ex12.htm

CH ENERGY GROUP, INC.

EXHIBIT 12 (i)

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)	Mar 31			Mar 31			Mar 31			2009			2008			2007			2006			2005
A.		Net income from Continuing Operations	$	20,715		$	36,188		$	18,954		$	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		14,033			22,996			11,429			20,392			19,314			20,960			23,636			25,931
	Less	Income from Equity Investments		234			233			230			229			568			1,895			1,810			1,456
	Plus	Cash Distribution from Equity Investments		54			1,140			689			1,775			2,463			3,427			1,315			1,833
D.		Earnings before Income Taxes and Equity Investments	$	34,810		$	61,061		$	31,084		$	57,335		$	54,788		$	65,466		$	68,284		$	71,897
E.		Fixed Charges
		Interest on Other-Long-Term Debt		5,609			21,828			4,780			20,999			20,518			18,653			16,425			13,826
		Other Interest		1,517			4,667			846			3,996			3,360			3,189			3,622			2,577
		Interest Portion of Rents(1)		274			1,002			315			1,043			1,220			1,278			1,112			1,077
		Amortization of Premium & Expense on Debt		224			936			244			956			982			963			991			1,043
		Preferred Stock Dividends Requirements of Central Hudson		381			1,512			372			1,492			1,502			1,411			1,402			1,456
		Total Fixed Charges	$	8,005		$	29,945		$	6,557		$	28,486		$	27,582		$	25,494		$	23,552		$	19,979
	Less	Preferred Stock Dividends Requirements of Central Hudson		381			1,512			372			1,492			1,502			1,411			1,402			1,456
F.		Total Earnings	$	42,434		$	89,494		$	37,269		$	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		(32	)		(127	)		(32	)		(127	)		(127	)		(127	)		(127	)		(127	)
I.		Net Subject to Gross-Up		210			843			210			843			843			843			843			843
J.		Ratio of Earnings before Income Taxes and Equity Inv. To Net Income (D/(A+B))		1.661			1.643			1.619			1.620			1.632			1.523			1.513			1.577
K.		Preferred Dividend (Pre-tax) (I x J)		349			1,385			340			1,365			1,375			1,284			1,275			1,329
L.		Plus Allowable Dividend Deduction		32			127			32			127			127			127			127			127
M.		Preferred Dividend Factor	$	381		$	1,512		$	372		$	1,492		$	1,502		$	1,411		$	1,402		$	1,456

N.		Ratio of Earnings to Fixed Charges (F/E)		5.3			3.0			5.7			3.0			2.9			3.5			3.8			4.5

(1)	The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor.

CENTRAL HUDSON GAS & ELECTRIC CORPORATION

EXHIBIT 12 (i)(i)

Computation of Ratio of Earnings to Fixed Charges

and Ratio of Earnings to Fixed Charges and Preferred Dividends

		2010						2009			Year Ended December 31,
		3 Months			12 Months			3 Months
		Ended			Ended			Ended
	Earnings: ($000)	Mar 31			Mar 31			Mar 31			2009			2008			2007			2006			2005
A.	Net income	$	16,645		$	36,828		$	12,593		$	32,776		$	27,238		$	33,436		$	34,871		$	35,635
B.	Federal and State Income Tax		11,480			23,816			8,806			21,142			19,273			20,326			21,528			23,936
C.	Earnings before Income Taxes	$	28,125		$	60,644		$	21,399		$	53,918		$	46,511		$	53,762		$	56,399		$	59,571
D.	Fixed Charges
	Interest on Other-Long-Term Debt		4,773			18,823			4,780			18,830			20,518			18,653			16,425			13,826
	Other Interest		1,480			5,513			1,220			5,253			4,495			4,378			3,622			2,577
	Interest Portion of Rents(1)		199			625			209			635			788			898			818			835
	Amortization of Premium & Expense on Debt		224			936			244			956			982			963			991			1,043
	Total Fixed Charges	$	6,676		$	25,897		$	6,453		$	25,674		$	26,783		$	24,892		$	21,856		$	18,281

E.	Total Earnings	$	34,801		$	86,541		$	27,852		$	79,592		$	73,294		$	78,654		$	78,255		$	77,852

	Preferred Dividend Requirements:
F.	Allowance for Preferred Stock Dividends Under IRC Sec. 247	$	242		$	970		$	242		$	970		$	970		$	970		$	970		$	970
G.	Less Allowable Dividend Deduction		(32	)		(127	)		(32	)		(127	)		(127	)		(127	)		(127	)		(127	)
H.	Net Subject to Gross-Up		210			843			210			843			843			843			843			843
I.	Ratio of Earnings before Income Taxes to Net Income (C/A)		1.690			1.647			1.699			1.645			1.708			1.608			1.617			1.672
J.	Preferred Dividend (Pre-tax) (H x I)		355			1,388			357			1,387			1,440			1,356			1,363			1,409
K.	Plus Allowable Dividend Deduction		32			127			32			127			127			127			127			127
L.	Preferred Dividend Factor		387			1,515			389			1,514			1,567			1,483			1,490			1,536
M.	Fixed Charges (D)		6,676			25,897			6,453			25,674			26,783			24,892			21,856			18,281
N.	Total Fixed Charges and Preferred Dividends	$	7,063		$	27,412		$	6,842		$	27,188		$	28,350		$	26,375		$	23,346		$	19,817

O.	Ratio of Earnings to Fixed Charges (E/D)		5.2			3.3			4.3			3.1			2.7			3.2			3.6			4.3
P.	Ratio of Earnings to Fixed Charges and Preferred Dividends (E/N)		4.9			3.2			4.1			2.9			2.6			3.0			3.4			3.9

(1)	The percentage of rent included in the fixed charges calculation is a reasonable approximation of the interest factor.