The Connecticut Light and Power Company |
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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 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 | ||||||
Earnings, as defined: |
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Net income | $ | 200,560 |
| $ | 279,412 |
| $ | 209,725 |
| $ | 250,164 |
| $ | 244,143 |
| $ | 216,316 |
Income tax expense |
| 95,980 |
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| 141,663 |
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| 94,437 |
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| 90,033 |
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| 132,438 |
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| 118,847 |
Equity in earnings of regional nuclear generating companies |
| (22) |
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| (67) |
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| (40) |
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| (16) |
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| (134) |
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| (282) |
Dividends received from regional equity investees |
| - |
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| 289 |
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| - |
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| - |
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| 440 |
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| 1,520 |
Fixed charges, as below |
| 114,770 |
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| 139,929 |
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| 139,982 |
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| 140,311 |
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| 145,297 |
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| 163,887 |
Less: Interest capitalized (including AFUDC) |
| (1,299) |
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| (2,249) |
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| (2,456) |
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| (3,317) |
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| (2,726) |
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| (2,203) |
Total earnings, as defined | $ | 409,989 |
| $ | 558,977 |
| $ | 441,648 |
| $ | 477,175 |
| $ | 519,458 |
| $ | 498,085 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 102,290 |
| $ | 130,620 |
| $ | 124,894 |
| $ | 131,918 |
| $ | 134,553 |
| $ | 133,422 |
Interest on rate reduction bonds |
| - |
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| - |
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| - |
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| - |
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| 7,542 |
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| 19,061 |
Other interest (b) |
| 8,158 |
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| 3,030 |
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| 8,233 |
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| 809 |
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| (4,357) |
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| 3,334 |
Rental interest factor |
| 3,023 |
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| 4,030 |
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| 4,399 |
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| 4,267 |
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| 4,833 |
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| 5,867 |
Interest capitalized (including AFUDC) |
| 1,299 |
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| 2,249 |
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| 2,456 |
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| 3,317 |
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| 2,726 |
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| 2,203 |
Total fixed charges, as defined | $ | 114,770 |
| $ | 139,929 |
| $ | 139,982 |
| $ | 140,311 |
| $ | 145,297 |
| $ | 163,887 |
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Ratio of Earnings to Fixed Charges |
| 3.57 |
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| 3.99 |
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| 3.16 |
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| 3.40 |
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| 3.58 |
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| 3.04 |
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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, 2013, 2012, 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