Public Service Company of New Hampshire |
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| Exhibit 12 |
Ratio of Earnings to Fixed Charges |
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| &n bsp; |
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(Unaudited) |
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| &n bsp; |
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| &nbs p; |
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(Thousands of Dollars) |
| Nine Months |
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| &nb sp; |
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| Ended | For the Years Ended December 31, | |||||||||
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| September 30, 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
Earnings, as defined: |
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| &n bsp; |
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Net income | $ | 66,180 | $ | 65,570 | $ | 58,067 | $ | 54,434 | $ | 35,323 | $ | 41,739 |
Income tax expense |
| 36,950 |
| 31,990 |
| 21,996 |
| 22,794 |
| 39,183 |
| 12,234 |
Equity in (earnings)/losses of regional |
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| &n bsp; |
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nuclear generating companies |
| (17) |
| (50) |
| (62) |
| (343) |
| 74 |
| (230) |
Dividends received from regional equity |
| - |
| 220 |
| - |
| 521 |
| 367 |
| 172 |
investees |
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| &n bsp; |
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Fixed charges, as below |
| 41,451 |
| 51,227 |
| 54,597 |
| 50,637 |
| 50,092 |
| 49,751 |
Less: Interest capitalized (including AFUDC) |
| (4,417) |
| (3,138) |
| (2,967) |
| (2,985) |
| (2,768) |
| (1,896) |
Total earnings, as defined | $ | 140,147 | $ | 145,819 | $ | 131,631 | $ | 125,058 | $ | 122,271 | $ | 101,770 |
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Fixed charges, as defined: |
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| &n bsp; |
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Interest on long-term debt (a) | $ | 27,705 | $ | 33,045 | $ | 32,655 | $ | 26,029 | $ | 24,100 | $ | 20,481 |
Interest on rate reduction bonds |
| 7,557 |
| 13,128 |
| 15,969 |
| 18,013 |
| 20,828 |
| 24,074 |
Other interest (b) |
| 572 |
| 316 |
| 1,539 |
| 2,243 |
| 829 |
| 1,733 |
Rental interest factor |
| 1,200 |
| 1,600 |
| 1,467 |
| 1,367 |
| 1,567 |
| 1,567 |
Interest capitalized (including AFUDC) |
| 4,417 |
| 3,138 |
| 2,967 |
| 2,985 |
| 2,768 |
| 1,896 |
Total fixed charges, as defined | $ | 41,451 | $ | 51,227 | $ | 54,597 | $ | 50,637 | $ | 50,092 | $ | 49,751 |
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Ratio of Earnings to Fixed Charges |
| 3.38 |
| 2.85 |
| 2.41 |
| 2.47 |
| 2.44 |
| 2.05 |
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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 nine months ended September 30, 2010 and for the year ended December 31, 2009, other interest includes interest related to accounting for uncertain tax positions. | ||||||||||||
Western Massachusetts Electric Inactive
Filed: 8 Nov 10, 12:00am