Western Massachusetts Electric Inactive 10-Q2016 Q1 Quarterly report

Filed: 6 May 16, 12:00am

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New words: ability, Advisory, assistance, bare, begun, bid, borne, break, caption, cast, Cloud, Code, commitment, corrosion, daily, Depreciationexpenseincreased, eastern, expanded, failure, formal, growing, III, illiquidity, installation, interpreted, inventory, involve, iron, IV, judgment, lease, low, mediation, met, metering, modified, monetary, move, MYAPC, offsetby, outcome, penalty, pipe, point, proportion, reassessment, REC, refined, RSU, Seacoast, simplify, smaller, solar, statutory, steel, store, Strategic, tabular, Taxesexpense, timeframe, tourism, traditional, treated, unable, uncertainty, underwater, unexercised, waste, wind, withholding, York

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Eversource Energy and Subsidiaries													Exhibit 12
Ratio of Earnings to Fixed Charges
(Unaudited)

		Three Months
		Ended
		March 31,		For the Years Ended December 31,
(Thousands of Dollars)		2016		2015		2014		2013		2012 (a)		2011
Earnings, as defined:
	Net income	$	246,033	$	886,004	$	827,065	$	793,689	$	533,077	$	400,513
	Income tax expense		146,302		539,967		468,297		426,941		274,926		170,953
	Equity in earnings of regional equity investees		181		(883)		(1,044)		(1,318)		(1,154)		(671)
	Dividends received from regional equity investees		-		-		-		582		733		940
	Fixed charges, as below		104,272		397,392		386,451		362,403		353,616		275,948
	Less: Interest capitalized (including AFUDC)		(1,622)		(7,221)		(5,766)		(4,062)		(5,261)		(11,758)
	Preferred dividend security requirements of consolidated subsidiaries (pre-tax)		(3,133)		(12,532)		(12,532)		(12,803)		(11,715)		(9,265)
Total earnings, as defined		$	492,033	$	1,802,727	$	1,662,471	$	1,565,432	$	1,144,222	$	826,660

Fixed charges, as defined:
	Interest Expense	$	98,212	$	372,420	$	362,106	$	338,699	$	329,945	$	250,425
	Rental interest factor		1,305		5,219		6,047		6,839		6,695		4,500
	Preferred dividend security requirements of consolidated subsidiaries (pre-tax)		3,133		12,532		12,532		12,803		11,715		9,265
	Interest capitalized (including AFUDC)		1,622		7,221		5,766		4,062		5,261		11,758
Total fixed charges, as defined		$	104,272	$	397,392	$	386,451	$	362,403	$	353,616	$	275,948

Ratio of Earnings to Fixed Charges			4.72		4.54		4.30		4.32		3.24		3.00

(a) NSTAR amounts were included in Eversource beginning April 10, 2012.