Western Massachusetts Electric 10-K 2014 FY Annual report

Public Service Company of New Hampshire and Subsidiary											Exhibit 12
Ratio of Earnings to Fixed Charges
		For the Years Ended December 31,
(Thousands of Dollars)			2014		2013		2012		2011		2010
Earnings, as defined:
	Net income	$	113,944	$	111,397	$	96,882	$	100,267	$	90,067
	Income tax expense		72,135		71,101		60,993		49,945		50,801
	Equity in earnings of regional nuclear   generating companies		(8)		(12)		(8)		(7)		(23)
	Dividends received from regional equity investees		-		42		-		-		80
	Fixed charges, as below		46,530		47,318		52,769		52,111		54,721
	Less: Interest capitalized (including AFUDC)		(640)		(500)		(1,579)		(7,064)		(6,621)
Total earnings, as defined		$	231,961	$	229,346	$	209,057	$	195,252	$	189,025
Fixed charges, as defined:
	Interest on long-term debt (a)	$	45,116	$	44,370	$	46,228	$	36,832	$	36,220
	Interest on rate reduction bonds		-		(154)		2,687		6,276		9,660
	Other interest (b)		233		1,960		1,313		1,039		1,187
	Rental interest factor		541		642		962		900		1,033
	Interest capitalized (including AFUDC)		640		500		1,579		7,064		6,621
Total fixed charges, as defined		$	46,530	$	47,318	$	52,769	$	52,111	$	54,721
Ratio of Earnings to Fixed Charges			4.99		4.85		3.96		3.75		3.45
(a) Interest on long-term debt includes amortized premiums, discounts and capitalized expenses related to indebtedness.
(b) For the years ended December 31, 2011 and 2010, other interest includes interest related to accounting for uncertain tax positions.