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Previous: CH ENERGY GROUP INC, 10-Q, EX-10.(I)96, 2000-11-08 |
Next: CH ENERGY GROUP INC, 10-Q, EX-27, 2000-11-08 |
CH ENERGY GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12
<TABLE>
<CAPTION>
2000
-------------------------------------------
3 Months 9 Months 12 Months
Ended Ended Ended
Sept. 30 Sept. 30 Sept 30
------------ ------------ ------------
<S> <C> <C> <C>
Earnings:
A. Net Income $14,496 $40,437 $49,023
B. Federal Income Tax 8,753 22,429 26,464
------------ ------------ ------------
C. Earnings before Income Taxes $23,249 $62,866 $75,487
============ ============ ============
D. Fixed Charges
Interest on Mortgage Bonds 2,570 8,772 11,977
Interest on Other Long-Term Debt 3,591 9,268 12,051
Other Interest 2,037 5,834 7,562
Interest Portion of Rents 246 725 971
Amortization of Premium & Expense on Debt 297 864 1,143
Preferred Stock Dividends of Central Hudson 1,275 3,712 4,905
------------ ------------ ------------
Total Fixed Charges $10,016 $29,175 $38,609
============ ============ ============
E. Total Earnings $33,265 $92,041 $114,096
============ ============ ============
Preferred Dividend Requirements:
F. Allowance for Preferred Stock Dividends
Under IRC Sec 247 $807 $2,422 $3,230
G. Less Allowable Dividend Deduction -32 -96 -127
------------ ------------ ------------
H. Net Subject to Gross-up 775 2,326 3,103
I. Ratio of Earnings before Income
Taxes to Net Income (C/A) 1.604 1.555 1.540
------------ ------------ ------------
J. Pref. Dividend (Pre-tax) (H x L) 1,243 3,616 4,778
K. Plus Allowable Dividend Deduction 32 96 127
------------ ------------ ------------
L. Preferred Dividend Factor 1,275 3,712 4,905
============ ============ ============
M. Ratio of Earnings to Fixed Charges (E/D) 3.32 3.15 2.96
============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Year Ended December 31,
----------------------------------------------------------
(1) (1) (1)
1999 1998 1997 1996
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Earnings:
A. Net Income $48,573 $49,314 $51,856 $52,852
B. Federal Income Tax 28,925 28,627 26,237 31,068
------------ ------------ ------------ ------------
C. Earnings before Income Taxes $77,498 $77,941 $78,093 $83,920
============ ============ ============ ============
D. Fixed Charges
Interest on Mortgage Bonds 13,057 14,225 14,237 15,112
Interest on Other Long-Term Debt 11,094 8,890 8,860 8,505
Other Interest 4,860 3,639 2,647 2,626
Interest Portion of Rents 993 1,004 1,020 1,094
Amortization of Premium & Expense on Debt 993 924 906 940
Preferred Stock Dividends of Central Hudson 5,078 5,031 4,800 5,054
------------ ------------ ------------ ------------
Total Fixed Charges $36,075 $33,713 $32,470 $33,331
============ ============ ============ ============
E. Total Earnings $113,573 $111,654 $110,563 $117,251
============ ============ ============ ============
Preferred Dividend Requirements:
F. Allowance for Preferred Stock Dividends
Under IRC Sec 247 $3,230 $3,230 $3,230 $3,230
G. Less Allowable Dividend Deduction -127 -127 -127 -127
------------ ------------ ------------ ------------
H. Net Subject to Gross-up 3,103 3,103 3,103 3,103
I. Ratio of Earnings before Income
Taxes to Net Income (C/A) 1.595 1.581 1.506 1.588
------------ ------------ ------------ ------------
J. Pref. Dividend (Pre-tax) (H x L) 4,951 4,904 4,673 4,927
K. Plus Allowable Dividend Deduction 127 127 127 127
------------ ------------ ------------ ------------
L. Preferred Dividend Factor 5,078 5,031 4,800 5,054
============ ============ ============ ============
M. Ratio of Earnings to Fixed Charges (E/D) 3.15 3.31 3.41 3.52
============ ============ ============ ============
</TABLE>
(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.
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