EX-12.1 3 ex121200910k.htm EXHIBIT 12.1 - STATEMENTS REGARDING COMPUTATION OF RATIOS ex121200910k.htm
 
 
 
 
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)
  
                               
   
2009
    
2008
    
2007
    
2006
    
2005(a)
  
Earnings, as defined by S-K 503(d):
                              
    Pre-tax income from continuing operations
   $ 31,423     $ 27,125     $ 22,553     $ 28,107     $ (672 )
    Plus:  distributed income
     10,695       10,694       4,894       2,146       1,938  
    Less:  equity in earnings
     (17,472 )     (16,264 )     (6,430 )     (3,240 )     (1,869 )
    Less:  interest capitalized
     (65 )     (105 )     (150 )     (102 )     (79 )
    Less:  preference security dividends, as defined
     (558 )     (613 )     (525 )     (572 )     (624 )
    Plus:  fixed charges, as below
     12,870       13,331       10,371       9,917       11,161  
Total Earnings, as defined
     36,893     $ 34,168     $ 30,713     $ 36,256     $ 9,855  
                                         
Fixed charges, as defined:
                                        
    Interest on debt
   $ 11,715     $ 11,648     $ 8,490     $ 8,271     $ 9,519  
    FIN 48 interest
     (127 )     39       51       0       0  
    Imputed interest in rental charges
     724       1,031       1,305       1,074       1,018  
    Preferred dividends, as defined
     558       613       525       572       624  
Total fixed charges, as defined
     12,870     $ 13,331     $ 10,371     $ 9,917     $ 11,161  
                                         
Ratio of Earnings to Fixed Charges
     2.87       2.56       2.96       3.66       0.88  
                                         
(a) Reflects Catamount Energy Corporation as discontinued operations.