Western Massachusetts Electric Company |
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| Exhibit 12 |
Ratio of Earnings to Fixed Charges |
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(Unaudited) |
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(Thousands of Dollars) |
| Six Months |
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| Ended | For the Years Ended December 31, | |||||||||
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| June 30, 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
Earnings, as defined: |
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Net income | $ | 18,137 | $ | 23,090 | $ | 26,196 | $ | 18,330 | $ | 23,604 | $ | 15,644 |
Income tax expense |
| 11,339 |
| 16,325 |
| 14,923 |
| 10,545 |
| 14,586 |
| 7,766 |
Equity in (earnings)/losses of regional nuclear |
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generating companies |
| (10) |
| (36) |
| (78) |
| (101) |
| (526) |
| 241 |
Dividends received from regional equity investees |
| - |
| 120 |
| 419 |
| - |
| 701 |
| 372 |
Fixed charges, as below |
| 11,616 |
| 23,042 |
| 20,614 |
| 21,910 |
| 22,162 |
| 21,087 |
Less: Interest capitalized (including AFUDC) |
| (148) |
| (336) |
| (195) |
| (1,010) |
| (983) |
| (853) |
Total earnings, as defined | $ | 40,934 | $ | 62,205 | $ | 61,879 | $ | 49,674 | $ | 59,544 | $ | 44,257 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 9,476 | $ | 17,988 | $ | 14,074 | $ | 13,244 | $ | 11,577 | $ | 10,671 |
Interest on rate reduction bonds |
| 1,301 |
| 3,372 |
| 4,335 |
| 5,133 |
| 5,839 |
| 6,723 |
Other interest (b) |
| 257 |
| 479 |
| 877 |
| 1,256 |
| 2,430 |
| 1,507 |
Rental interest factor |
| 434 |
| 867 |
| 1,133 |
| 1,267 |
| 1,333 |
| 1,333 |
Interest capitalized (including AFUDC) |
| 148 |
| 336 |
| 195 |
| 1,010 |
| 983 |
| 853 |
Total fixed charges, as defined | $ | 11,616 | $ | 23,042 | $ | 20,614 | $ | 21,910 | $ | 22,162 | $ | 21,087 |
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Ratio of Earnings to Fixed Charges |
| 3.52 |
| 2.70 |
| 3.00 |
| 2.27 |
| 2.69 |
| 2.10 |
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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 years ended December 31, 2009 and 2008, other interest includes interest related to accounting for uncertain tax positions. |
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Western Massachusetts Electric Inactive
Filed: 5 Aug 11, 12:00am