Central Hudson Gas & Electric 10-Q 2011 Q2 Quarterly report

EXHIBIT 12.1

CH ENERGY GROUP, INC.

Computation of Ratio of Earnings to Fixed Charges

			2011									2010						Year Ended December 31,
			3 Months			6 Months			12 Months			3 Months			6 Months
			Ended			Ended			Ended			Ended			Ended
		Earnings: ($000)	June 30			June 30			June 30			June 30			June 30			2010			2009			2008			2007			2006
A.		Net income from Continuing Operations	$	6,270		$	23,491		$	36,047		$	7,772		$	28,378		$	40,934		$	33,988		$	30,968		$	41,143		$	43,159
B.		Preferred Stock Dividends		242			485			970			242			485			970			970			970			970			970
C.		Federal and State Income Tax		2,990			13,665			15,451			4,599			18,631			20,417			22,270			20,663			22,567			24,650
	Less	Income from Equity Investments		155			619			599			(532	)		(298	)		(318	)		228			568			1,895			1,810
	Plus	Cash Distribution from Equity Investments		548			548			977			388			442			871			1,775			2,463			3,427			1,315
D.		Earnings before Income Taxes and  Equity Investments	$	9,895		$	37,570		$	52,846		$	13,533		$	48,234		$	63,510		$	58,775		$	54,496		$	66,212		$	68,284
E.		Fixed Charges
		Interest on Other Long-Term Debt		6,730			13,470			25,186			5,649			11,257			22,973			20,999			20,518			18,653			16,425
		Other Interest		1,336			2,577			5,162			1,360			2,840			5,425			3,996			3,360			3,189			3,622
		Interest Portion of Rents(1)		224			492			961			274			491			960			1,043			1,220			1,278			1,112
		Amortization of Premium & Expense on Debt		261			560			1,025			224			448			913			956			982			963			991
		Preferred Stock Dividends Requirements of Central Hudson		351			724			1,330			387			768			1,405			1,544			1,565			1,452			1,431
		Total Fixed Charges	$	8,902		$	17,823		$	33,664		$	7,894		$	15,804		$	31,676		$	28,538		$	27,645		$	25,535		$	23,581
	Less	Preferred Stock Dividends Requirements of Central Hudson		351			724			1,330			387			768			1,405			1,544			1,565			1,452			1,431
F.		Total Earnings	$	18,446		$	54,669		$	85,180		$	21,040		$	63,270		$	93,781		$	85,769		$	80,576		$	90,295		$	90,434
		Preferred Dividend Requirements:
G.		Allowance for Preferred Stock Dividends Under IRC Sec. 247	$	242		$	485		$	970		$	242		$	485		$	970		$	970		$	970		$	970		$	970
H.		Less Allowable Dividend Deduction		(32	)		(64	)		(127	)		(32	)		(64	)		(127	)		(127	)		(127	)		(127	)		(127	)
I.		Net Subject to Gross-Up		210			421			843			210			421			843			843			843			843			843
J.		Ratio of Earnings before Income Taxes and Equity Inv. To Net Income (D/(A+B))		1.520			1.567			1.428			1.689			1.671			1.516			1.681			1.706			1.572			1.547
K.		Preferred Dividend (Pre-tax) (I x J)		319			660			1,203			355			704			1,278			1,417			1,438			1,325			1,304
L.		Plus Allowable Dividend Deduction		32			64			127			32			64			127			127			127			127			127
M.		Preferred Dividend Factor	$	351		$	724		$	1,330		$	387		$	768		$	1,405		$	1,544		$	1,565		$	1,452		$	1,431
N.		Ratio of Earnings to Fixed Charges (F/E)		2.1			3.1			2.5			2.7			4.0			3.0			3.0			2.9			3.5			3.8

(1) The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor.