Public Service Company of New Hampshire and Subsidiary |
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| Exhibit 12 | ||
Ratio of Earnings to Fixed Charges |
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(Unaudited) |
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| Nine Months |
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| Ended |
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| September 30, |
| For the Years Ended December 31, | ||||||||||||||
(Thousands of Dollars) | 2014 |
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| 2013 |
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| 2012 |
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| 2011 |
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| 2010 |
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| 2009 | |
Earnings, as defined: |
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Net income | $ | 84,955 |
| $ | 111,397 |
| $ | 96,882 |
| $ | 100,267 |
| $ | 90,067 |
| $ | 65,570 |
Income tax expense |
| 52,199 |
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| 71,101 |
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| 60,993 |
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| 49,945 |
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| 50,801 |
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| 31,990 |
Equity in earnings of regional nuclear generating companies |
| (5) |
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| (12) |
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| (8) |
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| (7) |
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| (23) |
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| (50) |
Dividends received from regional equity investees |
| - |
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| 42 |
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| - |
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| - |
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| 80 |
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| 220 |
Fixed charges, as below |
| 34,966 |
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| 47,318 |
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| 52,769 |
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| 52,111 |
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| 54,721 |
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| 51,227 |
Less: Interest capitalized (including AFUDC) |
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| (500) |
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| (1,579) |
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| (7,064) |
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| (6,621) |
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| (3,138) |
Total earnings, as defined | $ | 171,626 |
| $ | 229,346 |
| $ | 209,057 |
| $ | 195,252 |
| $ | 189,025 |
| $ | 145,819 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 33,812 |
| $ | 44,370 |
| $ | 46,228 |
| $ | 36,832 |
| $ | 36,220 |
| $ | 33,045 |
Interest on rate reduction bonds |
| - |
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| (154) |
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| 2,687 |
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| 6,276 |
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| 9,660 |
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| 13,128 |
Other interest (b) |
| 183 |
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| 1,960 |
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| 1,313 |
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| 1,039 |
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| 1,187 |
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| 316 |
Rental interest factor |
| 482 |
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| 642 |
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| 962 |
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| 900 |
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| 1,033 |
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| 1,600 |
Interest capitalized (including AFUDC) |
| 489 |
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| 500 |
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| 1,579 |
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| 7,064 |
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| 6,621 |
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| 3,138 |
Total fixed charges, as defined | $ | 34,966 |
| $ | 47,318 |
| $ | 52,769 |
| $ | 52,111 |
| $ | 54,721 |
| $ | 51,227 |
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Ratio of Earnings to Fixed Charges |
| 4.91 |
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| 4.85 |
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| 3.96 |
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| 3.75 |
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| 3.45 |
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| 2.85 |
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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) For the years ended December 31, 2011, 2010 and 2009, other interest includes interest related to accounting for uncertain tax positions. | |||||||||||||||||
Western Massachusetts Electric Inactive
Filed: 7 Nov 14, 12:00am