ex12_1.htm

EXHIBIT 12.1

CH ENERGY GROUP, INC.

Computation of Ratio of Earnings to Fixed Charges

			2010						2009			Year Ended December 31,
			3 Months			12 Months			3 Months
			Ended			Ended			Ended
		Earnings: ($000)	Dec 31			Dec 31			Dec 31			2009			2008			2007			2006			2005
A.		Net income from Continuing Operations	$	9,763		$	39,202		$	9,827		$	34,427		$	32,609		$	42,004		$	44,173		$	44,619
B.		Preferred Stock Dividends		242			970			242			970			970			970			970			970
C.		Federal and State Income Tax		2,200			18,954			5,369			20,392			19,314			20,960			23,636			25,931
	Less	Income from Equity Investments		75			(318	)		227			229			568			1,895			1,810			1,456
	Plus	Cash Distribution from Equity Investments		369			871			422			1,775			2,463			3,427			1,315			1,833
D.		Earnings before Income Taxes and Equity Investments	$	12,499		$	60,315		$	15,633		$	57,335		$	54,788		$	65,466		$	68,284		$	71,897
E.		Fixed Charges
		Interest on Other Long-Term Debt		6,125			22,973			5,770			20,999			20,518			18,653			16,425			13,826
		Other Interest		1,491			5,425			1,229			3,996			3,360			3,189			3,622			2,577
		Interest Portion of Rents(1)		218			960			251			1,043			1,220			1,278			1,112			1,077
		Amortization of Premium & Expense on Debt		238			913			224			956			982			963			991			1,043
		Preferred Stock Dividends Requirements of Central Hudson		295			1,393			359			1,492			1,502			1,411			1,402			1,456
		Total Fixed Charges	$	8,367		$	31,664		$	7,833		$	28,486		$	27,582		$	25,494		$	23,552		$	19,979
	Less	Preferred Stock Dividends Requirements of Central Hudson		295			1,393			359			1,492			1,502			1,411			1,402			1,456
F.		Total Earnings	$	20,571		$	90,586		$	23,107		$	84,329		$	80,868		$	89,549		$	90,434		$	90,420

		Preferred Dividend Requirements:
G.		Allowance for Preferred Stock Dividends Under IRC Sec. 247	$	242		$	970		$	242		$	970		$	970		$	970		$	970		$	970
H.		Less Allowable Dividend Deduction		(31	)		(127	)		(31	)		(127	)		(127	)		(127	)		(127	)		(127	)
I.		Net Subject to Gross-Up		211			843			211			843			843			843			843			843
J.		Ratio of Earnings before Income Taxes and Equity Inv. To Net Income (D/(A+B))		1.249			1.501			1.553			1.620			1.632			1.523			1.513			1.577
K.		Preferred Dividend (Pre-tax) (I x J)		264			1,266			328			1,365			1,375			1,284			1,275			1,329
L.		Plus Allowable Dividend Deduction		31			127			31			127			127			127			127			127
M.		Preferred Dividend Factor	$	295		$	1,393		$	359		$	1,492		$	1,502		$	1,411		$	1,402		$	1,456

N.		Ratio of Earnings to Fixed Charges (F/E)		2.5			2.9			2.9			3.0			2.9			3.5			3.8			4.5