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CENTRAL HUDSON GAS & ELECTRIC CORPORATION |
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Computation of Ratio of Earnings to Fixed Charges |
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and Ratio of Earnings to Fixed Charges and Preferred Dividends | EXHIBIT 12 (i) (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 |
| $ | 6,127 |
| $ | 22,065 |
| $ | 30,763 |
| $ | 6,105 |
| $ | 24,738 |
| $ | 33,436 |
| $ | 34,871 |
| $ | 35,635 |
| $ | 38,648 |
| $ | 38,875 |
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B. | Federal and State Income Tax |
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| 4,346 |
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| 15,212 |
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| 20,506 |
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| 4,161 |
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| 15,032 |
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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 |
| $ | 10,473 |
| $ | 37,277 |
| $ | 51,269 |
| $ | 10,266 |
| $ | 39,770 |
| $ | 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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| 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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| 1,303 |
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| 3,299 |
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| 4,376 |
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| 1,322 |
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| 3,301 |
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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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| 218 |
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| 660 |
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| 935 |
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| 206 |
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| 623 |
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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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| 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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| Total Fixed Charges |
| $ | 6,691 |
| $ | 19,755 |
| $ | 26,400 |
| $ | 6,380 |
| $ | 18,247 |
| $ | 24,892 |
| $ | 21,856 |
| $ | 18,281 |
| $ | 19,025 |
| $ | 23,024 |
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E. | Total Earnings |
| $ | 17,164 |
| $ | 57,032 |
| $ | 77,669 |
| $ | 16,646 |
| $ | 58,017 |
| $ | 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 |
| $ | 727 |
| $ | 970 |
| $ | 242 |
| $ | 727 |
| $ | 970 |
| $ | 970 |
| $ | 970 |
| $ | 970 |
| $ | 1,387 |
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G. | Less Allowable Dividend Deduction |
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| (32 | ) |
| (96 | ) |
| (127 | ) |
| (32 | ) |
| (96 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
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H. | 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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I. | Ratio of Earnings before Income Taxes to Net Income (C/A) |
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| 1.709 |
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| 1.689 |
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| 1.667 |
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| 1.682 |
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| 1.608 |
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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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| 359 |
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| 1,066 |
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| 1,405 |
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| 353 |
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| 1,015 |
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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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| 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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L. | Preferred Dividend Factor |
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| 391 |
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| 1,162 |
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| 1,532 |
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| 385 |
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| 1,111 |
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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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| 6,691 |
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| 19,755 |
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| 26,400 |
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| 6,380 |
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| 18,247 |
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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 |
| $ | 7,082 |
| $ | 20,917 |
| $ | 27,932 |
| $ | 6,765 |
| $ | 19,358 |
| $ | 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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| 2.6 |
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| 2.9 |
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| 2.9 |
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| 2.6 |
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| 3.2 |
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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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| 2.4 |
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| 2.7 |
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| 2.8 |
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| 2.5 |
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| 3.0 |
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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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