Western Massachusetts Electric Company |
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| Exhibit 12 |
Ratio of Earnings to Fixed Charges |
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(Unaudited) |
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(Thousands of Dollars) |
| Six Months |
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| Ended |
| For the Years Ended December 31, | |||||||||||||
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| June 30, 2012 |
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| 2011 |
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| 2010 |
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| 2009 |
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| 2008 |
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| 2007 |
Earnings, as defined: |
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Net income | $ | 25,324 |
| $ | 43,054 |
| $ | 23,090 |
| $ | 26,196 |
| $ | 18,330 |
| $ | 23,604 |
Income tax expense |
| 16,408 |
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| 23,186 |
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| 16,325 |
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| 14,923 |
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| 10,545 |
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| 14,586 |
Equity in earnings of regional nuclear |
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generating companies |
| (5) |
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| (4) |
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| (36) |
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| (78) |
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| (101) |
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| (526) |
Dividends received from regional equity investees |
| - |
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| 120 |
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| 419 |
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| - |
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| 701 |
Fixed charges, as below |
| 14,008 |
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| 25,079 |
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| 23,042 |
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| 20,614 |
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| 21,910 |
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| 22,162 |
Less: Interest capitalized (including AFUDC) |
| (277) |
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| (534) |
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| (336) |
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| (195) |
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| (1,010) |
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| (983) |
Total earnings, as defined | $ | 55,458 |
| $ | 90,781 |
| $ | 62,205 |
| $ | 61,879 |
| $ | 49,674 |
| $ | 59,544 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 11,671 |
| $ | 20,023 |
| $ | 17,988 |
| $ | 14,074 |
| $ | 13,244 |
| $ | 11,577 |
Interest on rate reduction bonds |
| 757 |
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| 2,335 |
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| 3,372 |
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| 4,335 |
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| 5,133 |
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| 5,839 |
Other interest (b) |
| 836 |
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| 1,254 |
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| 479 |
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| 877 |
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| 1,256 |
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| 2,430 |
Rental interest factor |
| 467 |
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| 933 |
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| 867 |
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| 1,133 |
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| 1,267 |
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| 1,333 |
Interest capitalized (including AFUDC) |
| 277 |
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| 534 |
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| 336 |
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| 195 |
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| 1,010 |
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| 983 |
Total fixed charges, as defined | $ | 14,008 |
| $ | 25,079 |
| $ | 23,042 |
| $ | 20,614 |
| $ | 21,910 |
| $ | 22,162 |
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Ratio of Earnings to Fixed Charges |
| 3.96 |
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| 3.62 |
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| 2.70 |
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| 3.00 |
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| 2.27 |
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| 2.69 |
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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, 2009 and 2008, other interest includes interest related to accounting for uncertain tax positions. | |||||||||||||||||
NSTAR Electric (NSARO)
Filed: 7 Aug 12, 12:00am