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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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| 2009 |
| 2008 |
| Year Ended December 31, |
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| Earnings: ($000) |
| 3 Months |
| 12 Months |
| 3 Months |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
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A. |
| Net income from Continuing Operations |
| $ | 23,121 |
| $ | 38,901 |
| $ | 19,301 |
| $ | 35,081 |
| $ | 42,636 |
| $ | 43,084 |
| $ | 44,291 |
| $ | 42,423 |
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B. |
| Preferred Stock Dividends |
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| 242 |
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| 970 |
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| 242 |
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| 970 |
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| 970 |
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| 970 |
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| 970 |
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| 970 |
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C. |
| Federal and State Income Tax |
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| 14,533 |
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| 24,425 |
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| 11,937 |
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| 21,829 |
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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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| Less | Income from Equity Investments |
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| 230 |
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| 529 |
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| 269 |
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| 568 |
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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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| Plus | Cash Distribution from Equity Investments |
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| 689 |
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| 2,735 |
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| 417 |
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| 2,463 |
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| 3,427 |
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| 1,315 |
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| 1,833 |
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| 1,776 |
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D. |
| Earnings before Income Taxes and Equity Inv. |
| $ | 38,355 |
| $ | 66,502 |
| $ | 31,628 |
| $ | 59,775 |
| $ | 67,036 |
| $ | 67,328 |
| $ | 71,457 |
| $ | 75,503 |
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E. |
| Fixed Charges |
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| Interest on Other-Long-Term Debt |
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| 4,780 |
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| 20,209 |
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| 5,089 |
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| 20,518 |
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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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| Other Interest |
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| 1,289 |
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| 5,141 |
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| 1,202 |
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| 5,054 |
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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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| Interest Portion of Rents(1) |
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| 315 |
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| 1,185 |
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| 350 |
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| 1,220 |
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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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| Amortization of Premium & Expense on Debt |
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| 244 |
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| 982 |
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| 244 |
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| 982 |
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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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| Preferred Stock Dividends Requirements of Central Hudson |
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| 377 |
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| 1,533 |
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| 372 |
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| 1,525 |
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| 1,423 |
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| 1,415 |
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| 1,458 |
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| 1,594 |
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| Total Fixed Charges |
| $ | 7,005 |
| $ | 29,050 |
| $ | 7,257 |
| $ | 29,299 |
| $ | 26,696 |
| $ | 23,565 |
| $ | 19,981 |
| $ | 20,857 |
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| Less | Preferred Stock Dividends Requirements of Central Hudson |
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| 377 |
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| 1,533 |
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| 372 |
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| 1,525 |
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| 1,423 |
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| 1,415 |
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| 1,458 |
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| 1,594 |
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F. |
| Total Earnings |
| $ | 44,983 |
| $ | 94,019 |
| $ | 38,513 |
| $ | 87,549 |
| $ | 92,309 |
| $ | 89,478 |
| $ | 89,980 |
| $ | 94,766 |
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| Preferred Dividend Requirements: |
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G. |
| Allowance for Preferred Stock Dividends Under IRC Sec. 247 |
| $ | 242 |
| $ | 970 |
| $ | 242 |
| $ | 970 |
| $ | 970 |
| $ | 970 |
| $ | 970 |
| $ | 970 |
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H. |
| Less Allowable Dividend Deduction |
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| (32 | ) |
| (127 | ) |
| (32 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
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I. |
| Net Subject to Gross-Up |
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| 210 |
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| 843 |
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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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| 843 |
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J. |
| Ratio of Earnings before Income Taxes and Equity Inv. To Net Income |
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| 1.642 |
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| 1.668 |
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| 1.618 |
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| 1.658 |
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| 1.537 |
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| 1.528 |
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| 1.579 |
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| 1.740 |
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K. |
| Preferred Dividend (Pre-tax) (I x J) |
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| 345 |
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| 1,406 |
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| 340 |
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| 1,398 |
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| 1,296 |
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| 1,288 |
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| 1,331 |
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| 1,467 |
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L. |
| Plus Allowable Dividend Deduction |
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| 32 |
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| 127 |
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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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M. |
| Preferred Dividend Factor |
| $ | 377 |
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| 1,533 |
| $ | 372 |
| $ | 1,525 |
| $ | 1,423 |
| $ | 1,415 |
| $ | 1,458 |
| $ | 1,594 |
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N. |
| Ratio of Earnings to Fixed Charges (F/E) |
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| 6.4 |
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| 3.2 |
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| 5.3 |
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| 3.0 |
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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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(1) | The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor. |
- 93 -
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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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| 2009 |
| 2008 |
| Year Ended December 31, |
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| Earnings: ($000) |
| 3 Months |
| 12 Months |
| 3 Months |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
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A. | Net income |
| $ | 12,593 |
| $ | 28,084 |
| $ | 11,747 |
| $ | 27,238 |
| $ | 33,436 |
| $ | 34,871 |
| $ | 35,635 |
| $ | 38,648 |
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B. | Federal and State Income Tax |
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| 8,806 |
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| 19,817 |
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| 8,262 |
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| 19,273 |
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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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C. | Earnings before Income Taxes |
| $ | 21,399 |
| $ | 47,901 |
| $ | 20,009 |
| $ | 46,511 |
| $ | 53,762 |
| $ | 56,399 |
| $ | 59,571 |
| $ | 67,074 |
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D. | Fixed Charges |
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| Interest on Other-Long-Term Debt |
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| 4,780 |
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| 20,209 |
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| 5,089 |
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| 20,518 |
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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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| Other Interest |
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| 1,220 |
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| 4,701 |
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| 1,014 |
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| 4,495 |
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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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| Interest Portion of Rents(1) |
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| 209 |
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| 752 |
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| 245 |
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| 788 |
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| 898 |
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| 818 |
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| 835 |
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| 954 |
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| Amortization of Premium & Expense on Debt |
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| 244 |
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| 982 |
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| 244 |
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| 982 |
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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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| Total Fixed Charges |
| $ | 6,453 |
| $ | 26,644 |
| $ | 6,592 |
| $ | 26,783 |
| $ | 24,892 |
| $ | 21,856 |
| $ | 18,281 |
| $ | 19,025 |
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E. | Total Earnings |
| $ | 27,852 |
| $ | 74,545 |
| $ | 26,601 |
| $ | 73,294 |
| $ | 78,654 |
| $ | 78,255 |
| $ | 77,852 |
| $ | 86,099 |
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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 |
| $ | 970 |
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G. | Less Allowable Dividend Deduction |
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| (32 | ) |
| (127 | ) |
| (32 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
| (127 | ) |
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H. | Net Subject to Gross-Up |
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| 210 |
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| 843 |
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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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| 843 |
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I. | Ratio of Earnings before Income Taxes to Net Income (C/A) |
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| 1.699 |
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| 1.706 |
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| 1.703 |
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| 1.708 |
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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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J. | Preferred Dividend (Pre-tax) (H x I) |
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| 357 |
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| 1,438 |
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| 358 |
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| 1,440 |
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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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K. | Plus Allowable Dividend Deduction |
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| 32 |
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| 127 |
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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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| 389 |
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| 1,565 |
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| 390 |
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| 1,567 |
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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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M. | Fixed Charges (D) |
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| 6,453 |
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| 26,644 |
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| 6,592 |
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| 26,783 |
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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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N. | Total Fixed Charges and Preferred Dividends |
| $ | 6,842 |
| $ | 28,209 |
| $ | 6,982 |
| $ | 28,350 |
| $ | 26,375 |
| $ | 23,346 |
| $ | 19,817 |
| $ | 20,615 |
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O. | Ratio of Earnings to Fixed Charges (E/D) |
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| 4.3 |
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| 2.8 |
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| 4.0 |
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| 2.7 |
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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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P. | Ratio of Earnings to Fixed Charges and Preferred Dividends (E/N) |
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| 4.1 |
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| 2.6 |
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| 3.8 |
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| 2.6 |
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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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(1) | The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor. |
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