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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 |
| 9 Months |
| 12 Months |
| 3 Months |
| 9 Months |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
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| Earnings: ($000) |
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A. |
| Net income from Continuing Operations |
| $ | 2,885 |
| $ | 23,856 |
| $ | 35,276 |
| $ | 4,329 |
| $ | 31,216 |
| $ | 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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| 727 |
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| 970 |
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| 242 |
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| 727 |
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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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| 1,193 |
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| 14,102 |
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| 19,859 |
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| 1,885 |
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| 16,141 |
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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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| 123 |
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| 459 |
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| 639 |
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| 171 |
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| 1,715 |
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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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| 913 |
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| 2,294 |
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| 2,978 |
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| 922 |
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| 2,743 |
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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. |
| $ | 5,110 |
| $ | 40,520 |
| $ | 58,444 |
| $ | 7,207 |
| $ | 49,112 |
| $ | 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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| 4,926 |
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| 15,064 |
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| 20,114 |
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| 4,616 |
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| 13,603 |
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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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| 1,413 |
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| 3,826 |
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| 4,903 |
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| 1,323 |
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| 3,302 |
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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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| 327 |
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| 979 |
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| 1,366 |
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| 297 |
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| 891 |
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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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| 732 |
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| 975 |
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| 236 |
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| 720 |
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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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| 375 |
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| 1,136 |
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| 1,486 |
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| 363 |
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| 1,066 |
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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 |
| $ | 7,285 |
| $ | 21,737 |
| $ | 28,844 |
| $ | 6,835 |
| $ | 19,582 |
| $ | 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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| 375 |
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| 1,136 |
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| 1,486 |
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| 363 |
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| 1,066 |
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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 |
| $ | 12,020 |
| $ | 61,121 |
| $ | 85,802 |
| $ | 13,679 |
| $ | 67,628 |
| $ | 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 |
| $ | 727 |
| $ | 970 |
| $ | 242 |
| $ | 727 |
| $ | 970 |
| $ | 970 |
| $ | 970 |
| $ | 970 |
| $ | 1,387 |
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H. |
| Less Allowable Dividend Deduction |
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| (32 | ) |
| (96 | ) |
| (127 | ) |
| (32 | ) |
| (96 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
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I. |
| Net Subject to Gross-Up |
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| 210 |
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| 631 |
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| 843 |
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| 210 |
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| 631 |
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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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| 1.634 |
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| 1.648 |
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| 1.612 |
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| 1.577 |
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| 1.537 |
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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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| 343 |
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| 1,040 |
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| 1,359 |
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| 331 |
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| 970 |
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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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| 96 |
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| 127 |
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| 32 |
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| 96 |
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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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| 375 |
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| 1,136 |
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| 1,486 |
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| 363 |
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| 1,066 |
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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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| 1.6 |
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| 2.8 |
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| 3.0 |
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| 2.0 |
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| 3.5 |
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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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