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CH ENERGY GROUP, INC. |
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Computation of Ratio of Earnings to Fixed Charges | EXHIBIT 12 (i) |
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| 2008 |
| 2007 |
| Year Ended December 31, |
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| 3 Months |
| 6 Months |
| 12 Months |
| 3 Months |
| 6 Months |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
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| Earnings: ($000) |
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A. |
| Net income from Continuing Operations |
| $ | 1,670 |
| $ | 20,971 |
| $ | 36,720 |
| $ | 5,189 |
| $ | 26,887 |
| $ | 42,636 |
| $ | 43,084 |
| $ | 44,291 |
| $ | 42,423 |
| $ | 43,985 |
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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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| 970 |
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| 1,387 |
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C. |
| Federal and State Income Tax |
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| 972 |
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| 12,909 |
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| 20,551 |
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| 1,293 |
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| 14,256 |
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| 21,898 |
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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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| Less | Income from Equity Investments |
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| 66 |
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| 335 |
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| 686 |
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| 349 |
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| 1,544 |
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| 1,895 |
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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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| Plus | Cash Distribution from Equity Investments |
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| 407 |
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| 824 |
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| 2,431 |
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| 549 |
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| 1,820 |
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| 3,427 |
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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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D. |
| Earnings before Income Taxes and Equity Inv. |
| $ | 3,225 |
| $ | 34,854 |
| $ | 59,986 |
| $ | 6,924 |
| $ | 41,904 |
| $ | 67,036 |
| $ | 67,018 |
| $ | 71,457 |
| $ | 75,503 |
| $ | 76,191 |
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E. |
| Fixed Charges |
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| Interest on Mortgage Bonds |
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| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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| 570 |
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| Interest on Other-Long-Term Debt |
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| 5,049 |
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| 10,138 |
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| 19,805 |
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| 4,495 |
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| 8,986 |
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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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| 1,210 |
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| 2,412 |
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| 4,812 |
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| 987 |
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| 1,979 |
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| 4,379 |
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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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| 303 |
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| 652 |
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| 1,336 |
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| 288 |
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| 594 |
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| 1,278 |
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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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| Amortization of Premium & Expense on Debt |
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| 244 |
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| 488 |
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| 967 |
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| 238 |
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| 484 |
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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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| Preferred Stock Dividends Requirements of Central Hudson |
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| 386 |
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| 748 |
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| 1,469 |
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| 300 |
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| 709 |
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| 1,423 |
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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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| Total Fixed Charges |
| $ | 7,192 |
| $ | 14,438 |
| $ | 28,389 |
| $ | 6,308 |
| $ | 12,752 |
| $ | 26,696 |
| $ | 23,559 |
| $ | 19,981 |
| $ | 20,857 |
| $ | 25,539 |
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| Less | Preferred Stock Dividends Requirements of Central Hudson |
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| 386 |
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| 748 |
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| 1,469 |
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| 300 |
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| 709 |
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| 1,423 |
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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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F. |
| Total Earnings |
| $ | 10,031 |
| $ | 48,544 |
| $ | 86,906 |
| $ | 12,932 |
| $ | 53,947 |
| $ | 92,309 |
| $ | 89,168 |
| $ | 89,980 |
| $ | 94,766 |
| $ | 99,487 |
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| Preferred Dividend Requirements: |
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G. |
| Allowance for Preferred Stock Dividends Under IRC Sec. 247 |
| $ | 242 |
| $ | 485 |
| $ | 970 |
| $ | 242 |
| $ | 485 |
| $ | 970 |
| $ | 970 |
| $ | 970 |
| $ | 970 |
| $ | 1,387 |
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H. |
| Less Allowable Dividend Deduction |
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| (32 | ) |
| (64 | ) |
| (127 | ) |
| (32 | ) |
| (64 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
| (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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| 843 |
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| 1,260 |
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J. |
| Ratio of Earnings before Income Taxes and Equity Inv. To Net Income (D/(A+B)) |
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| 1.687 |
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| 1.624 |
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| 1.592 |
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| 1.275 |
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| 1.531 |
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| 1.537 |
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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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K. |
| Preferred Dividend (Pre-tax) (I x J) |
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| 354 |
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| 684 |
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| 1,342 |
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| 268 |
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| 645 |
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| 1,296 |
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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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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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| 386 |
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| 748 |
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| 1,469 |
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| 300 |
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| 709 |
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| 1,423 |
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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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N. |
| Ratio of Earnings to Fixed Charges (F/E) |
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| 1.4 |
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| 3.4 |
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| 3.1 |
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| 2.1 |
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| 4.2 |
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| 3.5 |
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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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(1) | The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor. |
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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 |
| 6 Months |
| 12 Months |
| 3 Months |
| 6 Months |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
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| Earnings: ($000) |
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A. | Net income |
| $ | 4,191 |
| $ | 15,938 |
| $ | 30,741 |
| $ | 5,262 |
| $ | 18,633 |
| $ | 33,436 |
| $ | 34,871 |
| $ | 35,635 |
| $ | 38,648 |
| $ | 38,875 |
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B. | Federal and State Income Tax |
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| 2,604 |
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| 10,866 |
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| 20,321 |
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| 2,444 |
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| 10,871 |
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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 |
| $ | 6,795 |
| $ | 26,804 |
| $ | 51,062 |
| $ | 7,706 |
| $ | 29,504 |
| $ | 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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| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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| 570 |
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| Interest on Other-Long-Term Debt |
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| 5,049 |
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| 10,138 |
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| 19,805 |
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| 4,495 |
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| 8,986 |
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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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| 981 |
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| 1,995 |
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| 4,394 |
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| 987 |
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| 1,979 |
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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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| 197 |
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| 442 |
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| 923 |
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| 197 |
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| 417 |
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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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| 488 |
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| 967 |
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| 238 |
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| 484 |
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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 |
| $ | 6,471 |
| $ | 13,063 |
| $ | 26,089 |
| $ | 5,917 |
| $ | 11,866 |
| $ | 24,892 |
| $ | 21,856 |
| $ | 18,281 |
| $ | 19,025 |
| $ | 23,024 |
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E. | Total Earnings |
| $ | 13,266 |
| $ | 39,867 |
| $ | 77,151 |
| $ | 13,623 |
| $ | 41,370 |
| $ | 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 |
| $ | 485 |
| $ | 970 |
| $ | 242 |
| $ | 485 |
| $ | 970 |
| $ | 970 |
| $ | 970 |
| $ | 970 |
| $ | 1,387 |
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G. | Less Allowable Dividend Deduction |
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| (32 | ) |
| (64 | ) |
| (127 | ) |
| (32 | ) |
| (64 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
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H. | 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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| 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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| 1.621 |
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| 1.682 |
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| 1.661 |
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| 1.464 |
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| 1.583 |
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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. | Preferred Dividend (Pre-tax) (H x I) |
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| 340 |
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| 708 |
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| 1,400 |
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| 307 |
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| 666 |
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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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| 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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L. | Preferred Dividend Factor |
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| 372 |
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| 772 |
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| 1,527 |
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| 339 |
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| 730 |
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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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| 6,471 |
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| 13,063 |
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| 26,089 |
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| 5,917 |
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| 11,866 |
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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 |
| $ | 6,843 |
| $ | 13,835 |
| $ | 27,616 |
| $ | 6,256 |
| $ | 12,596 |
| $ | 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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| 2.1 |
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| 3.1 |
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| 3.0 |
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| 2.3 |
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| 3.5 |
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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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| 1.9 |
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| 2.9 |
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| 2.8 |
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| 2.2 |
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| 3.3 |
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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. |
- 95 -