NSTAR Electric Company and Subsidiary |
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| Exhibit 12 |
Ratio of Earnings to Fixed Charges |
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(Unaudited) |
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| Six Months Ended |
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| June 30, |
| For the Years Ended December 31, | ||||||||||||||
(Thousands of Dollars) | 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 | ||||||
Earnings, as defined: |
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Net income | $ | 118,216 |
| $ | 268,546 |
| $ | 190,242 |
| $ | 252,494 |
| $ | 248,575 |
| $ | 240,691 |
Income tax expense |
| 79,681 |
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| 172,866 |
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| 123,966 |
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| 165,686 |
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| 162,020 |
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| 151,224 |
Equity in earnings of regional nuclear generating and transmission companies |
| (5) |
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| (550) |
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| (412) |
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| (501) |
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| (836) |
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| (891) |
Dividends received from regional equity investees |
| - |
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| 344 |
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| 286 |
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| 676 |
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| 669 |
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| 1,661 |
Fixed charges, as below |
| 43,205 |
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| 73,115 |
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| 72,364 |
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| 76,219 |
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| 77,902 |
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| 84,826 |
Less: Interest capitalized (including AFUDC) |
| (342) |
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| (511) |
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| (259) |
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| (185) |
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| (108) |
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| 76 |
Total earnings, as defined | $ | 240,755 |
| $ | 513,810 |
| $ | 386,187 |
| $ | 494,389 |
| $ | 488,222 |
| $ | 477,587 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 40,489 |
| $ | 79,088 |
| $ | 87,100 |
| $ | 90,040 |
| $ | 90,630 |
| $ | 83,261 |
Interest on rate reduction bonds |
| - |
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| 399 |
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| 3,585 |
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| 7,226 |
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| 11,235 |
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| 18,833 |
Other interest (b) |
| 1,263 |
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| (9,104) |
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| (20,631) |
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| (27,839) |
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| (30,475) |
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| (24,519) |
Rental interest factor |
| 1,111 |
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| 2,221 |
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| 2,051 |
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| 6,607 |
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| 6,404 |
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| 7,327 |
Interest capitalized (including AFUDC) |
| 342 |
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| 511 |
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| 259 |
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| 185 |
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| 108 |
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| (76) |
Total fixed charges, as defined | $ | 43,205 |
| $ | 73,115 |
| $ | 72,364 |
| $ | 76,219 |
| $ | 77,902 |
| $ | 84,826 |
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Ratio of Earnings to Fixed Charges |
| 5.57 |
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| 7.03 |
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| 5.34 |
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| 6.49 |
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| 6.27 |
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| 5.63 |
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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. | |||||||||||||||||
NSTAR Electric (NSARO)
Filed: 1 Aug 14, 12:00am