EXHIBIT 12.1
CH ENERGY GROUP, INC.
Computation of Ratio of Earnings to Fixed Charges
| 2011 | 2010 | Year Ended December 31, | ||||||||||||||||||||||||||||||||
| 3 Months | 12 Months | 3 Months | ||||||||||||||||||||||||||||||||
| Ended | Ended | Ended | ||||||||||||||||||||||||||||||||
| Earnings: ($000) | March 31 | March 31 | March 31 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||||
| A. | Net income from Continuing Operations | $ | 17,007 | $ | 37,186 | $ | 20,564 | $ | 40,743 | $ | 33,693 | $ | 31,148 | $ | 41,318 | $ | 43,787 | |||||||||||||||||
| B. | Preferred Stock Dividends | 242 | 970 | 242 | 970 | 970 | 970 | 970 | 970 | |||||||||||||||||||||||||
| C. | Federal and State Income Tax | 10,644 | 17,064 | 14,062 | 20,482 | 22,442 | 20,824 | 22,719 | 24,473 | |||||||||||||||||||||||||
| Less | Income from Equity Investments | 464 | (88 | ) | 234 | (318 | ) | 229 | 568 | 1,895 | 1,810 | |||||||||||||||||||||||
| Plus | Cash Distribution from Equity Investments | - | 817 | 54 | 871 | 1,775 | 2,463 | 3,427 | 1,315 | |||||||||||||||||||||||||
| D. | Earnings before Income Taxes and Equity Investments | $ | 27,429 | $ | 56,125 | $ | 34,688 | $ | 63,384 | $ | 58,651 | $ | 54,837 | $ | 66,539 | $ | 69,005 | |||||||||||||||||
| E. | Fixed Charges | |||||||||||||||||||||||||||||||||
| Interest on Other Long-Term Debt | 6,532 | 23,896 | 5,609 | 22,973 | 20,999 | 20,518 | 18,653 | 16,425 | ||||||||||||||||||||||||||
| Other Interest | 1,449 | 5,357 | 1,517 | 5,425 | 3,996 | 3,360 | 3,189 | 3,622 | ||||||||||||||||||||||||||
Interest Portion of Rents(1) | 269 | 955 | 274 | 960 | 1,043 | 1,220 | 1,278 | 1,112 | ||||||||||||||||||||||||||
| Amortization of Premium & Expense on Debt | 300 | 989 | 224 | 913 | 956 | 982 | 963 | 991 | ||||||||||||||||||||||||||
| Preferred Stock Dividends Requirements of Central Hudson | 366 | 1,367 | 382 | 1,408 | 1,553 | 1,566 | 1,453 | 1,427 | ||||||||||||||||||||||||||
| Total Fixed Charges | $ | 8,916 | $ | 32,564 | $ | 8,006 | $ | 31,679 | $ | 28,547 | $ | 27,646 | $ | 25,536 | $ | 23,577 | ||||||||||||||||||
| Less | Preferred Stock Dividends Requirements of Central Hudson | 366 | 1,367 | 382 | 1,408 | 1,553 | 1,566 | 1,453 | 1,427 | |||||||||||||||||||||||||
| F. | Total Earnings | $ | 35,979 | $ | 87,322 | $ | 42,312 | $ | 93,655 | $ | 85,645 | $ | 80,917 | $ | 90,622 | $ | 91,155 | |||||||||||||||||
| Preferred Dividend Requirements: | ||||||||||||||||||||||||||||||||||
| G. | Allowance for Preferred Stock Dividends Under IRC Sec. 247 | $ | 242 | $ | 970 | $ | 242 | $ | 970 | $ | 970 | $ | 970 | $ | 970 | $ | 970 | |||||||||||||||||
| H. | Less Allowable Dividend Deduction | (32 | ) | (127 | ) | (32 | ) | (127 | ) | (127 | ) | (127 | ) | (127 | ) | (127 | ) | |||||||||||||||||
| I. | Net Subject to Gross-Up | 210 | 843 | 210 | 843 | 843 | 843 | 843 | 843 | |||||||||||||||||||||||||
| J. | Ratio of Earnings before Income Taxes and Equity Inv. To Net Income (D/(A+B)) | 1.590 | 1.471 | 1.667 | 1.520 | 1.692 | 1.707 | 1.573 | 1.542 | |||||||||||||||||||||||||
| K. | Preferred Dividend (Pre-tax) (I x J) | 334 | 1,240 | 350 | 1,281 | 1,426 | 1,439 | 1,326 | 1,300 | |||||||||||||||||||||||||
| L. | Plus Allowable Dividend Deduction | 32 | 127 | 32 | 127 | 127 | 127 | 127 | 127 | |||||||||||||||||||||||||
| M. | Preferred Dividend Factor | $ | 366 | $ | 1,367 | $ | 382 | $ | 1,408 | $ | 1,553 | $ | 1,566 | $ | 1,453 | $ | 1,427 | |||||||||||||||||
| N. | Ratio of Earnings to Fixed Charges (F/E) | 4.0 | 2.7 | 5.3 | 3.0 | 3.0 | 2.9 | 3.5 | 3.9 | |||||||||||||||||||||||||
| (1) | The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor. |