Western Massachusetts Electric Inactive 10-Q2009 Q1 Quarterly report

Filed: 8 May 09, 12:00am

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Western Massachusetts Electric Company												Exhibit 12
Ratio of Earnings to Fixed Charges

		Three Months
(Thousands of Dollars)		Ended
		March 31, 2009		For the Years Ended December 31,
		(unaudited)		2008		2007		2006		2005		2004
Earnings, as defined:
Net income	$	6,146	$	18,330	$	23,604	$	15,644	$	15,085	$	12,373
Income tax expense		3,789		10,545		14,586		7,766		9,294		7,187
Equity in (earnings)/losses of regional nuclear
generating companies		(23)		(101)		(526)		241		(311)		(149)
Dividends received from regional equity investees		419		-		701		372		103		687
Fixed charges, as below		5,679		21,910		22,162		21,087		19,801		17,156
Less: Interest capitalized (including AFUDC)		(124)		(1,010)		(983)		(853)		(455)		(220)
Total earnings, as defined	$	15,886	$	49,674	$	59,544	$	44,257	$	43,517	$	37,034

Fixed charges, as defined:
Interest on long-term debt (a)	$	3,443	$	13,244	$	11,577	$	10,671	$	9,535	$	6,655
Interest on rate reduction bonds		1,168		5,133		5,839		6,723		7,570		8,332
Other interest (b)		627		1,256		2,430		1,507		1,041		782
Rental interest factor		317		1,267		1,333		1,333		1,200		1,167
Interest capitalized (including AFUDC)		124		1,010		983		853		455		220
Total fixed charges, as defined	$	5,679	$	21,910	$	22,162	$	21,087	$	19,801	$	17,156


Ratio of Earnings to Fixed Charges		2.80		2.27		2.69		2.10		2.20		2.16


(a) Interest on long-term debt amounts include amortized premiums, discounts and capitalized expenses related to indebtedness.

(b) For the three months ended March 31, 2009 and for the year ended December 31, 2008, other interest includes interest related to Financial Accounting Standards Board Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an Interpretation of FASB Statement No. 109."