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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| 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 | $ | 27,439 |
| $ | 57,819 |
| $ | 60,438 |
| $ | 54,503 |
| $ | 43,054 |
| $ | 23,090 |
| Income tax expense |
| 18,807 |
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| 37,268 |
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| 37,368 |
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| 32,140 |
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| 23,186 |
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| 16,325 |
| Equity in earnings of regional nuclear |
| (4) |
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| (8) |
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| (18) |
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| (11) |
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| (4) |
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| (36) |
| Dividends received from regional equity investees |
| - |
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| - |
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| 80 |
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| - |
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| - |
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| 120 |
| Fixed charges, as below |
| 13,811 |
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| 26,202 |
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| 26,316 |
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| 28,162 |
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| 25,079 |
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| 23,042 |
| Less: Interest capitalized (including AFUDC) |
| (495) |
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| (864) |
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| (498) |
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| (534) |
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| (534) |
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| (336) |
Total earnings, as defined | $ | 59,558 |
| $ | 120,417 |
| $ | 123,686 |
| $ | 114,260 |
| $ | 90,781 |
| $ | 62,205 | |
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Fixed charges, as defined: |
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| Interest on long-term debt (a) | $ | 12,060 |
| $ | 24,245 |
| $ | 23,625 |
| $ | 23,462 |
| $ | 20,023 |
| $ | 17,988 |
| Interest on rate reduction bonds |
| - |
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| - |
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| 177 |
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| 1,229 |
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| 2,335 |
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| 3,372 |
| Other interest |
| 1,052 |
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| 686 |
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| 1,049 |
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| 1,943 |
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| 1,254 |
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| 479 |
| Rental interest factor |
| 204 |
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| 407 |
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| 967 |
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| 994 |
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| 933 |
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| 867 |
| Interest capitalized (including AFUDC) |
| 495 |
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| 864 |
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| 498 |
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| 534 |
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| 534 |
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| 336 |
Total fixed charges, as defined | $ | 13,811 |
| $ | 26,202 |
| $ | 26,316 |
| $ | 28,162 |
| $ | 25,079 |
| $ | 23,042 | |
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Ratio of Earnings to Fixed Charges |
| 4.31 |
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| 4.60 |
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| 4.70 |
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| 4.06 |
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| 3.62 |
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| 2.70 | |
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(a) Interest on long-term debt includes amortized premiums, discounts and capitalized expenses related to indebtedness. |
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10-Q Filing
NSTAR Electric (NSARO) 10-Q2015 Q2 Quarterly report
Filed: 5 Aug 15, 12:00am