Central Hudson Gas & Electric 10-Q 2011 Q3 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				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			2010			2009			2008			2007			2006
A.		Net income from Continuing Operations	$	4,911			$	28,298		$	38,900		$	1,800		$	30,080		$	40,682		$	33,988		$	30,968		$	41,143		$	43,159
B.		Preferred Stock Dividends		242				727			970			242			727			970			970			970			970			970
C.		Federal and State Income Tax		3,550				17,213			20,340			(1,360	)		17,278			20,405			22,270			20,663			22,567			24,650
	Less	Income from Equity Investments		25				644			719			(95	)		(393	)		(318	)		228			568			1,895			1,810
	Plus	Cash Distribution from Equity Investments		190				738			1,107			60			502			871			1,775			2,463			3,427			1,315
D.		Earnings before Income Taxes and  Equity Investments	$	8,868			$	46,332		$	60,598		$	837		$	48,980		$	63,246		$	58,775		$	54,496		$	66,212		$	68,284
E.		Fixed Charges
		Interest on Other Long-Term Debt		6,620				20,090			26,215			5,591			16,848			22,973			20,999			20,518			18,653			16,425
		Other Interest		4,375				6,952			8,443			1,094			3,934			5,425			3,996			3,360			3,189			3,622
		Interest Portion of Rents(1)		240				733			961			69			216			960			1,043			1,220			1,278			1,112
		Amortization of Premium & Expense on Debt		261				820			1,058			227			675			913			956			982			963			991
		Preferred Stock Dividends Requirements of Central Hudson		393				1,103			1,408			118			1,099			1,407			1,544			1,565			1,452			1,431
		Total Fixed Charges	$	11,889			$	29,698		$	38,085		$	7,099		$	22,772		$	31,678		$	28,538		$	27,645		$	25,535		$	23,581
	Less	Preferred Stock Dividends Requirements of Central Hudson		393		��		1,103			1,408			118			1,099			1,407			1,544			1,565			1,452			1,431
F.		Total Earnings	$	20,364			$	74,927		$	97,275		$	7,818		$	70,653		$	93,517		$	85,769		$	80,576		$	90,295		$	90,434
		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))		1.721				1.596			1.520			0.410			1.590			1.518			1.681			1.706			1.572			1.547
K.		Preferred Dividend (Pre-tax) (I x J)		361				1007			1,281			86			1,003			1,280			1,417			1,438			1,325			1,304
L.		Plus Allowable Dividend Deduction		32				96			127			32			96			127			127			127			127			127
M.		Preferred Dividend Factor	$	393			$	1,103		$	1,408		$	118		$	1,099		$	1,407		$	1,544		$	1,565		$	1,452		$	1,431
N.		Ratio of Earnings to Fixed Charges (F/E)		1.7				2.5			2.6			1.1			3.1			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.