EX-12.1 2 ex12_1.htm EXHIBIT 12.1
EXHIBIT 12.1
 
CH ENERGY GROUP, INC.
Computation of Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
Year Ended December 31,
 
 
Earnings: ($000)
 
2012 
 
2011 
 
2010 
 
2009 
 
2008 
A.
 
 
Net income from Continuing Operations
 
$
39,847 
 
$
43,184 
 
$
40,330 
 
$
33,597 
 
$
30,968 
B.
 
 
Preferred Stock Dividends
 
 
624 
 
 
970 
 
 
970 
 
 
970 
 
 
970 
C.
 
 
Federal and State Income Tax
 
 
26,908 
 
 
23,813 
 
 
19,214 
 
 
22,269 
 
 
20,663 
 
Less
 
Income from Equity Investments
 
 
174 
 
 
735 
 
 
(318)
 
 
228 
 
 
568 
 
Plus
 
Cash Distribution from Equity Investments
 
 
459 
 
 
895 
 
 
871 
 
 
1,775 
 
 
2,463 
D.
 
 
Earnings before Income Taxes and Equity Investments
 
$
67,664 
 
$
68,127 
 
$
61,703 
 
$
58,383 
 
$
54,496 
E.
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on Other Long-Term Debt
 
 
24,949 
 
 
26,520 
 
 
22,973 
 
 
20,999 
 
 
20,518 
 
 
 
 
Other Interest
 
 
6,054 
 
 
4,879 
 
 
5,422 
 
 
3,995 
 
 
3,357 
 
 
 
 
Interest Portion of Rents(1)
 
 
925 
 
 
952 
 
 
960 
 
 
1,043 
 
 
1,220 
 
 
 
 
Amortization of Premium & Expense on Debt
 
 
1,027 
 
 
1,084 
 
 
913 
 
 
956 
 
 
982 
 
 
 
 
Preferred Stock Dividends Requirements of Central Hudson
 
 
958 
 
 
1,428 
 
 
1,386 
 
 
1,551 
 
 
1,565 
 
 
 
 
      Total Fixed Charges
 
$
33,913 
 
$
34,863 
 
$
31,654 
 
$
28,544 
 
$
27,642 
 
Less
 
 
Preferred Stock Dividends Requirements of Central Hudson
 
 
958 
 
 
1,428 
 
 
1,386 
 
 
1,551 
 
 
1,565 
F.
 
 
 
Total Earnings
 
$
100,619 
 
$
101,562 
 
$
91,971 
 
$
85,376 
 
$
80,573 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Dividend Requirements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
G.
 
 
 
Allowance for Preferred Stock Dividends Under IRC Sec. 247
 
$
624 
 
$
970 
 
$
970 
 
$
970 
 
$
970 
H.
 
 
 
Less Allowable Dividend Deduction
 
 
(127)
 
 
(127)
 
 
(127)
 
 
(127)
 
 
(127)
I.
 
 
 
Net Subject to Gross-Up
 
 
497 
 
 
843 
 
 
843 
 
 
843 
 
 
843 
J.
 
 
 
Ratio of Earnings before Income Taxes and Equity Inv. To Net Income (D/(A+B))
 
 
1.672 
 
 
1.543 
 
 
1.494 
 
 
1.689 
 
 
1.706 
K.
 
 
 
Preferred Dividend (Pre-tax) (I x J)
 
 
831 
 
 
1,301 
 
 
1,259 
 
 
1,424 
 
 
1,438 
L.
 
 
 
Plus Allowable Dividend Deduction
 
 
127 
 
 
127 
 
 
127 
 
 
127 
 
 
127 
M.
 
 
 
Preferred Dividend Factor
 
$
958 
 
$
1,428 
 
$
1,386 
 
$
1,551 
 
$
1,565 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
N.
 
 
 
Ratio of Earnings to Fixed Charges (F/E)
 
 
3.0 
 
 
2.9 
 
 
2.9 
 
 
3.0 
 
 
2.9 
 
(1)
The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor.