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 |
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| Ended |
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| June 30, |
| For the Years Ended December 31, | ||||||||||||||
(Thousands of Dollars) | 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 | |||||||
Earnings, as defined: |
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| Net income | $ | 165,523 |
| $ | 303,088 |
| $ | 268,546 |
| $ | 190,242 |
| $ | 252,494 |
| $ | 248,575 |
| Income tax expense |
| 110,335 |
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| 201,981 |
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| 172,866 |
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| 123,966 |
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| 165,686 |
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| 162,020 |
| Equity in earnings of regional nuclear |
| (335) |
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| (408) |
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| (550) |
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| (412) |
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| (501) |
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| (836) |
| Dividends received from regional equity investees |
| - |
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| - |
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| 344 |
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| 286 |
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| 676 |
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| 669 |
| Fixed charges, as below |
| 40,443 |
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| 82,503 |
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| 73,115 |
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| 72,364 |
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| 76,219 |
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| 77,902 |
| Less: Interest capitalized (including AFUDC) |
| (917) |
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| (2,027) |
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| (511) |
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| (259) |
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| (185) |
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| (108) |
Total earnings, as defined | $ | 315,049 |
| $ | 585,137 |
| $ | 513,810 |
| $ | 386,187 |
| $ | 494,389 |
| $ | 488,222 | |
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Fixed charges, as defined: |
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| Interest on long-term debt (a) | $ | 37,225 |
| $ | 77,140 |
| $ | 79,088 |
| $ | 87,100 |
| $ | 90,040 |
| $ | 90,630 |
| Interest on rate reduction bonds |
| - |
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| - |
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| 399 |
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| 3,585 |
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| 7,226 |
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| 11,235 |
| Other interest (b) |
| 1,002 |
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| 738 |
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| (9,104) |
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| (20,631) |
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| (27,839) |
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| (30,475) |
| Rental interest factor |
| 1,299 |
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| 2,598 |
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| 2,221 |
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| 2,051 |
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| 6,607 |
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| 6,404 |
| Interest capitalized (including AFUDC) |
| 917 |
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| 2,027 |
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| 511 |
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| 259 |
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| 185 |
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| 108 |
Total fixed charges, as defined | $ | 40,443 |
| $ | 82,503 |
| $ | 73,115 |
| $ | 72,364 |
| $ | 76,219 |
| $ | 77,902 | |
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Ratio of Earnings to Fixed Charges |
| 7.79 |
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| 7.09 |
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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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(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 and 2010, other interest includes interest related to accounting for uncertain tax positions. |
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10-Q Filing
NSTAR Electric (NSARO) 10-Q2015 Q2 Quarterly report
Filed: 5 Aug 15, 12:00am