NSTAR 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) |
| Nine Months |
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| Ended |
| For the Years Ended December 31, | |||||||||||||
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| September 30, 2012 |
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| 2011 |
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| 2010 |
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| 2009 |
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| 2008 |
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| 2007 |
Earnings, as defined: |
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Net income | $ | 156,184 |
| $ | 252,494 |
| $ | 248,575 |
| $ | 240,691 |
| $ | 223,897 |
| $ | 216,502 |
Income tax expense |
| 102,220 |
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| 165,686 |
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| 162,020 |
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| 151,224 |
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| 141,847 |
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| 135,260 |
Equity in earnings of regional nuclear |
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generating companies |
| (301) |
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| (501) |
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| (836) |
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| (891) |
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| (820) |
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| (1,495) |
Dividends received from regional equity investees |
| 286 |
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| 676 |
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| 669 |
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| 1,661 |
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| 416 |
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| 1,637 |
Fixed charges, as below |
| 59,131 |
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| 76,219 |
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| 77,902 |
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| 84,826 |
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| 103,661 |
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| 105,338 |
Less: Interest capitalized (including AFUDC) (b) |
| (254) |
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| (185) |
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| (108) |
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| 76 |
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| (1,926) |
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| (3,866) |
Total earnings, as defined | $ | 317,266 |
| $ | 494,389 |
| $ | 488,222 |
| $ | 477,587 |
| $ | 467,075 |
| $ | 453,376 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) (b) | $ | 66,953 |
| $ | 90,040 |
| $ | 90,636 |
| $ | 83,261 |
| $ | 76,793 |
| $ | 59,799 |
Interest on rate reduction bonds (b) |
| 3,106 |
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| 7,226 |
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| 11,229 |
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| 18,833 |
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| 27,076 |
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| 35,061 |
Other interest (b) (c) |
| (16,137) |
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| (27,839) |
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| (30,475) |
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| (24,519) |
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| (9,789) |
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| (414) |
Rental interest factor |
| 4,955 |
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| 6,607 |
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| 6,404 |
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| 7,327 |
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| 7,655 |
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| 7,026 |
Interest capitalized (including AFUDC) (b) |
| 254 |
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| 185 |
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| 108 |
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| (76) |
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| 1,926 |
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| 3,866 |
Total fixed charges, as defined | $ | 59,131 |
| $ | 76,219 |
| $ | 77,902 |
| $ | 84,826 |
| $ | 103,661 |
| $ | 105,338 |
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Ratio of Earnings to Fixed Charges |
| 5.37 |
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| 6.49 |
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| 6.27 |
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| 5.63 |
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| 4.51 |
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| 4.30 |
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(a) Interest on long-term debt includes amortized premiums, discounts and capitalized expenses related to indebtedness. | |||||||||||||||||
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(b) Prior period amounts have been reclassified for comparative purposes and in order to conform to NU's presentation. | |||||||||||||||||
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(c) For the year ended December 31, 2007, other interest includes interest related to accounting for uncertain tax positions. | |||||||||||||||||
Western Massachusetts Electric Inactive
Filed: 7 Nov 12, 12:00am