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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(Thousands of Dollars) |
| Six Months |
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| Ended |
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| June 30, | 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 | $ | 56,189 | $ | 96,882 | $ | 100,267 | $ | 90,067 | $ | 65,570 | $ | 58,067 |
Income tax expense |
| 34,602 |
| 60,993 |
| 49,945 |
| 50,801 |
| 31,990 |
| 21,996 |
Equity in earnings of regional nuclear |
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generating companies |
| (8) |
| (8) |
| (7) |
| (23) |
| (50) |
| (62) |
Dividends received from regional equity investees |
| 42 |
| - |
| - |
| 80 |
| 220 |
| - |
Fixed charges, as below |
| 24,088 |
| 52,769 |
| 52,111 |
| 54,721 |
| 51,227 |
| 54,597 |
Less: Interest capitalized (including AFUDC) |
| (292) |
| (1,579) |
| (7,064) |
| (6,621) |
| (3,138) |
| (2,967) |
Total earnings, as defined | $ | 114,621 | $ | 209,057 | $ | 195,252 | $ | 189,025 | $ | 145,819 | $ | 131,631 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 22,606 | $ | 46,228 | $ | 36,832 | $ | 36,220 | $ | 33,045 | $ | 32,655 |
Interest on rate reduction bonds |
| (154) |
| 2,687 |
| 6,276 |
| 9,660 |
| 13,128 |
| 15,969 |
Other interest (b) |
| 863 |
| 1,313 |
| 1,039 |
| 1,187 |
| 316 |
| 1,539 |
Rental interest factor |
| 481 |
| 962 |
| 900 |
| 1,033 |
| 1,600 |
| 1,467 |
Interest capitalized (including AFUDC) |
| 292 |
| 1,579 |
| 7,064 |
| 6,621 |
| 3,138 |
| 2,967 |
Total fixed charges, as defined | $ | 24,088 | $ | 52,769 | $ | 52,111 | $ | 54,721 | $ | 51,227 | $ | 54,597 |
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Ratio of Earnings to Fixed Charges |
| 4.76 |
| 3.96 |
| 3.75 |
| 3.45 |
| 2.85 |
| 2.41 |
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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, 2010 and 2009, other interest includes interest related to accounting for uncertain tax positions. |
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10-Q Filing
NSTAR Electric (NSARO) 10-Q2013 FY Quarterly report
Filed: 2 Aug 13, 12:00am