CH ENERGY GROUP, INC. | EXHIBIT (12) (i) |
Computation of Ratio of Earnings to Fixed Charges | |
2007 | 2006 | Year Ended December 31, | ||||||||||||||||||||||||||||||
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3 Months Ended Sept 30 | 9 Months Ended Sept 30 | 12 Months Ended Sept 30 | 3 Months Ended Sept 30 | 9 Months Ended Sept 30 | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||||||||||
Earnings: ($000) | ||||||||||||||||||||||||||||||||
A. | Net Income from Continuing Operations | $ | 4,329 | $ | 31,216 | $ | 40,962 | $ | 10,970 | $ | 33,338 | $ | 43,084 | $ | 44,291 | $ | 42,423 | $ | 43,985 | $ | 36,453 | |||||||||||
B. | Preferred Stock Dividends | 242 | 727 | 970 | 242 | 727 | 970 | 970 | 970 | 1,387 | 2,161 | |||||||||||||||||||||
C. | Federal and State Income Tax | 1,885 | 16,141 | 20,660 | 4,392 | 19,250 | 23,769 | 25,819 | 31,256 | 30,435 | 22,294 | |||||||||||||||||||||
Less | Income from Equity Investments | 171 | 1,715 | 2,260 | 334 | 1,265 | 1,810 | 1,456 | 922 | 865 | 749 | |||||||||||||||||||||
Plus | Cash Distribution from Equity Investments | 922 | 2,743 | 2,974 | 734 | 774 | 1,005 | 1,833 | 1,776 | 1,249 | 959 | |||||||||||||||||||||
D. | Earnings before Income Taxes and Equity Inv. | $ | 7,207 | $ | 49,112 | $ | 63,306 | $ | 16,004 | $ | 52,824 | $ | 67,018 | $ | 71,457 | $ | 75,503 | $ | 76,191 | $ | 61,118 | |||||||||||
E | Fixed Charges | |||||||||||||||||||||||||||||||
Interest on Mortgage Bonds | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 570 | 2,136 | ||||||||||||||||||||||
Interest on Other Long- Term Debt | 4,616 | 13,603 | 17,889 | 4,115 | 12,139 | 16,425 | 13,826 | 11,488 | 10,699 | 9,819 | ||||||||||||||||||||||
Other Interest | 1,323 | 3,302 | 4,076 | 1,105 | 2,848 | 3,622 | 2,577 | 5,517 | 9,828 | (1) | 11,659 | |||||||||||||||||||||
Interest Portion of Rents (2) | 297 | 891 | 1,205 | 271 | 798 | 1,112 | 1,077 | 1,192 | 1,040 | 749 | ||||||||||||||||||||||
Amortization of Premium & Expense on Debt | 236 | 720 | 976 | 245 | 735 | 991 | 1,043 | 1,066 | 1,159 | 1,249 | ||||||||||||||||||||||
Preferred Stock Dividends Requirements of Central Hudson | 363 | 1,066 | 1,400 | 332 | 1,074 | 1,409 | 1,458 | 1,594 | 2,243 | 3,346 | ||||||||||||||||||||||
Total Fixed Charges | $ | 6,835 | $ | 19,582 | $ | 25,546 | $ | 6,068 | $ | 17,594 | $ | 23,559 | $ | 19,981 | $ | 20,857 | $ | 25,539 | $ | 28,958 | ||||||||||||
Less | Preferred Stock Dividends Requirements of Central Hudson | 363 | 1,066 | 1,400 | 332 | 1,074 | 1,409 | 1,458 | 1,594 | 2,243 | 3,346 | |||||||||||||||||||||
F | Total Earnings | $ | 13,679 | $ | 67,628 | $ | 87,452 | $ | 21,740 | $ | 69,344 | $ | 89,168 | $ | 89,980 | $ | 94,766 | $ | 99,487 | $ | 86,730 | |||||||||||
Preferred Dividend Requirements: | ||||||||||||||||||||||||||||||||
G. | Allowance for Preferred Stock Dividends Under IRC Sec 247 | $ | 242 | $ | 727 | $ | 970 | $ | 242 | $ | 727 | $ | 970 | $ | 970 | $ | 970 | $ | 1,387 | (1) | $ | 2,161 | ||||||||||
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 | 1,260 | 2,034 | |||||||||||||||||||||
J. | Ratio of Earnings before Income Taxes and Equity Inv. to Net Income (D/(A+B)) | 1.577 | 1.537 | 1.510 | 1.427 | 1.551 | 1.521 | 1.579 | 1.740 | 1.679 | 1.583 | |||||||||||||||||||||
K. | Preferred Dividend (Pre-tax) (I x J) | 331 | 970 | 1,273 | 300 | 978 | 1,282 | 1,331 | 1,467 | 2,116 | 3,219 | |||||||||||||||||||||
L. | Plus Allowable Dividend �� Deduction | 32 | 96 | 127 | 32 | 96 | 127 | 127 | 127 | 127 | 127 | |||||||||||||||||||||
M. | Preferred Dividend Factor | 363 | 1,066 | 1,400 | 332 | 1,074 | 1,409 | 1,458 | 1,594 | 2,243 | 3,346 | |||||||||||||||||||||
N. | Ratio of Earnings to Fixed Charges (F/E) | 2.0 | 3.5 | 3.4 | 3.6 | 3.9 | 3.8 | 4.5 | 4.5 | 3.9 | 3.0 | |||||||||||||||||||||
(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. |
70 |