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) |
| Three Months |
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| Ended |
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| March 31, | For the Years Ended December 31, | |||||||||
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| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
Earnings, as defined: |
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Net income | $ | 18,603 | $ | 54,503 | $ | 43,054 | $ | 23,090 | $ | 26,196 | $ | 18,330 |
Income tax expense |
| 11,698 |
| 32,140 |
| 23,186 |
| 16,325 |
| 14,923 |
| 10,545 |
Equity in earnings of regional nuclear |
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generating companies |
| (12) |
| (11) |
| (4) |
| (36) |
| (78) |
| (101) |
Dividends received from regional equity investees |
| 80 |
| - |
| - |
| 120 |
| 419 |
| - |
Fixed charges, as below |
| 6,648 |
| 28,162 |
| 25,079 |
| 23,042 |
| 20,614 |
| 21,910 |
Less: Interest capitalized (including AFUDC) |
| (106) |
| (534) |
| (534) |
| (336) |
| (195) |
| (1,010) |
Total earnings, as defined | $ | 36,911 | $ | 114,260 | $ | 90,781 | $ | 62,205 | $ | 61,879 | $ | 49,674 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 5,955 | $ | 23,462 | $ | 20,023 | $ | 17,988 | $ | 14,074 | $ | 13,244 |
Interest on rate reduction bonds |
| 127 |
| 1,229 |
| 2,335 |
| 3,372 |
| 4,335 |
| 5,133 |
Other interest (b) |
| 211 |
| 1,943 |
| 1,254 |
| 479 |
| 877 |
| 1,256 |
Rental interest factor |
| 249 |
| 994 |
| 933 |
| 867 |
| 1,133 |
| 1,267 |
Interest capitalized (including AFUDC) |
| 106 |
| 534 |
| 534 |
| 336 |
| 195 |
| 1,010 |
Total fixed charges, as defined | $ | 6,648 | $ | 28,162 | $ | 25,079 | $ | 23,042 | $ | 20,614 | $ | 21,910 |
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Ratio of Earnings to Fixed Charges |
| 5.55 |
| 4.06 |
| 3.62 |
| 2.70 |
| 3.00 |
| 2.27 |
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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: 6 May 13, 12:00am