EX-12 9 ex121.htm EXHIBIT 12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1

EXHIBIT 12.1

Central Vermont Public Service Corporation
Computation of Ratio of Earnings to Fixed Charges
For the Years Ended December 31

(dollars in thousands)

2006

2005(a)

2004(a)

2003(a)

2002(b)

Earnings, as defined by S-K 503(d):

          

    Pre-tax income from continuing operations

$28,107 

$(672)

$9,561 

$27,279 

$28,505 

    Plus:  distributed income

2,146 

1,938 

1,229 

2,441 

14,679 

    Less:  equity in earnings

(3,240)

(1,869)

(1,225)

(1,801)

(15,512)

    Less:  interest capitalized

(102)

(79)

(76)

(87)

(41)

    Less:  preference security dividends, as defined

(572)

(624)

(624)

(2,031)

(2,547)

    Plus:  fixed charges, as below

     9,917 

11,161 

  12,090 

  14,314 

    16,638 

Total Earnings, as defined

$36,256 

$9,855 

$20,955 

$40,115 

$41,722 
           

Fixed charges, as defined:

          

    Interest on debt

$8,271 

$9,519 

$10,397 

$ 11,150 

$13,021 

    Imputed interest in rental charges

1,074 

1,018 

1,069 

1,133 

1,070 

    Preferred dividends, as defined

     572 

       624 

       624 

      2,031 

     2,547 

Total fixed charges, as defined

$9,917 

$11,161 

$12,090 

$14,314 

$16,638 
           

Ratio of Earnings to Fixed Charges

3.66

0.88 

1.73 

2.80 

2.51 
           

 

(a) Reflects Catamount Energy Corporation as discontinued operations.
(b) Reflects correction of an error that resulted in a $0.8 million reduction in Income from continuing
     operations, and correction of errors that impacted the Consolidated Balance Sheets and
     Consolidated Statements of Cash Flows.