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 | |
2007 | 2006 | Year Ended December 31, | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | $ | 6,105 | $ | 24,738 | $ | 31,658 | $ | 10,773 | $ | 27,951 | $ | 34,871 | $ | 35,635 | $ | 38,648 | $ | 38,875 | $ | 32,524 | |||||||||||
B. | Federal & State Income Tax | 4,161 | 15,032 | 18,470 | 5,534 | 18,090 | 21,528 | 23,936 | 28,426 | 26,981 | 21,690 | |||||||||||||||||||||
C. | Earnings before Income Taxes | $ | 10,266 | $ | 39,770 | $ | 50,128 | $ | 16,307 | $ | 46,041 | $ | 56,399 | $ | 59,571 | $ | 67,074 | $ | 65,856 | $ | 54,214 | |||||||||||
D. | 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 | 1,322 | 3,301 | 4,075 | 1,105 | 2,848 | 3,622 | 2,577 | 5,517 | 9,828 | (1) | 11,772 | |||||||||||||||||||||
Interest Portion of Rents (2) | 206 | 623 | 857 | 192 | 584 | 818 | 835 | 954 | 768 | 749 | ||||||||||||||||||||||
Amortization of Premium & Expense on Debt | 236 | 720 | 976 | 245 | 735 | 991 | 1,043 | 1,066 | 1,159 | 1,249 | ||||||||||||||||||||||
E. | Total Fixed Charges | $ | 6,380 | $ | 18,247 | $ | 23,797 | $ | 5,657 | $ | 16,306 | $ | 21,856 | $ | 18,281 | $ | 19,025 | $ | 23,024 | $ | 25,725 | |||||||||||
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Total Earnings | $ | 16,646 | $ | 58,017 | $ | 73,925 | $ | 21,964 | $ | 62,347 | $ | 78,255 | $ | 77,852 | $ | 86,099 | $ | 88,880 | $ | 79,939 | ||||||||||||
Preferred Dividend Requirements: | ||||||||||||||||||||||||||||||||
F. | Allowance for Preferred Stock Dividends Under IRC Sec 247 | $ | 242 | $ | 727 | $ | 970 | $ | 242 | $ | 727 | $ | 970 | $ | 970 | $ | 970 | $ | 1,387 | (1) | $ | 2,161 | ||||||||||
G. | Less Allowable Dividend Deduction | (32 | ) | (96 | ) | (127 | ) | (32 | ) | (96 | ) | (127 | ) | (127 | ) | (127 | ) | (127 | ) | (127 | ) | |||||||||||
H. | Net Subject to Gross-up | 210 | 631 | 843 | 210 | 631 | 843 | 843 | 843 | 1,260 | 2,034 | |||||||||||||||||||||
I. | Ratio of Earnings before Income Taxes to Net Income (C/A) | 1.682 | 1.608 | 1.583 | 1.514 | 1.647 | 1.617 | 1.672 | 1.736 | 1.694 | 1.667 | |||||||||||||||||||||
J. | Pref. Dividend (Pre-tax) (H x I) | 353 | 1,015 | 1,334 | 318 | 1,039 | 1,363 | 1,409 | 1,463 | 2,134 | 3,391 | |||||||||||||||||||||
K. | Plus Allowable Dividend Deduction | 32 | 96 | 127 | 32 | 96 | 127 | 127 | 127 | 127 | 127 | |||||||||||||||||||||
L. | Preferred Dividend Factor | 385 | 1,111 | 1,461 | 350 | 1,135 | 1,490 | 1,536 | 1,590 | 2,261 | 3,518 | |||||||||||||||||||||
M. | Fixed Charges (D) | 6,380 | 18,247 | 23,797 | 5,657 | 16,306 | 21,856 | 18,281 | 19,025 | 23,024 | 25,725 | |||||||||||||||||||||
N. | Total Fixed Charges and Preferred Dividends | $ | 6,765 | $ | 19,358 | $ | 25,258 | $ | 6,007 | $ | 17,441 | $ | 23,346 | $ | 19,817 | $ | 20,615 | $ | 25,285 | $ | 29,243 | |||||||||||
O. | Ratio of Earnings to Fixed Charges (E/D) | 2.6 | 3.2 | 3.1 | 3.9 | 3.8 | 3.6 | 4.3 | 4.5 | 3.9 | 3.1 | |||||||||||||||||||||
P. | Ratio of Earnings to Fixed Charges and Preferred Dividends (E/N) | 2.5 | 3.0 | 2.9 | 3.7 | 3.6 | 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. |
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