EX-12 3 c22248_ex12.txt STATEMENT OF COMPUTATION OF EARNINGS 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
2001 Year Ended December 31, ------------------------------- ---------------------------------------------- 3 Months 9 Months 12 Months Ended Ended Ended ( * ) Sept 30 Sept 30 Sept 30 2000 1999 1998 1997 -------- -------- --------- --------- --------- --------- --------- Earnings: A. Net Income $ 10,052 $ 25,593 $ 35,936 $ 52,595 $ 51,881 $ 52,544 $ 55,086 B. Federal & State Income Tax 5,467 16,538 31,601 35,598 28,144 28,627 26,237 -------- -------- --------- --------- --------- --------- --------- C. Earnings before Income Taxes $ 15,519 $ 42,131 $ 67,537 $ 88,193 $ 80,025 $ 81,171 $ 81,323 ======== ======== ========= ========= ========= ========= ========= D. Fixed Charges Interest on Mortgage Bonds 670 4,541 7,111 11,342 13,057 14,225 14,237 Interest on Other Long-Term Debt 2,162 8,648 12,245 12,864 11,094 8,890 8,860 Other Interest 2,499 10,118 12,093 5,363 4,860 3,639 2,647 Interest Portion of Rents 205 608 844 962 993 1,004 1,020 Amortization of Premium & Expense on Debt 395 1,016 1,321 1,170 993 924 906 -------- -------- --------- --------- --------- --------- --------- Total Fixed Charges $ 5,931 $ 24,931 $ 33,614 $ 31,701 $ 30,997 $ 28,682 $ 27,670 ======== ======== ========= ========= ========= ========= ========= E. Total Earnings $ 21,450 $ 67,062 $ 101,151 $ 119,894 $ 111,022 $ 109,853 $ 108,993 ======== ======== ========= ========= ========= ========= ========= Preferred Dividend Requirements: F. Allowance for Preferred Stock Dividends Under IRC Sec 247 $ 807 $ 2,422 $ 3,230 $ 3,230 $ 3,230 $ 3,230 $ 3,230 G. Less Allowable Dividend Deduction (32) (64) (127) (127) (127) (127) (127) -------- -------- --------- --------- --------- --------- --------- H. Net Subject to Gross-up 775 2,358 3,103 3,103 3,103 3,103 3,103 I. Ratio of Earnings before Income Taxes to Net Income (C/A) 1.544 1.646 1.879 1.677 1.542 1.545 1.476 -------- -------- --------- --------- --------- --------- --------- J. Pref. Dividend (Pre-tax) (H x L) 1,197 3,881 5,831 5,204 4,785 4,794 4,580 K. Plus Allowable Dividend Deduction 32 64 127 127 127 127 127 -------- -------- --------- --------- --------- --------- --------- L. Preferred Dividend Factor 1,229 3,945 5,958 5,331 4,912 4,921 4,707 M. Fixed Charges (D) 5,931 24,931 33,614 31,701 30,997 28,682 27,670 -------- -------- --------- --------- --------- --------- --------- N. Total Fixed Charges and Preferred Dividends $ 7,160 $ 28,876 $ 39,572 $ 37,032 $ 35,909 $ 33,603 $ 32,377 ======== ======== ========= ========= ========= ========= ========= O. Ratio of Earnings to Fixed Charges (E/D) 3.62 2.69 3.01 3.78 3.58 3.83 3.94 ======== ======== ========= ========= ========= ========= ========= P. Ratio of Earnings to Fixed Charges and Preferred Dividends (E/N) 3.00 2.32 2.56 3.24 3.09 3.27 3.37 ======== ======== ========= ========= ========= ========= =========
( * ) Restated to properly reflect the exclusion of AFUDC from fixed charges.