CENTRAL HUDSON GAS & ELECTRIC CORPORATION
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Computation of Ratio of Earnings to Fixed Charges | EXHIBIT (12)(I)(I) |
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| 2008 |
| 2007 |
| Year Ended December 31, |
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| 3 Months |
| 12 Months |
| 3 Months |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
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| Earnings: ($000) |
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A. | Net Income |
| $ | 11,747 |
| $ | 31,812 |
| $ | 13,371 |
| $ | 33,436 |
| $ | 34,871 |
| $ | 35,635 |
| $ | 38,648 |
| $ | 38,875 |
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B. | Federal & State Income Tax |
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| 8,262 |
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| 20,160 |
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| 8,428 |
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| 20,326 |
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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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C. | Earnings before Income Taxes |
| $ | 20,009 |
| $ | 51,972 |
| $ | 21,799 |
| $ | 53,762 |
| $ | 56,399 |
| $ | 59,571 |
| $ | 67,074 |
| $ | 65,856 |
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D. | 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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| 570 |
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| Interest on Other Long-Term Debt |
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| 5,089 |
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| 19,250 |
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| 4,492 |
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| 18,653 |
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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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| Other Interest |
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| 1,014 |
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| 4,400 |
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| 992 |
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| 4,378 |
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| 3,622 |
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| 2,577 |
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| 5,517 |
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| 9,828 |
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| Interest Portion of Rents(1) |
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| 245 |
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| 923 |
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| 220 |
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| 898 |
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| 818 |
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| 835 |
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| 954 |
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| 768 |
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| Amortization of Premium & Expense on Debt |
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| 244 |
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| 962 |
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| 245 |
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| 963 |
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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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| Total Fixed Charges |
| $ | 6,592 |
| $ | 25,535 |
| $ | 5,949 |
| $ | 24,892 |
| $ | 21,856 |
| $ | 18,281 |
| $ | 19,025 |
| $ | 23,024 |
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E. | Total Earnings |
| $ | 26,601 |
| $ | 77,507 |
| $ | 27,748 |
| $ | 78,654 |
| $ | 78,255 |
| $ | 77,852 |
| $ | 86,099 |
| $ | 88,880 |
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| Preferred Dividend Requirements: |
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F. | Allowance for Preferred Stock Dividends Under IRC Sec. 247 |
| $ | 242 |
| $ | 970 |
| $ | 242 |
| $ | 970 |
| $ | 970 |
| $ | 970 |
| $ | 970 |
| $ | 1,387 |
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G. | Less Allowable Dividend Deduction |
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| (31 | ) |
| (126 | ) |
| (32 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
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H. | Net Subject to Gross-up |
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| 211 |
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| 844 |
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| 210 |
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| 843 |
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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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I. | Ratio of Earnings before Income Taxes to Net Income (C/A) |
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| 1.703 |
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| 1.634 |
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| 1.630 |
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| 1.608 |
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| 1.617 |
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| 1.672 |
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| 1.736 |
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| 1.694 |
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J. | Pref. Dividend (Pre-tax) (H x I) |
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| 359 |
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| 1,379 |
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| 342 |
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| 1,356 |
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| 1,363 |
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| 1,409 |
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| 1,463 |
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| 2,134 |
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K. | Plus Allowable Dividend Deduction |
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| 31 |
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| 126 |
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| 32 |
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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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L. | Preferred Dividend Factor |
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| 390 |
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| 1,505 |
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| 374 |
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| 1,483 |
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| 1,490 |
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| 1,536 |
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| 1,590 |
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| 2,261 |
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M. | Fixed Charges (D) |
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| 6,592 |
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| 25,535 |
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| 5,949 |
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| 24,892 |
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| 21,856 |
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| 18,281 |
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| 19,025 |
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| 23,024 |
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N. | Total Fixed Charges and Preferred Dividends |
| $ | 6,982 |
| $ | 27,040 |
| $ | 6,323 |
| $ | 26,375 |
| $ | 23,346 |
| $ | 19,817 |
| $ | 20,615 |
| $ | 25,285 |
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O. | Ratio of Earnings to Fixed Charges (E/D) |
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| 4.0 |
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| 3.0 |
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| 4.7 |
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| 3.2 |
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| 3.6 |
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| 4.3 |
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| 4.5 |
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| 3.9 |
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P. | Ratio of Earnings to Fixed Charges and Preferred Dividends (E/N) |
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| 3.8 |
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| 2.9 |
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| 4.4 |
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| 3.0 |
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| 3.4 |
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| 3.9 |
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| 4.2 |
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| 3.5 |
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(1) | The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor. |
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