CENTRAL HUDSON GAS & ELECTRIC CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT (12)(ii)
AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
2001 Year Ended December 31,
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3 Months 12 Months
Ended Ended ( * )
Dec 31 Dec 31 2000 1999 1998 1997
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Earnings:
A. Net Income $18,584 $44,178 $52,595 $51,881 $52,544 $55,086
B. Federal & State Income Tax (24,176) (7,637) 37,150 28,144 28,627 26,237
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C. Earnings before Income Taxes ($5,592) $36,541 $89,745 $80,025 $81,171 $81,323
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D. Fixed Charges
Interest on Mortgage Bonds 670 5,211 11,342 13,057 14,225 14,237
Interest on Other Long-Term Debt 1,798 10,446 12,864 11,094 8,890 8,860
Other Interest 3,052 13,170 5,363 4,860 3,639 2,647
Interest Portion of Rents 193 801 962 993 1,004 1,020
Amortization of Premium & Expense on Debt 335 1,350 1,170 993 924 906
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Total Fixed Charges $6,048 $30,978 $31,701 $30,997 $28,682 $27,670
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E. Total Earnings $456 $67,519 $121,446 $111,022 $109,853 $108,993
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Preferred Dividend Requirements:
F. Allowance for Preferred Stock Dividends
Under IRC Sec 247 $807 $3,230 $3,230 $3,230 $3,230 $3,230
G. Less Allowable Dividend Deduction (31) (127) (127) (127) (127) (127)
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H. Net Subject to Gross-up 776 3,103 3,103 3,103 3,103 3,103
I. Ratio of Earnings before Income
Taxes to Net Income (C/A) (0.301) 0.827 1.706 1.542 1.545 1.476
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J. Pref. Dividend (Pre-tax) (H x L) (234) 2,566 5,294 4,785 4,794 4,580
K. Plus Allowable Dividend Deduction 31 127 127 127 127 127
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L. Preferred Dividend Factor (203) 2,693 5,421 4,912 4,921 4,707
M. Fixed Charges (D) 6,048 30,978 31,701 30,997 28,682 27,670
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N. Total Fixed Charges and Preferred Dividends $5,845 $33,671 $37,122 $35,909 $33,603 $32,377
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O. Ratio of Earnings to Fixed Charges (E/D) 0.08 2.18 3.83 3.58 3.83 3.94
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P. Ratio of Earnings to Fixed Charges and
Preferred Dividends (E/N) 0.08 2.01 3.27 3.09 3.27 3.37
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* ) Restated to properly reflect the exclusion of AFUDC from fixed charges.