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CH ENERGY GROUP, INC. | EXHIBIT (12) (i) |
Computation of Ratio of Earnings to Fixed Charges |
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| 2007 |
| 2006 |
| Year Ended December 31, |
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| 3 Months |
| 6 Months |
| 12 Months |
| 3 Months |
| 6 Months |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
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| Earnings: ($000) |
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A. |
| Net Income from Continuing Operations |
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| $ | 5,189 |
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| $ | 26,887 |
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| $ | 47,603 |
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| $ | 4,068 |
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| $ | 22,368 |
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| $ | 43,084 |
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| $ | 44,291 |
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| $ | 42,423 |
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| $ | 43,985 |
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| $ | 36,453 |
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B. |
| Preferred Stock Dividends |
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| 242 |
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| 485 |
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| 970 |
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| 242 |
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| 485 |
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| 970 |
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| 970 |
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| 970 |
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| 1,387 |
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| 2,161 |
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C. |
| Federal and State Income Tax |
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| 1,293 |
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| 14,256 |
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| 23,167 |
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| 2,099 |
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| 14,858 |
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| 23,769 |
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| 25,819 |
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| 31,256 |
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| 30,435 |
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| 22,294 |
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| Less | Income from Equity Investments |
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| 349 |
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| 1,544 |
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| 2,423 |
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| 741 |
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| 931 |
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| 1,810 |
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| 1,456 |
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| 922 |
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| 865 |
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| 749 |
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| Plus | Cash Distribution from Equity Investments |
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| 549 |
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| 1,820 |
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| 2,785 |
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| 0 |
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| 40 |
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| 1,005 |
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| 1,833 |
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| 1,776 |
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| 1,249 |
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| 959 |
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D. |
| Earnings before Income Taxes and Equity Inv. |
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| $ | 6,924 |
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| $ | 41,904 |
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| $ | 72,102 |
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| $ | 5,668 |
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| $ | 36,820 |
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| $ | 67,018 |
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| $ | 71,457 |
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| $ | 75,503 |
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| $ | 76,191 |
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| $ | 61,118 |
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E. |
| Fixed Charges |
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| Interest on Mortgage Bonds |
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| 0 |
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| 0 |
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| 0 |
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| 0 |
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| 0 |
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| 0 |
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| 0 |
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| 0 |
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| 570 |
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| 2,136 |
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| Interest on Other Long-Term Debt |
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| 4,495 |
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| 8,986 |
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| 17,387 |
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| 4,071 |
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| 8,024 |
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| 16,425 |
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| 13,826 |
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| 11,488 |
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| 10,699 |
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| 9,819 |
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| Other Interest |
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| 987 |
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| 1,979 |
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| 3,858 |
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| 847 |
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| 1,743 |
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| 3,622 |
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| 2,577 |
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| 5,517 |
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| 9,828 | (1) |
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| 11,659 |
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| Interest Portion of Rents (2) |
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| 288 |
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| 594 |
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| 1,179 |
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| 253 |
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| 527 |
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| 1,112 |
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| 1,077 |
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| 1,192 |
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| 1,040 |
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| 749 |
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| Amortization of Premium & Expense on Debt |
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| 238 |
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| 484 |
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| 985 |
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| 245 |
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| 490 |
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| 991 |
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| 1,043 |
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| 1,066 |
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| 1,159 |
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| 1,249 |
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| Preferred Stock Dividends Requirements of Central Hudson |
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| 300 |
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| 709 |
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| 1,378 |
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| 308 |
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| 742 |
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| 1,409 |
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| 1,458 |
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| 1,594 |
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| 2,243 |
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| 3,346 |
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| Total Fixed Charges |
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| $ | 6,308 |
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| $ | 12,752 |
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| $ | 24,787 |
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| $ | 5,724 |
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| $ | 11,526 |
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| $ | 23,559 |
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| $ | 19,981 |
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| $ | 20,857 |
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| $ | 25,539 |
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| $ | 28,958 |
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| Less | Preferred Stock Dividends Requirements of Central Hudson |
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| 300 |
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| 709 |
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| 1,378 |
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| 308 |
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| 742 |
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| 1,409 |
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| 1,458 |
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| 1,594 |
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| 2,243 |
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| 3,346 |
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F. |
| Total Earnings |
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| $ | 12,932 |
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| $ | 53,947 |
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| $ | 95,511 |
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| $ | 11,084 |
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| $ | 47,604 |
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| $ | 89,168 |
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| $ | 89,980 |
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| $ | 94,766 |
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| $ | 99,487 |
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| $ | 86,730 |
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| Preferred Dividend Requirements: |
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G. |
| Allowance for Preferred Stock Dividends Under IRC Sec 247 |
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| $ | 242 |
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| $ | 485 |
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| $ | 970 |
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| $ | 242 |
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| $ | 485 |
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| $ | 970 |
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| $ | 970 |
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| $ | 970 |
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| $ | 1,387 | (1) |
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| $ | 2,161 |
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H. |
| Less Allowable Dividend Deduction |
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| (32 | ) |
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| (64 | ) |
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| (127 | ) |
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| (32 | ) |
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| (64 | ) |
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| (127 | ) |
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| (127 | ) |
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| (127 | ) |
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| (127 | ) |
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I. |
| Net Subject to Gross-up |
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| 210 |
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| 421 |
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| 843 |
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| 210 |
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| 421 |
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| 843 |
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| 843 |
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| 843 |
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| 1,260 |
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| 2,034 |
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J. |
| Ratio of Earnings before Income Taxes and Equity Inv. to Net Income (D/(A+B)) |
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| 1.275 |
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| 1.531 |
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| 1.484 |
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| 1.315 |
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| 1.611 |
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| 1.521 |
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| 1.579 |
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| 1.740 |
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| 1.679 |
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| 1.583 |
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K. |
| Preferred Dividend (Pre-tax) (I x J) |
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| 268 |
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| 645 |
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| 1,251 |
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| 276 |
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| 678 |
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| 1,282 |
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| 1,331 |
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| 1,467 |
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| 2,116 |
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| 3,219 |
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L. |
| Plus Allowable Dividend Deduction |
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| 32 |
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| 64 |
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| 127 |
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| 32 |
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| 64 |
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| 127 |
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| 127 |
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| 127 |
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| 127 |
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| 127 |
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M. |
| Preferred Dividend Factor |
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| 300 |
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| 709 |
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| 1,378 |
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| 308 |
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| 742 |
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| 1,409 |
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| 1,458 |
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| 1,594 |
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| 2,243 |
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| 3,346 |
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N. |
| Ratio of Earnings to Fixed Charges (F/E) |
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| 2.1 |
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| 4.2 |
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| 3.9 |
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| 1.9 |
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| 4.1 |
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| 3.8 |
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| 4.5 |
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| 4.5 |
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| 3.9 |
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| 3.0 |
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(1) | Reflects SFAS No. 150 titled Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, reclassification of $208,750 in preferred stock dividends to interest expense for the quarter ended September 30, 2003. |
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(2) | The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor. |
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64 |
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CENTRAL HUDSON GAS & ELECTRIC CORPORATION | Exhibit (12) (i) (i) |
Computation of Ratio of Earnings to Fixed Charges |
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and Ratio of Earnings to Fixed Charges and Preferred Dividends |
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| 2007 |
| 2006 |
| Year Ended December 31, |
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| 3 Months |
| 6 Months |
| 12 Months |
| 3 Months |
| 6 Months |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
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| Earnings: ($000) |
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A. |
| Net Income |
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| $ | 5,262 |
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| $ | 18,633 |
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| $ | 36,327 |
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| $ | 4,123 |
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| $ | 17,177 |
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| $ | 34,871 |
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| $ | 35,635 |
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| $ | 38,648 |
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| $ | 38,875 |
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| $ | 32,524 |
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B. |
| Federal & State Income Tax |
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| 2,444 |
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| 10,871 |
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| 19,843 |
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| 2,979 |
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| 12,556 |
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| 21,528 |
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| 23,936 |
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| 28,426 |
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| 26,981 |
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| 21,690 |
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C. |
| Earnings before Income Taxes |
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| $ | 7,706 |
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| $ | 29,504 |
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| $ | 56,170 |
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| $ | 7,102 |
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| $ | 29,733 |
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| $ | 56,399 |
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| $ | 59,571 |
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| $ | 67,074 |
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| $ | 65,856 |
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| $ | 54,214 |
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D. |
| Fixed Charges |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest on Mortgage Bonds |
|
|
| 0 |
|
|
|
| 0 |
|
|
|
| 0 |
|
|
|
| 0 |
|
|
|
| 0 |
|
|
|
| 0 |
|
|
|
| 0 |
|
|
|
| 0 |
|
|
|
| 570 |
|
|
|
| 2,136 |
|
|
|
| Interest on Other Long-Term Debt |
|
|
| 4,495 |
|
|
|
| 8,986 |
|
|
|
| 17,387 |
|
|
|
| 4,071 |
|
|
|
| 8,024 |
|
|
|
| 16,425 |
|
|
|
| 13,826 |
|
|
|
| 11,488 |
|
|
|
| 10,699 |
|
|
|
| 9,819 |
|
|
|
| Other Interest |
|
|
| 987 |
|
|
|
| 1,979 |
|
|
|
| 3,858 |
|
|
|
| 846 |
|
|
|
| 1,743 |
|
|
|
| 3,622 |
|
|
|
| 2,577 |
|
|
|
| 5,517 |
|
|
|
| 9,828 | (1) |
|
|
| 11,772 |
|
|
|
| Interest Portion of Rents (2) |
|
|
| 197 |
|
|
|
| 417 |
|
|
|
| 843 |
|
|
|
| 184 |
|
|
|
| 392 |
|
|
|
| 818 |
|
|
|
| 835 |
|
|
|
| 954 |
|
|
|
| 768 |
|
|
|
| 749 |
|
|
|
| Amortization of Premium & Expense on Debt |
|
|
| 238 |
|
|
|
| 484 |
|
|
|
| 985 |
|
|
|
| 245 |
|
|
|
| 490 |
|
|
|
| 991 |
|
|
|
| 1,043 |
|
|
|
| 1,066 |
|
|
|
| 1,159 |
|
|
|
| 1,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
|
| Total Fixed Charges |
|
| $ | 5,917 |
|
|
| $ | 11,866 |
|
|
| $ | 23,073 |
|
|
| $ | 5,346 |
|
|
| $ | 10,649 |
|
|
| $ | 21,856 |
|
|
| $ | 18,281 |
|
|
| $ | 19,025 |
|
|
| $ | 23,024 |
|
|
| $ | 25,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E. |
| Total Earnings |
|
| $ | 13,623 |
|
|
| $ | 41,370 |
|
|
| $ | 79,243 |
|
|
| $ | 12,448 |
|
|
| $ | 40,382 |
|
|
| $ | 78,255 |
|
|
| $ | 77,852 |
|
|
| $ | 86,099 |
|
|
| $ | 88,880 |
|
|
| $ | 79,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Preferred Dividend Requirements: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F. |
| Allowance for Preferred Stock Dividends Under IRC Sec 247 |
|
| $ | 242 |
|
|
| $ | 485 |
|
|
| $ | 970 |
|
|
| $ | 242 |
|
|
| $ | 485 |
|
|
| $ | 970 |
|
|
| $ | 970 |
|
|
| $ | 970 |
|
|
| $ | 1,387 | (1) |
|
| $ | 2,161 |
|
|
G. |
| Less Allowable Dividend Deduction |
|
|
| (32 | ) |
|
|
| (64 | ) |
|
|
| (127 | ) |
|
|
| (32 | ) |
|
|
| (64 | ) |
|
|
| (127 | ) |
|
|
| (127 | ) |
|
|
| (127 | ) |
|
|
| (127 | ) |
|
|
| (127 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
H. |
| Net Subject to Gross-up |
|
|
| 210 |
|
|
|
| 421 |
|
|
|
| 843 |
|
|
|
| 210 |
|
|
|
| 421 |
|
|
|
| 843 |
|
|
|
| 843 |
|
|
|
| 843 |
|
|
|
| 1,260 |
|
|
|
| 2,034 |
|
|
I. |
| Ratio of Earnings before Income |
|
|
| 1.464 |
|
|
|
| 1.583 |
|
|
|
| 1.546 |
|
|
|
| 1.723 |
|
|
|
| 1.731 |
|
|
|
| 1.617 |
|
|
|
| 1.672 |
|
|
|
| 1.736 |
|
|
|
| 1.694 |
|
|
|
| 1.667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
J. |
| Pref. Dividend (Pre-tax) (H x I) |
|
|
| 307 |
|
|
|
| 666 |
|
|
|
| 1,303 |
|
|
|
| 362 |
|
|
|
| 729 |
|
|
|
| 1,363 |
|
|
|
| 1,409 |
|
|
|
| 1,463 |
|
|
|
| 2,134 |
|
|
|
| 3,391 |
|
|
K. |
| Plus Allowable Dividend Deduction |
|
|
| 32 |
|
|
|
| 64 |
|
|
|
| 127 |
|
|
|
| 32 |
|
|
|
| 64 |
|
|
|
| 127 |
|
|
|
| 127 |
|
|
|
| 127 |
|
|
|
| 127 |
|
|
|
| 127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
L. |
| Preferred Dividend Factor |
|
|
| 339 |
|
|
|
| 730 |
|
|
|
| 1,430 |
|
|
|
| 394 |
|
|
|
| 793 |
|
|
|
| 1,490 |
|
|
|
| 1,536 |
|
|
|
| 1,590 |
|
|
|
| 2,261 |
|
|
|
| 3,518 |
|
|
M. |
| Fixed Charges (D) |
|
|
| 5,917 |
|
|
|
| 11,866 |
|
|
|
| 23,073 |
|
|
|
| 5,346 |
|
|
|
| 10,649 |
|
|
|
| 21,856 |
|
|
|
| 18,281 |
|
|
|
| 19,025 |
|
|
|
| 23,024 |
|
|
|
| 25,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
N. |
| Total Fixed Charges and Preferred Dividends |
|
| $ | 6,256 |
|
|
| $ | 12,596 |
|
|
| $ | 24,503 |
|
|
| $ | 5,740 |
|
|
| $ | 11,442 |
|
|
| $ | 23,346 |
|
|
| $ | 19,817 |
|
|
| $ | 20,615 |
|
|
| $ | 25,285 |
|
|
| $ | 29,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
O. |
| Ratio of Earnings to Fixed Charges (E/D) |
|
|
| 2.3 |
|
|
|
| 3.5 |
|
|
|
| 3.4 |
|
|
|
| 2.3 |
|
|
|
| 3.8 |
|
|
|
| 3.6 |
|
|
|
| 4.3 |
|
|
|
| 4.5 |
|
|
|
| 3.9 |
|
|
|
| 3.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
P. |
| Ratio of Earnings to Fixed Charges and Preferred Dividends (E/N) |
|
|
| 2.2 |
|
|
|
| 3.3 |
|
|
|
| 3.2 |
|
|
|
| 2.2 |
|
|
|
| 3.5 |
|
|
|
| 3.4 |
|
|
|
| 3.9 |
|
|
|
| 4.2 |
|
|
|
| 3.5 |
|
|
|
| 2.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Reflects SFAS No. 150, titled Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, reclassification of $208,750 in preferred stock dividends to interest expense for the quarter ended September 30, 2003. |
|
|
(2) | The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor. |
| |
65 |