EX-12 2 c20420-ex12.txt STATEMENT RE: COMPUTATION OF RATIOS CENTRAL HUDSON GAS & ELECTRIC CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
Year Ended December 31, ---------------------------------------------- (1) (1) 2000 1999 1998 1997 1996 ---- ---- ---- ---- ---- Earnings: A. Net Income $52,595 $51,881 $52,544 $55,086 $56,082 B. Federal Income Tax 35,598 28,144 28,627 26,237 31,068 ---------- ---------- --------- --------- ---------- C. Earnings before Income Taxes $88,193 $80,025 $81,171 $81,323 $87,150 ========== ========== ========= ========= ========== D. Fixed Charges Interest on Mortgage Bonds 11,342 13,057 14,225 14,237 15,112 Interest on Other Long-Term Debt 12,864 11,094 8,890 8,860 8,505 Other Interest (**) 5,363 4,860 3,639 2,647 2,626 Interest Portion of Rents 962 993 1,004 1,020 1,094 Amortization of Premium & Expense on Debt 1,170 993 924 906 940 ---------- ---------- --------- --------- ---------- Total Fixed Charges $31,701 $30,997 $28,682 $27,670 $28,277 ========== ========== ========= ========= ========== E. Total Earnings $119,894 $111,022 $109,853 $108,993 $115,427 ========== ========== ========= ========= ========== Preferred Dividend Requirements: F. Allowance for Preferred Stock Dividends Under IRC Sec 247 $3,230 $3,230 $3,230 $3,230 $3,230 G. Less Allowable Dividend Deduction -127 -127 -127 -127 -127 ---------- ---------- --------- --------- ---------- H. Net Subject to Gross-up 3,103 3,103 3,103 3,103 3,103 I. Ratio of Earnings before Income Taxes to Net Income (C/A) 1.677 1.542 1.545 1.476 1.554 ---------- ---------- --------- --------- ---------- J. Pref. Dividend (Pre-tax) (H x L) 5,204 4,785 4,794 4,580 4,822 K. Plus Allowable Dividend Deduction 127 127 127 127 127 ---------- ---------- --------- --------- ---------- L. Preferred Dividend Factor 5,331 4,912 4,921 4,707 4,949 M. Fixed Charges (D) 31,701 30,997 28,682 27,670 28,277 ---------- ---------- --------- --------- ---------- N. Total Fixed Charges and Preferred Dividends $37,032 $35,909 $33,603 $32,377 $33,226 ========== ========== ========= ========= ========== O. Ratio of Earnings to Fixed Charges (E/D) 3.78 3.58 3.83 3.94 4.08 ========== ========== ========= ========= ========== P. Ratio of Earnings to Fixed Charges and Preferred Dividends (E/N) 3.24 3.09 3.27 3.37 3.47 ========== ========== ========= ========= ==========
(**) Other Interest=Other Int from I/S less Amort/Premium (1) Restated to properly reflect the exclusion of AFUDC from fixed charges.