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Previous: CENTRAL HUDSON GAS & ELECTRIC CORP, 10-Q, EX-10.(III)30, 2000-11-13 |
Next: CENTRAL HUDSON GAS & ELECTRIC CORP, 10-Q, EX-27, 2000-11-13 |
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
<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 $ 13,795 $ 42,253 $ 51,722
B. Federal Income Tax 7,944 22,086 26,191
-------- -------- ---------
C. Earnings before Income Taxes $ 21,739 $ 64,339 $ 77,913
======== ======== =========
D. Fixed Charges
Interest on Mortgage Bonds 2,570 8,772 11,977
Interest on Other Long-Term Debt 3,591 9,267 12,052
Other Interest 1,368 4,583 6,210
Interest Portion of Rents 246 725 971
Amortization of Premium & Expense on Debt 297 864 1,143
-------- -------- ---------
Total Fixed Charges $ 8,072 $ 24,211 $ 32,353
======== ======== =========
E. Total Earnings $ 29,811 $ 88,550 $ 110,266
======== ======== =========
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) 1.576 1.523 1.506
-------- -------- ---------
J. Pref. Dividend (Pre-tax) (H x L) 1,221 3,542 4,673
K. Plus Allowable Dividend Deduction 32 96 127
-------- -------- ---------
L. Preferred Dividend Factor 1,253 3,638 4,800
M. Fixed Charges (D) 8,072 24,211 32,353
N. Total Fixed Charges and Preferred Dividends $ 9,325 $ 27,849 $ 37,153
======== ======== =========
O. Ratio of Earnings to Fixed Charges (E/D) 3.69 3.66 3.41
======== ======== =========
P. Ratio of Earnings to Fixed Charges and
Preferred Dividends (E/N) 3.20 3.18 2.97
======== ======== =========
<CAPTION>
Year Ended December 31,
---------------------------------------------------
(1) (1)
1999 1998 1997 1996
------ ------ ------ ------
<S> <C> <C> <C> <C>
Earnings:
A. Net Income $ 51,881 $ 52,544 $ 55,086 $ 56,082
B. Federal Income Tax 28,144 28,627 26,237 31,068
--------- --------- --------- ---------
C. Earnings before Income Taxes $ 80,025 $ 81,171 $ 81,323 $ 87,150
========= ========= ========= =========
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
--------- --------- --------- ---------
Total Fixed Charges $ 30,997 $ 28,682 $ 27,670 $ 28,277
========= ========= ========= =========
E. Total Earnings $ 111,022 $ 109,853 $ 108,993 $ 115,427
========= ========= ========= =========
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) 1.542 1.545 1.476 1.554
--------- --------- --------- ---------
J. Pref. Dividend (Pre-tax) (H x L) 4,785 4,794 4,580 4,822
K. Plus Allowable Dividend Deduction 127 127 127 127
--------- --------- --------- ---------
L. Preferred Dividend Factor 4,912 4,921 4,707 4,949
M. Fixed Charges (D) 30,997 28,682 27,670 28,277
N. Total Fixed Charges and Preferred Dividends $ 35,909 $ 33,603 $ 32,377 $ 33,226
========= ========= ========= =========
O. Ratio of Earnings to Fixed Charges (E/D) 3.58 3.83 3.94 4.08
========= ========= ========= =========
P. Ratio of Earnings to Fixed Charges and
Preferred Dividends (E/N) 3.09 3.27 3.37 3.47
========= ========= ========= =========
</TABLE>
(1) Restated to properly reflect the exclusion of AFUDC from fixed charges.
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