Western Massachusetts Electric Company |
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| Exhibit 12 |
Ratio of Earnings to Fixed Charges |
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| Three Months |
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(Thousands of Dollars) |
| Ended |
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| March 31, 2009 |
| For the Years Ended December 31, | ||||||||
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| (unaudited) |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
Earnings, as defined: |
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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 |
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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 |
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Fixed charges, as defined: |
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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 |
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Ratio of Earnings to Fixed Charges |
| 2.80 |
| 2.27 |
| 2.69 |
| 2.10 |
| 2.20 |
| 2.16 |
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(a) Interest on long-term debt amounts include amortized premiums, discounts and capitalized expenses related to indebtedness. |
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(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." | ||||||||||||
Western Massachusetts Electric Inactive
Filed: 8 May 09, 12:00am