CH ENERGY GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12
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2000 Year Ended December 31,
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3 Months 6 Months 12 Months
Ended Ended Ended
June 30 June 30 June 30 1999 1998 (1) 1997 (1) 1996 (1)
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<S> <C> <C> <C> <C> <C> <C> <C>
Earnings:
A. Net Income $7,827 $25,942 $47,591 $48,573 $49,314 $51,856 $52,852
B. Federal Income Tax 4,552 13,676 25,621 28,925 28,627 26,237 31,068
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C. Earnings before Income Taxes $12,379 $39,618 $73,212 $77,498 $77,941 $78,093 $83,920
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D. Fixed Charges
Interest on Mortgage Bonds 2,997 6,202 12,613 13,057 14,225 14,237 15,112
Interest on Other Long-Term Debt 2,974 5,677 11,853 11,094 8,890 8,860 8,505
Other Interest 1,861 3,796 6,933 4,860 3,639 2,647 2,626
Interest Portion of Rents 234 479 969 993 1,004 1,020 1,094
Amortization of Premium & Expense on Debt 287 567 1,097 993 924 906 940
Preferred Stock Dividends of Central Hudson 1,258 2,433 4,901 5,078 5,031 4,800 5,054
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TOTAL FIXED CHARGES $9,611 $19,154 $38,366 $36,075 $33,713 $32,470 $33,331
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E. Total Earnings $21,990 $58,772 $111,578 $113,573 $111,654 $110,563 $117,251
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Preferred Dividend Requirements:
F. Allowance for Preferred Stock
Dividends Under IRC Sec 247 $807 $1,615 $3,230 $3,230 $3,230 $3,230 $3,230
G. Less Allowable Dividend Deduction (32) (64) (127) (127) (127) (127) (127)
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H. Net Subject to Gross-up 775 1,551 3,103 3,103 3,103 3,103 3,103
I. Ratio of Earnings before Income
Taxes to Net Income (C/A) 1.582 1.527 1.538 1.595 1.581 1.506 1.588
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J. Pref. Dividend (Pre-tax) (HxI) 1,226 2,369 4,774 4,951 4,904 4,673 4,927
K. Plus Allowable Dividend Deduction 32 64 127 127 127 127 127
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L. Preferred Dividend Factor 1,258 2,433 4,901 5,078 5,031 4,800 5,054
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M. Ratio of Earnings to Fixed Charges (E/D) 2.29 3.07 2.91 3.15 3.31 3.41 3.52
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(1) CH Energy Group, Inc. was formed on Dec. 15, 1999. Prior Periods have been
restated to reflect preferred stock dividends as a component of fixed
charges.
