CH ENERGY GROUP, INC.
Computation of Ratio of Earnings to Fixed Charges EXHIBIT 12 (i)
2002 Year Ended December 31,
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3 Months 9 Months 12 Months
Ended Ended Ended
Sept. 30 Sept. 30 Sept. 30(1) 2001(1) 2000 1999 1998 (2)
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Earnings:
A. Net Income from Continuing Operations $ 5,996 $ 27,013 $ 46,775 $ 50,835 $ 50,973 $ 48,573 $ 49,314
B. Federal and State Income Tax 3,956 18,784 (4,197) (3,338) 38,215 28,925 28,627
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C. Earnings before Income Taxes $ 9,952 $ 45,797 $ 42,578 $ 47,497 $ 89,188 $ 77,498 $ 77,941
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D. Fixed Charges
Interest on Mortgage Bonds 534 1,873 2,543 5,211 11,342 13,057 14,225
Interest on Other Long-Term Debt 2,702 7,090 8,888 10,446 12,864 11,094 8,890
Other Interest 2,904 8,929 11,642 12,837 9,303 5,640 3,639
Interest Portion of Rents 186 564 757 801 962 993 1,004
Amortization of Premium & Expense
on Debt 318 924 1,259 1,350 1,170 993 924
Preferred Stock Dividends of
Central Hudson 727 2,832 2,303 3,026 5,556 5,078 5,031
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Total Fixed Charges $ 7,371 $ 22,212 $ 27,392 $ 33,671 $ 41,197 $ 36,855 $ 33,713
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E. Total Earnings $ 17,323 $ 68,009 $ 69,970 $ 81,168 $ 130,385 $ 114,353 $ 111,654
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Preferred Dividend Requirements:
F. Allowance for Preferred Stock Dividends
Under IRC Sec 247 $ 451 $ 1,710 $ 2,517 $ 3,230 $ 3,230 $ 3,230 $ 3,230
G. Less Allowable Dividend Deduction (32) (96) (127) (127) (127) (127) (127)
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H. Net Subject to Gross-up 419 1,614 2,390 3,103 3,103 3,103 3,103
I. Ratio of Earnings before Income
Taxes to Net Income (C/A) 1.660 1.695 0.910 0.934 1.750 1.595 1.581
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J. Preferred Dividend (Pre-tax) (H x I) 695 2,736 2,176 2,899 5,429 4,951 4,904
K. Plus Allowable Dividend Deduction 32 96 127 127 127 127 127
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L. Preferred Dividend Factor 727 2,832 2,303 3,026 5,556 5,078 5,031
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M. Ratio of Earnings to Fixed Charges (E/D) 2.35 3.06 2.55 2.41 3.16 3.10 3.31
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(1) The reduction in the ratios reflect the net effect of regulatory
actions in 2001 associated with the sale of the interests of Central
Hudson in its fossil generating plants and the Nine Mile 2 Plant;
including the recording of a significant amount of Federal
Investment Income Tax Credits.
(2) Energy Group was formed on December 15, 1999. 1998 has been restated
to reflect preferred stock dividends as a component of fixed
charges.
(3) Net Income includes Preferred Stock Dividends of Central Hudson.