CENTRAL HUDSON GAS & ELECTRIC CORP - FORM 10-Q - EX-12 - EXHIBIT 12

Attached files

file	filename
10-Q - CH ENERGY GROUP 10-Q 9-30-2009 - CENTRAL HUDSON GAS & ELECTRIC CORP	form10q.htm
EX-10 - EXHIBIT 10 - CENTRAL HUDSON GAS & ELECTRIC CORP	ex10.htm
EX-31.2 - EXHIBIT 31.2 - CENTRAL HUDSON GAS & ELECTRIC CORP	ex31_2.htm
EX-31.1 - EXHIBIT 31.1 - CENTRAL HUDSON GAS & ELECTRIC CORP	ex31_1.htm
EX-32.1 - EXHIBIT 32.1 - CENTRAL HUDSON GAS & ELECTRIC CORP	ex32_1.htm
EX-32.2 - EXHIBIT 32.2 - CENTRAL HUDSON GAS & ELECTRIC CORP	ex32_2.htm

CH ENERGY GROUP, INC.
Computation of Ratio of Earnings to Fixed Charges																											EXHIBIT 12 (i)

			2009									2008						Year Ended December 31,
			3 Months			9 Months			12 Months			3 Months			9 Months
			Ended			Ended			Ended			Ended			Ended
		Earnings: ($000)	Sep 30			Sep 30			Sep 30			Sep 30			Sep 30			2008			2007			2006			2005			2004
A.		Net income from Continuing Operations	$	5,352		$	27,016		$	38,241		$	2,885		$	23,856		$	35,081		$	42,636		$	43,084		$	44,291		$	42,423
B.		Preferred Stock Dividends		242			727			970			242			727			970			970			970			970			970
C.		Federal and State Income Tax		3,327			17,152			24,879			1,193			14,102			21,829			21,898			23,769			25,819			31,256
	Less	Income from Equity Investments		(75	)		2			111			123			459			568			1,895			1,810			1,456			922
	Plus	Cash Distribution from Equity Investments		324			1,353			1,522			913			2,294			2,463			3,427			1,315			1,833			1,776
D.		Earnings before Income Taxes and Equity Inv.	$	9,320		$	46,246		$	65,501		$	5,110		$	40,520		$	59,775		$	67,036		$	67,328		$	71,457		$	75,503
E.		Fixed Charges
		Interest on Other-Long-Term Debt		5,355			15,229			20,683			4,926			15,064			20,518			18,653			16,425			13,826			11,488
		Other Interest		1,514			3,946			5,174			1,413			3,826			5,054			4,379			3,622			2,577			5,517
		Interest Portion of Rents(1)		223			792			1,033			327			979			1,220			1,278			1,112			1,077			1,192
		Amortization of Premium & Expense on Debt		244			732			982			244			732			982			963			991			1,043			1,066
		Preferred Stock Dividends Requirements of Central Hudson		382			1,148			1,535			375			1,136			1,525			1,423			1,415			1,458			1,594
		Total Fixed Charges	$	7,718		$	21,847		$	29,407		$	7,285		$	21,737		$	29,299		$	26,696		$	23,565		$	19,981		$	20,857
	Less	Preferred Stock Dividends Requirements of Central Hudson		382			1,148			1,535			375			1,136			1,525			1,423			1,415			1,458			1,594
F.		Total Earnings	$	16,656		$	66,945		$	93,373		$	12,020		$	61,121		$	87,549		$	92,309		$	89,478		$	89,980		$	94,766

		Preferred Dividend Requirements:
G.		Allowance for Preferred Stock Dividends Under IRC Sec. 247	$	242		$	727		$	970		$	242		$	727		$	970		$	970		$	970		$	970		$	970
H.		Less Allowable Dividend Deduction		(32	)		(96	)		(127	)		(32	)		(96	)		(127	)		(127	)		(127	)		(127	)		(127	)
I.		Net Subject to Gross-Up		210			631			843			210			631			843			843			843			843			843
J.		Ratio of Earnings before Income Taxes and Equity Inv. To Net Income (D/(A+B))		1.666			1.667			1.670			1.634			1.648			1.658			1.537			1.528			1.579			1.740
K.		Preferred Dividend (Pre-tax) (I x J)		350			1,052			1,408			343			1,040			1,398			1,296			1,288			1,331			1,467
L.		Plus Allowable Dividend Deduction		32			96			127			32			96			127			127			127			127			127
M.		Preferred Dividend Factor	$	382		$	1,148		$	1,535		$	375		$	1,136		$	1,525		$	1,423		$	1,415		$	1,458		$	1,594

N.		Ratio of Earnings to Fixed Charges (F/E)		2.2			3.1			3.2			1.6			2.8			3.0			3.5			3.8			4.5			4.5

(1)	The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor.

CENTRAL HUDSON GAS & ELECTRIC CORPORATION
Computation of Ratio of Earnings to Fixed Charges
and Ratio of Earnings to Fixed Charges and Preferred Dividends																										EXHIBIT 12 (i) (i)

		2009									2008						Year Ended December 31,
		3 Months			9 Months			12 Months			3 Months			9 Months
		Ended			Ended			Ended			Ended			Ended
	Earnings: ($000)	Sep 30			Sep 30			Sep 30			Sep 30			Sep 30			2008			2007			2006			2005			2004
A.	Net income	$	8,871		$	22,682		$	27,855		$	6,127		$	22,065		$	27,238		$	33,436		$	34,871		$	35,635		$	38,648
B.	Federal and State Income Tax		6,333			16,062			20,123			4,346			15,212			19,273			20,326			21,528			23,936			28,426
C.	Earnings before Income Taxes	$	15,204		$	38,744		$	47,978		$	10,473		$	37,277		$	46,511		$	53,762		$	56,399		$	59,571		$	67,074
D.	Fixed Charges
	Interest on Other-Long-Term Debt		4,515			13,863			19,317			4,926			15,064			20,518			18,653			16,425			13,826			11,488
	Other Interest		1,495			3,823			5,019			1,303			3,299			4,495			4,378			3,622			2,577			5,517
	Interest Portion of Rents(1)		127			491			619			218			660			788			898			818			835			954
	Amortization of Premium & Expense on Debt		244			732			982			244			732			982			963			991			1,043			1,066
	Total Fixed Charges	$	6,381		$	18,909		$	25,937		$	6,691		$	19,755		$	26,783		$	24,892		$	21,856		$	18,281		$	19,025

E.	Total Earnings	$	21,585		$	57,653		$	73,915		$	17,164		$	57,032		$	73,294		$	78,654		$	78,255		$	77,852		$	86,099

	Preferred Dividend Requirements:
F.	Allowance for Preferred Stock Dividends Under IRC Sec. 247	$	242		$	727		$	970		$	242		$	727		$	970		$	970		$	970		$	970		$	970
G.	Less Allowable Dividend Deduction		(32	)		(96	)		(127	)		(32	)		(96	)		(127	)		(127	)		(127	)		(127	)		(127	)
H.	Net Subject to Gross-Up		210			631			843			210			631			843			843			843			843			843
I.	Ratio of Earnings before Income Taxes to Net Income (C/A)		1.714			1.708			1.722			1.709			1.689			1.708			1.608			1.617			1.672			1.736
J.	Preferred Dividend (Pre-tax) (H x I)		360			1,078			1,452			359			1,066			1,440			1,356			1,363			1,409			1,463
K.	Plus Allowable Dividend Deduction		32			96			127			32			96			127			127			127			127			127
L.	Preferred Dividend Factor		392			1,174			1,579			391			1,162			1,567			1,483			1,490			1,536			1,590
M.	Fixed Charges (D)		6,381			18,909			25,937			6,691			19,755			26,783			24,892			21,856			18,281			19,025
N.	Total Fixed Charges and Preferred Dividends	$	6,773		$	20,083		$	27,516		$	7,082		$	20,917		$	28,350		$	26,375		$	23,346		$	19,817		$	20,615

O.	Ratio of Earnings to Fixed Charges (E/D)		3.4			3.1			2.9			2.6			2.9			2.7			3.2			3.6			4.3			4.5
P.	Ratio of Earnings to Fixed Charges and Preferred Dividends (E/N)		3.2			2.9			2.7			2.4			2.7			2.6			3.0			3.4			3.9			4.2

(1)	The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor.

CENTRAL HUDSON GAS & ELECTRIC CORP - FORM 10-Q - EX-12 - EXHIBIT 12 - November 9, 2009

Attached files