Over the decades, "A Christmas Carol" has become as familiar as the proverbial chestnut over a roasting fire. But if there were ever time to lend an attentive ear to the message of hope and generosity for a fellow man in Charles Dickens’ classic tale, it’s this year, with pink slips flying like snow flurries and some food shelves as bare as the Crachits’ bank account.

Thus does Children’s Theater of Madison’s annual production of "Carol" at the Capitol Theater receive an early Christmas present in the form of extra social relevance. It’s hardly needed: CTM artistic director Roseann Sheridan has her formula all but perfected at this point. This "Carol" is spooky and funny. It’s moving and packed with music. It’s familiar, but also fresh and full of holiday magic.

The show rests on the shoulders of Robert Spencer, whose ability to flip from savage to silly showcases not just the range of his acting chops, but the complexity of Ebenezer Scrooge himself. Whether he’s flummoxing an unfortunate caroler in the play’s opening scene or cavorting like a 5-year-old on Christmas morning, Spencer is always a joy to watch. The Romulus Linney translation of "Carol" still retains its lithe and literate sensibility — there’s no attempt to pander or dumb down neither the story nor the text, which lends the show an appeal to both kids and adults.

Sheridan’s stately staging mines drama not just in the spectacle of the several spirits that haunt Scrooge — although they’re certainly impressive, especially the towering, spooky visage of the Spirit of Christmas Yet to Come — but in the play’s key emotional moments. The pathos of a young Ebenezer (Marty Schreibman) grappling with the blow of possibly not going home for the holidays. Spencer’s Scrooge cajoling his bachelor self (Daniel Torres-Rangel) to not let his beloved Belle (Chelsea Stockhouse) walk away from him. These are the defining moments that reveal what Scrooge was and what he has become, and they’re played with an honesty that loses none of its heft for being familiar.

Sheridan continues to score by following the same formula that’s served American Players Theatre, her previous employer, so very well: Recruiting reliably strong local actors and keep ’em coming back for production after production. Whether it’s a jovial William Bolz hamming it up as Scrooge’s nephew Fred or Georgina McKee as a nicely understated Spirit of Christmas Past, having friends like this to lean on is better than having the prize Christmas turkey land unexpectedly on your holiday table.

This year’s show marks Spencer’s last turn as the world’s most notorious skinflint. He’ll hang up the humbug and pass the persnickety along to someone else next year. He leaves CTM’s "Carol" far better than when he found it — and that’s a gift we should all appreciate.

CTM’s "A Christmas Carol" will continue at 7:30 p.m. Friday; 2 and 7:30 p.m. Saturday; and 2 p.m. Sunday at Capitol Theater. For tickets, go to www.overturecenter.com or call 258-4141.