CH ENERGY GROUP, INC. | EXHIBIT 12 (i) |
Computation of Ratio of Earnings to Fixed Charges
2010 | 2009 | Year Ended December 31, | |||||||||||||||||||||||||||||||||
3 Months | 12 Months | 3 Months | |||||||||||||||||||||||||||||||||
Ended | Ended | Ended | |||||||||||||||||||||||||||||||||
Earnings: ($000) | Mar 31 | Mar 31 | Mar 31 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||||||||||
A. | Net income from Continuing Operations | $ | 20,715 | $ | 36,188 | $ | 18,954 | $ | 34,427 | $ | 32,609 | $ | 42,004 | $ | 44,173 | $ | 44,619 | ||||||||||||||||||
B. | Preferred Stock Dividends | 242 | 970 | 242 | 970 | 970 | 970 | 970 | 970 | ||||||||||||||||||||||||||
C. | Federal and State Income Tax | 14,033 | 22,996 | 11,429 | 20,392 | 19,314 | 20,960 | 23,636 | 25,931 | ||||||||||||||||||||||||||
Less | Income from Equity Investments | 234 | 233 | 230 | 229 | 568 | 1,895 | 1,810 | 1,456 | ||||||||||||||||||||||||||
Plus | Cash Distribution from Equity Investments | 54 | 1,140 | 689 | 1,775 | 2,463 | 3,427 | 1,315 | 1,833 | ||||||||||||||||||||||||||
D. | Earnings before Income Taxes and Equity Investments | $ | 34,810 | $ | 61,061 | $ | 31,084 | $ | 57,335 | $ | 54,788 | $ | 65,466 | $ | 68,284 | $ | 71,897 | ||||||||||||||||||
E. | Fixed Charges | ||||||||||||||||||||||||||||||||||
Interest on Other-Long-Term Debt | 5,609 | 21,828 | 4,780 | 20,999 | 20,518 | 18,653 | 16,425 | 13,826 | |||||||||||||||||||||||||||
Other Interest | 1,517 | 4,667 | 846 | 3,996 | 3,360 | 3,189 | 3,622 | 2,577 | |||||||||||||||||||||||||||
Interest Portion of Rents(1) | 274 | 1,002 | 315 | 1,043 | 1,220 | 1,278 | 1,112 | 1,077 | |||||||||||||||||||||||||||
Amortization of Premium & Expense on Debt | 224 | 936 | 244 | 956 | 982 | 963 | 991 | 1,043 | |||||||||||||||||||||||||||
Preferred Stock Dividends Requirements of Central Hudson | 381 | 1,512 | 372 | 1,492 | 1,502 | 1,411 | 1,402 | 1,456 | |||||||||||||||||||||||||||
Total Fixed Charges | $ | 8,005 | $ | 29,945 | $ | 6,557 | $ | 28,486 | $ | 27,582 | $ | 25,494 | $ | 23,552 | $ | 19,979 | |||||||||||||||||||
Less | Preferred Stock Dividends Requirements of Central Hudson | 381 | 1,512 | 372 | 1,492 | 1,502 | 1,411 | 1,402 | 1,456 | ||||||||||||||||||||||||||
F. | Total Earnings | $ | 42,434 | $ | 89,494 | $ | 37,269 | $ | 84,329 | $ | 80,868 | $ | 89,549 | $ | 90,434 | $ | 90,420 | ||||||||||||||||||
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)) | 1.661 | 1.643 | 1.619 | 1.620 | 1.632 | 1.523 | 1.513 | 1.577 | ||||||||||||||||||||||||||
K. | Preferred Dividend (Pre-tax) (I x J) | 349 | 1,385 | 340 | 1,365 | 1,375 | 1,284 | 1,275 | 1,329 | ||||||||||||||||||||||||||
L. | Plus Allowable Dividend Deduction | 32 | 127 | 32 | 127 | 127 | 127 | 127 | 127 | ||||||||||||||||||||||||||
M. | Preferred Dividend Factor | $ | 381 | $ | 1,512 | $ | 372 | $ | 1,492 | $ | 1,502 | $ | 1,411 | $ | 1,402 | $ | 1,456 | ||||||||||||||||||
N. | Ratio of Earnings to Fixed Charges (F/E) | 5.3 | 3.0 | 5.7 | 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 | 12 Months | 3 Months | ||||||||||||||||||||||||||||||||
Ended | Ended | Ended | ||||||||||||||||||||||||||||||||
Earnings: ($000) | Mar 31 | Mar 31 | Mar 31 | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||||||||
A. | Net income | $ | 16,645 | $ | 36,828 | $ | 12,593 | $ | 32,776 | $ | 27,238 | $ | 33,436 | $ | 34,871 | $ | 35,635 | |||||||||||||||||
B. | Federal and State Income Tax | 11,480 | 23,816 | 8,806 | 21,142 | 19,273 | 20,326 | 21,528 | 23,936 | |||||||||||||||||||||||||
C. | Earnings before Income Taxes | $ | 28,125 | $ | 60,644 | $ | 21,399 | $ | 53,918 | $ | 46,511 | $ | 53,762 | $ | 56,399 | $ | 59,571 | |||||||||||||||||
D. | Fixed Charges | |||||||||||||||||||||||||||||||||
Interest on Other-Long-Term Debt | 4,773 | 18,823 | 4,780 | 18,830 | 20,518 | 18,653 | 16,425 | 13,826 | ||||||||||||||||||||||||||
Other Interest | 1,480 | 5,513 | 1,220 | 5,253 | 4,495 | 4,378 | 3,622 | 2,577 | ||||||||||||||||||||||||||
Interest Portion of Rents(1) | 199 | 625 | 209 | 635 | 788 | 898 | 818 | 835 | ||||||||||||||||||||||||||
Amortization of Premium & Expense on Debt | 224 | 936 | 244 | 956 | 982 | 963 | 991 | 1,043 | ||||||||||||||||||||||||||
Total Fixed Charges | $ | 6,676 | $ | 25,897 | $ | 6,453 | $ | 25,674 | $ | 26,783 | $ | 24,892 | $ | 21,856 | $ | 18,281 | ||||||||||||||||||
E. | Total Earnings | $ | 34,801 | $ | 86,541 | $ | 27,852 | $ | 79,592 | $ | 73,294 | $ | 78,654 | $ | 78,255 | $ | 77,852 | |||||||||||||||||
Preferred Dividend Requirements: | ||||||||||||||||||||||||||||||||||
F. | Allowance for Preferred Stock Dividends Under IRC Sec. 247 | $ | 242 | $ | 970 | $ | 242 | $ | 970 | $ | 970 | $ | 970 | $ | 970 | $ | 970 | |||||||||||||||||
G. | Less Allowable Dividend Deduction | (32 | ) | (127 | ) | (32 | ) | (127 | ) | (127 | ) | (127 | ) | (127 | ) | (127 | ) | |||||||||||||||||
H. | Net Subject to Gross-Up | 210 | 843 | 210 | 843 | 843 | 843 | 843 | 843 | |||||||||||||||||||||||||
I. | Ratio of Earnings before Income Taxes to Net Income (C/A) | 1.690 | 1.647 | 1.699 | 1.645 | 1.708 | 1.608 | 1.617 | 1.672 | |||||||||||||||||||||||||
J. | Preferred Dividend (Pre-tax) (H x I) | 355 | 1,388 | 357 | 1,387 | 1,440 | 1,356 | 1,363 | 1,409 | |||||||||||||||||||||||||
K. | Plus Allowable Dividend Deduction | 32 | 127 | 32 | 127 | 127 | 127 | 127 | 127 | |||||||||||||||||||||||||
L. | Preferred Dividend Factor | 387 | 1,515 | 389 | 1,514 | 1,567 | 1,483 | 1,490 | 1,536 | |||||||||||||||||||||||||
M. | Fixed Charges (D) | 6,676 | 25,897 | 6,453 | 25,674 | 26,783 | 24,892 | 21,856 | 18,281 | |||||||||||||||||||||||||
N. | Total Fixed Charges and Preferred Dividends | $ | 7,063 | $ | 27,412 | $ | 6,842 | $ | 27,188 | $ | 28,350 | $ | 26,375 | $ | 23,346 | $ | 19,817 | |||||||||||||||||
O. | Ratio of Earnings to Fixed Charges (E/D) | 5.2 | 3.3 | 4.3 | 3.1 | 2.7 | 3.2 | 3.6 | 4.3 | |||||||||||||||||||||||||
P. | Ratio of Earnings to Fixed Charges and Preferred Dividends (E/N) | 4.9 | 3.2 | 4.1 | 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. |