Northeast Utilities |
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| Exhibit 12 |
Ratio of Earnings to Fixed Charges |
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(Unaudited) |
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(Thousands of Dollars) |
| Nine Months |
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| Ended |
| For the Years Ended December 31, | |||||||||||||
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| September 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 | $ | 356,482 |
| $ | 400,513 |
| $ | 394,107 |
| $ | 335,592 |
| $ | 266,387 |
| $ | 251,455 |
Income tax expense |
| 199,379 |
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| 170,953 |
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| 210,409 |
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| 179,947 |
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| 105,661 |
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| 109,420 |
Equity in earnings of regional nuclear |
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generating and transmission companies |
| (791) |
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| (671) |
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| (1,429) |
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| (1,762) |
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| (1,637) |
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| (3,983) |
Dividends received from regional equity investees |
| 733 |
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| 940 |
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| 1,488 |
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| 3,794 |
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| 1,017 |
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| 4,542 |
Fixed charges, as below |
| 265,808 |
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| 275,948 |
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| 263,393 |
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| 296,764 |
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| 304,374 |
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| 275,611 |
Less: Interest capitalized (including AFUDC) |
| (4,461) |
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| (11,758) |
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| (10,165) |
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| (5,929) |
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| (17,797) |
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| (17,568) |
Less: Preferred dividend security requirements of |
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consolidated subsidiaries |
| (8,582) |
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| (9,265) |
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| (10,170) |
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| (9,265) |
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| (9,265) |
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| (9,265) |
Total earnings, as defined | $ | 808,568 |
| $ | 826,660 |
| $ | 847,633 |
| $ | 799,141 |
| $ | 648,740 |
| $ | 610,212 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 233,352 |
| $ | 231,630 |
| $ | 231,089 |
| $ | 224,712 |
| $ | 193,883 |
| $ | 162,841 |
Interest on rate reduction bonds |
| 5,168 |
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| 8,611 |
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| 20,573 |
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| 36,524 |
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| 50,231 |
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| 61,580 |
Other interest (b) |
| 7,336 |
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| 10,184 |
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| (14,371) |
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| 12,401 |
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| 25,031 |
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| 15,824 |
Rental interest factor |
| 6,909 |
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| 4,500 |
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| 5,767 |
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| 7,933 |
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| 8,167 |
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| 8,533 |
Preferred dividend security requirements of |
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consolidated subsidiaries |
| 8,582 |
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| 9,265 |
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| 10,170 |
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| 9,265 |
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| 9,265 |
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| 9,265 |
Interest capitalized (including AFUDC) |
| 4,461 |
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| 11,758 |
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| 10,165 |
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| 5,929 |
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| 17,797 |
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| 17,568 |
Total fixed charges, as defined | $ | 265,808 |
| $ | 275,948 |
| $ | 263,393 |
| $ | 296,764 |
| $ | 304,374 |
| $ | 275,611 |
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Ratio of Earnings to Fixed Charges |
| 3.04 |
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| 3.00 |
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| 3.22 |
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| 2.69 |
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| 2.13 |
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| 2.21 |
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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 all periods presented, other interest includes interest related to accounting for uncertain tax positions. |
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10-Q Filing
NSTAR Electric (NSARO) 10-Q2012 Q3 Quarterly report
Filed: 7 Nov 12, 12:00am