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
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<CAPTION>
2000 Year Ended December 31,
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3 Months 6 Months 12 Months
Ended Ended Ended (1) (1)
June 30 June 30 June 30 1999 1998 1997 1996
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<S> <C> <C> <C> <C> <C> <C> <C>
Earnings:
A. Net Income $9,560 $28,458 $51,798 $51,881 $52,544 $55,086 $56,082
B. Federal Income Tax 5,031 14,142 25,658 28,144 28,627 26,237 31,068
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C. Earnings before Income Taxes $14,591 $42,600 $77,456 $80,025 $81,171 $81,323 $87,150
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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 1,368 3,214 5,940 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
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7,860 16,139 32,472 30,997 28,682 27,670 28,277
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E. Total Earnings $22,451 $58,739 $109,928 $111,022 $109,853 $108,993 $115,427
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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) 1.526 1.497 1.495 1.542 1.545 1.476 1.554
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J. Pref. Dividend (Pre-tax) (HxI) 1,183 2,322 4,639 4,785 4,794 4,580 4,822
K. Plus Allowable Dividend Deduction 32 64 127 127 127 127 127
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L. Preferred Dividend Factor 1,215 2,386 4,766 4,912 4,921 4,707 4,949
M. Fixed Charges (D) 7,860 16,139 32,472 30,997 28,682 27,670 28,277
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N. Total Fixed Charges and Preferred Dividends $9,075 $18,525 $37,238 $35,909 $33,603 $32,377 $33,226
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O. Ratio of Earnings to Fixed Charges (E/D) 2.86 3.64 3.39 3.58 3.83 3.94 4.08
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P. Ratio of Earnings to Fixed Charges and
Preferred Dividends (E/N) 2.47 3.17 2.95 3.09 3.27 3.37 3.47
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(1) Restated to properly reflect the exclusion of AFUDC from fixed charges.
