Northeast Utilities |
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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 from continuing operations before |
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cumulative effect of accounting change | $ | 194,303 | $ | 394,107 | $ | 335,592 | $ | 266,387 | $ | 251,455 | $ | 138,495 |
Income tax expense/(benefit) |
| 108,052 |
| 210,409 |
| 179,947 |
| 105,661 |
| 109,420 |
| (76,326) |
Equity in earnings of regional nuclear |
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generating and transmission companies |
| (125) |
| (1,429) |
| (1,762) |
| (1,637) |
| (3,983) |
| (334) |
Dividends received from regional equity investees |
| 480 |
| 1,488 |
| 3,794 |
| 1,017 |
| 4,542 |
| 2,145 |
Fixed charges, as below |
| 134,802 |
| 263,393 |
| 296,764 |
| 304,374 |
| 275,611 |
| 267,243 |
Less: Interest capitalized (including AFUDC) |
| (6,503) |
| (10,165) |
| (5,929) |
| (17,797) |
| (17,568) |
| (14,482) |
Preferred dividend security requirements of |
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consolidated subsidiaries |
| (4,632) |
| (10,170) |
| (9,265) |
| (9,265) |
| (9,265) |
| (9,265) |
Total earnings, as defined | $ | 426,377 | $ | 847,633 | $ | 799,141 | $ | 648,740 | $ | 610,212 | $ | 307,476 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 114,444 | $ | 231,089 | $ | 224,712 | $ | 193,883 | $ | 162,841 | $ | 141,579 |
Interest on rate reduction bonds |
| 4,871 |
| 20,573 |
| 36,524 |
| 50,231 |
| 61,580 |
| 74,242 |
Other interest (b) |
| 1,468 |
| (14,371) |
| 12,401 |
| 25,031 |
| 15,824 |
| 22,375 |
Rental interest factor |
| 2,884 |
| 5,767 |
| 7,933 |
| 8,167 |
| 8,533 |
| 5,300 |
Preferred dividend security requirements of |
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consolidated subsidiaries |
| 4,632 |
| 10,170 |
| 9,265 |
| 9,265 |
| 9,265 |
| 9,265 |
Interest capitalized (including AFUDC) |
| 6,503 |
| 10,165 |
| 5,929 |
| 17,797 |
| 17,568 |
| 14,482 |
Total fixed charges, as defined | $ | 134,802 | $ | 263,393 | $ | 296,764 | $ | 304,374 | $ | 275,611 | $ | 267,243 |
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Ratio of Earnings to Fixed Charges |
| 3.16 |
| 3.22 |
| 2.69 |
| 2.13 |
| 2.21 |
| 1.15 |
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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 six months ended June 30, 2011 and the years ended December 31, 2010, 2009, 2008 and 2007, other interest includes interest related to accounting for uncertain tax positions. | ||||||||||||
Western Massachusetts Electric Inactive
Filed: 5 Aug 11, 12:00am