EX-12.2 3 ex12_2.htm EXHIBIT 12.2  
EXHIBIT 12.2
 
CENTRAL HUDSON GAS & ELECTRIC CORPORATION
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Dividends
 
 
 
 
 
 
Year Ended December 31,
 
Earnings: ($000)
 
2012 
 
2011 
 
2010 
 
2009 
 
2008 
A.
 
Net income
 
$
47,170 
 
$
45,037 
 
$
46,118 
 
$
32,776 
 
$
27,238 
B.
 
Federal and State Income Tax
 
 
28,791 
 
 
28,177 
 
 
26,164 
 
 
21,142 
 
 
19,273 
C.
 
Earnings before Income Taxes
 
$
75,961 
 
$
73,214 
 
$
72,282 
 
$
53,918 
 
$
46,511 
D.
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on Other Long-Term Debt
 
 
23,008 
 
 
23,602 
 
 
19,745 
 
 
18,830 
 
 
20,518 
 
 
 
Other Interest
 
 
5,910 
 
 
4,812 
 
 
5,413 
 
 
5,253 
 
 
4,495 
 
 
 
Interest Portion of Rents(1)
 
 
689 
 
 
703 
 
 
678 
 
 
635 
 
 
788 
 
 
 
Amortization of Premium & Expense on Debt
 
 
1,027 
 
 
1,084 
 
 
913 
 
 
956 
 
 
982 
 
 
Total Fixed Charges
 
$
30,634 
 
$
30,201 
 
$
26,749 
 
$
25,674 
 
$
26,783 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
E.
Total Earnings
 
$
106,595 
 
$
103,415 
 
$
99,031 
 
$
79,592 
 
$
73,294 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Dividend Requirements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
F.
 
 
Allowance for Preferred Stock Dividends Under IRC Sec. 247
 
$
624 
 
$
970 
 
$
970 
 
$
970 
 
$
970 
G.
 
 
Less Allowable Dividend Deduction
 
 
(127)
 
 
(127)
 
 
(127)
 
 
(127)
 
 
(127)
H.
 
 
Net Subject to Gross-Up
 
 
497 
 
 
843 
 
 
843 
 
 
843 
 
 
843 
I.
 
 
Ratio of Earnings before Income Taxes to Net Income (C/A)
 
 
1.610 
 
 
1.626 
 
 
1.567 
 
 
1.645 
 
 
1.708 
J.
 
 
Preferred Dividend (Pre-tax) (H x I)
 
 
800 
 
 
1,371 
 
 
1,321 
 
 
1,387 
 
 
1,440 
K.
 
 
Plus Allowable Dividend Deduction
 
 
127 
 
 
127 
 
 
127 
 
 
127 
 
 
127 
L.
 
 
Preferred Dividend Factor
 
 
927 
 
 
1,498 
 
 
1,448 
 
 
1,514 
 
 
1,567 
M.
 
 
Fixed Charges (D)
 
 
30,634 
 
 
30,201 
 
 
26,749 
 
 
25,674 
 
 
26,783 
N.
 
Total Fixed Charges and Preferred Dividends
 
$
31,561 
 
$
31,699 
 
$
28,197 
 
$
27,188 
 
$
28,350 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
O.
 
Ratio of Earnings to Fixed Charges (E/D)
 
 
3.5 
 
 
3.4 
 
 
3.7 
 
 
3.1 
 
 
2.7 
P.
 
Ratio of Earnings to Fixed Charges and Preferred Dividends (E/N)
 
 
3.4 
 
 
3.3 
 
 
3.5 
 
 
2.9 
 
 
2.6 
 
(1)
 
The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor.