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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| Three Months |
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| Ended |
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| March 31, |
| For the Years Ended December 31, | ||||||||||||||
(Thousands of Dollars) | 2015 |
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| 2014 |
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| 2013 |
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| 2012 |
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| 2011 |
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| 2010 | ||
Earnings, as defined: |
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| Net income | $ | 32,045 |
| $ | 113,944 |
| $ | 111,397 |
| $ | 96,882 |
| $ | 100,267 |
| $ | 90,067 |
| Income tax expense |
| 20,276 |
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| 72,135 |
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| 71,101 |
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| 60,993 |
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| 49,945 |
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| 50,801 |
| Equity in earnings of regional nuclear generating companies |
| (1) |
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| (8) |
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| (12) |
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| (8) |
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| (7) |
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| (23) |
| Dividends received from regional equity investees |
| - |
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| - |
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| 42 |
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| - |
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| - |
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| 80 |
| Fixed charges, as below |
| 11,559 |
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| 46,530 |
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| 47,318 |
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| 52,769 |
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| 52,111 |
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| 54,721 |
| Less: Interest capitalized (including AFUDC) |
| (152) |
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| (640) |
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| (500) |
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| (1,579) |
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| (7,064) |
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| (6,621) |
Total earnings, as defined | $ | 63,727 |
| $ | 231,961 |
| $ | 229,346 |
| $ | 209,057 |
| $ | 195,252 |
| $ | 189,025 | |
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Fixed charges, as defined: |
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| Interest on long-term debt (a) | $ | 11,399 |
| $ | 45,116 |
| $ | 44,370 |
| $ | 46,228 |
| $ | 36,832 |
| $ | 36,220 |
| Interest on rate reduction bonds |
| - |
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| - |
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| (154) |
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| 2,687 |
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| 6,276 |
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| 9,660 |
| Other interest (b) |
| (127) |
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| 233 |
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| 1,960 |
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| 1,313 |
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| 1,039 |
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| 1,187 |
| Rental interest factor |
| 135 |
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| 541 |
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| 642 |
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| 962 |
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| 900 |
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| 1,033 |
| Interest capitalized (including AFUDC) |
| 152 |
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| 640 |
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| 500 |
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| 1,579 |
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| 7,064 |
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| 6,621 |
Total fixed charges, as defined | $ | 11,559 |
| $ | 46,530 |
| $ | 47,318 |
| $ | 52,769 |
| $ | 52,111 |
| $ | 54,721 | |
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Ratio of Earnings to Fixed Charges |
| 5.51 |
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| 4.99 |
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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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(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 and 2010, other interest includes interest related to accounting for uncertain tax positions. |
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10-Q Filing
Western Massachusetts Electric Inactive 10-Q2015 Q1 Quarterly report
Filed: 6 May 15, 12:00am