||||||
A. | Net income from Continuing Operations | $ | 2,133 | $ | 29,437 | $ | 39,264 | $ | 6,633 | $ | 24,600 | $ | 34,427 | $ | 32,609 | $ | 42,004 | $ | 44,173 | $ | 44,619 | |||||||||||||
B. | Preferred Stock Dividends | 242 | 727 | 970 | 242 | 727 | 970 | 970 | 970 | 970 | 970 | |||||||||||||||||||||||
C. | Federal and State Income Tax | (1,300) | 16,754 | 22,123 | 4,030 | 15,023 | 20,392 | 19,314 | 20,960 | 23,636 | 25,931 | |||||||||||||||||||||||
Less | Income from Equity Investments | (95) | (393) | (166) | (75) | 2 | 229 | 568 | 1,895 | 1,810 | 1,456 | |||||||||||||||||||||||
Plus | Cash Distribution from Equity Investments | 60 | 502 | 924 | 324 | 1,353 | 1,775 | 2,463 | 3,427 | 1,315 | 1,833 | |||||||||||||||||||||||
D. | Earnings before Income Taxes and Equity Investments | $ | 1,230 | $ | 47,813 | $ | 63,447 | $ | 11,304 | $ | 41,701 | $ | 57,335 | $ | 54,788 | $ | 65,466 | $ | 68,284 | $ | 71,897 | |||||||||||||
E. | Fixed Charges | |||||||||||||||||||||||||||||||||
Interest on Other Long-Term Debt | 5,591 | 16,848 | 22,618 | 5,355 | 15,229 | 20,999 | 20,518 | 18,653 | 16,425 | 13,826 | ||||||||||||||||||||||||
Other Interest | 1,094 | 3,934 | 3,984 | 1,514 | 3,946 | 3,996 | 3,360 | 3,189 | 3,622 | 2,577 | ||||||||||||||||||||||||
Interest Portion of Rents(1) | 69 | 216 | 467 | 223 | 792 | 1,043 | 1,220 | 1,278 | 1,112 | 1,077 | ||||||||||||||||||||||||
Amortization of Premium & Expense on Debt | 227 | 675 | 899 | 244 | 732 | 956 | 982 | 963 | 991 | 1,043 | ||||||||||||||||||||||||
Preferred Stock Dividends Requirements of Central Hudson | 141 | 1,096 | 1,456 | 377 | 1,135 | 1,492 | 1,502 | 1,411 | 1,402 | 1,456 | ||||||||||||||||||||||||
Total Fixed Charges | $ | 7,122 | $ | 22,769 | $ | 29,424 | $ | 7,713 | $ | 21,834 | $ | 28,486 | $ | 27,582 | $ | 25,494 | $ | 23,552 | $ | 19,979 | ||||||||||||||
Less | Preferred Stock Dividends Requirements of Central Hudson | 141 | 1,096 | 1,456 | 377 | 1,135 | 1,492 | 1,502 | 1,411 | 1,402 | 1,456 | |||||||||||||||||||||||
F. | Total Earnings | $ | 8,211 | $ | 69,486 | $ | 91,415 | $ | 18,640 | $ | 62,400 | $ | 84,329 | $ | 80,868 | $ | 89,549 | $ | 90,434 | $ | 90,420 | |||||||||||||
Preferred Dividend Requirements: | ||||||||||||||||||||||||||||||||||
G. | Allowance for Preferred Stock Dividends Under IRC Sec. 247 | $ | 242 | $ | 727 | $ | 970 | $ | 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 | 210 | 631 | 843 | 210 | 631 | 843 | 843 | 843 | 843 | 843 | |||||||||||||||||||||||
J. | Ratio of Earnings before Income Taxes and Equity Inv. To Net Income (D/(A+B)) | 0.518 | 1.585 | 1.577 | 1.644 | 1.647 | 1.620 | 1.632 | 1.523 | 1.513 | 1.577 | |||||||||||||||||||||||
K. | Preferred Dividend (Pre-tax) (I x J) | 109 | 1,000 | 1,329 | 345 | 1,039 | 1,365 | 1,375 | 1,284 | 1,275 | 1,329 | |||||||||||||||||||||||
L. | Plus Allowable Dividend Deduction | 32 | 96 | 127 | 32 | 96 | 127 | 127 | 127 | 127 | 127 | |||||||||||||||||||||||
M. | Preferred Dividend Factor | $ | 141 | $ | 1,096 | $ | 1,456 | $ | 377 | $ | 1,135 | $ | 1,492 | $ | 1,502 | $ | 1,411 | $ | 1,402 | $ | 1,456 | |||||||||||||
N. | Ratio of Earnings to Fixed Charges (F/E) | 1.2 | 3.1 | 3.1 | 2.4 | 2.9 | 3.0 | 2.9 | 3.5 | 3.8 | 4.5 |
(1) | The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor. |
CENTRAL HUDSON GAS & ELECTRIC CORPORATION | EXHIBIT 12 (i)(i) | |||
Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Fixed Charges and Preferred Dividends |
2010 | 2009 | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
3 Months | 9 Months | 12 Months | 3 Months | 9 Months | ||||||||||||||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||||||||||||||||||
Earnings: ($000) | Sept 30 | Sept 30 | Sept 30 | Sept 30 | Sept 30 | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||||||||||||||
A. | Net income | $ | 9,740 | $ | 36,374 | $ | 46,468 | $ | 8,871 | $ | 22,682 | $ | 32,776 | $ | 27,238 | $ | 33,436 | $ | 34,871 | $ | 35,635 | |||||||||||||||||||||
B. | Federal and State Income Tax | 6,311 | 24,125 | 29,205 | 6,333 | 16,062 | 21,142 | 19,273 | 20,326 | 21,528 | 23,936 | |||||||||||||||||||||||||||||||
C. | Earnings before Income Taxes | $ | 16,051 | $ | 60,499 | $ | 75,673 | $ | 15,204 | $ | 38,744 | $ | 53,918 | $ | 46,511 | $ | 53,762 | $ | 56,399 | $ | 59,571 | |||||||||||||||||||||
D. | Fixed Charges | |||||||||||||||||||||||||||||||||||||||||
Interest on Other-Long-Term Debt | 4,785 | 14,371 | 19,338 | 4,515 | 13,863 | 18,830 | 20,518 | 18,653 | 16,425 | 13,826 | ||||||||||||||||||||||||||||||||
Other Interest | 1,086 | 3,927 | 5,357 | 1,495 | 3,823 | 5,253 | 4,495 | 4,378 | 3,622 | 2,577 | ||||||||||||||||||||||||||||||||
Interest Portion of Rents(1) | 183 | 526 | 670 | 127 | 491 | 635 | 788 | 898 | 818 | 835 | ||||||||||||||||||||||||||||||||
Amortization of Premium & Expense on Debt | 227 | 675 | 899 | 244 | 732 | 956 | 982 | 963 | 991 | 1,043 | ||||||||||||||||||||||||||||||||
Total Fixed Charges | $ | 6,281 | $ | 19,499 | $ | 26,264 | $ | 6,381 | $ | 18,909 | $ | 25,674 | $ | 26,783 | $ | 24,892 | $ | 21,856 | $ | 18,281 | ||||||||||||||||||||||
E. | Total Earnings | $ | 22,332 | $ | 79,998 | $ | 101,937 | $ | 21,585 | $ | 57,653 | $ | 79,592 | $ | 73,294 | $ | 78,654 | $ | 78,255 | $ | 77,852 | |||||||||||||||||||||
Preferred Dividend Requirements: | ||||||||||||||||||||||||||||||||||||||||||
F. | Allowance for Preferred Stock Dividends Under IRC Sec. 247 | $ | 242 | $ | 727 | $ | 970 | $ | 242 | $ | 727 | $ | 970 | $ | 970 | $ | 970 | $ | 970 | $ | 970 | |||||||||||||||||||||
G. | Less Allowable Dividend Deduction | (32 | ) | (96 | ) | (127 | ) | (32 | ) | (96 | ) | (127 | ) | (127 | ) | (127 | ) | (127 | ) | (127 | ) | |||||||||||||||||||||
H. | Net Subject to Gross-Up | 210 | 631 | 843 | 210 | 631 | 843 | 843 | 843 | 843 | 843 | |||||||||||||||||||||||||||||||
I. | Ratio of Earnings before Income Taxes to Net Income (C/A) | 1.648 | 1.663 | 1.628 | 1.714 | 1.708 | 1.645 | 1.708 | 1.608 | 1.617 | 1.672 | |||||||||||||||||||||||||||||||
J. | Preferred Dividend (Pre-tax) (H x I) | 346 | 1,049 | 1,372 | 360 | 1,078 | 1,387 | 1,440 | 1,356 | 1,363 | 1,409 | |||||||||||||||||||||||||||||||
K. | Plus Allowable Dividend Deduction | 32 | 96 | 127 | 32 | 96 | 127 | 127 | 127 | 127 | 127 | |||||||||||||||||||||||||||||||
L. | Preferred Dividend Factor | 378 | 1,145 | 1,499 | 392 | 1,174 | 1,514 | 1,567 | 1,483 | 1,490 | 1,536 | |||||||||||||||||||||||||||||||
M. | Fixed Charges (D) | 6,281 | 19,499 | 26,264 | 6,381 | 18,909 | 25,674 | 26,783 | 24,892 | 21,856 | 18,281 | |||||||||||||||||||||||||||||||
N. | Total Fixed Charges and Preferred Dividends | $ | 6,659 | $ | 20,644 | $ | 27,763 | $ | 6,773 | $ | 20,083 | $ | 27,188 | $ | 28,350 | $ | 26,375 | $ | 23,346 | $ | 19,817 | |||||||||||||||||||||
O. | Ratio of Earnings to Fixed Charges (E/D) | 3.6 | 4.1 | 3.9 | 3.4 | 3.1 | 3.1 | 2.7 | 3.2 | 3.6 | 4.3 | |||||||||||||||||||||||||||||||
P. | Ratio of Earnings to Fixed Charges and Preferred Dividends (E/N) | 3.4 | 3.9 | 3.7 | 3.2 | 2.9 | 2.9 | 2.6 | 3.0 | 3.4 | 3.9 | |||||||||||||||||||||||||||||||
(1) | The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor. |