The Connecticut Light and Power Company |
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| Exhibit 12 | |||||||
Ratio of Earnings to Fixed Charges |
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(In thousands) |
| Six Months |
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| June 30, 2008 |
| Year Ended December 31, | ||||||||
Earnings, as defined: |
| (unaudited) |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
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Net income |
| $ 92,323 |
| $ 133,564 |
| $ 200,007 |
| $ 94,845 |
| $ 88,016 |
| $ 68,908 |
Income tax expense/(benefit) |
| 37,453 |
| 52,353 |
| (43,961) |
| 32,174 |
| 45,539 |
| 18,135 |
Equity in (earnings)/losses of regional |
| (200) |
| (1,901) |
| 854 |
| (1,153) |
| (568) |
| (1,776) |
Dividends received from regional |
| - |
| 2,596 |
| 1,407 |
| 412 |
| 2,577 |
| 6,359 |
Fixed charges, as below |
| 81,168 |
| 155,557 |
| 131,923 |
| 133,321 |
| 119,857 |
| 119,550 |
Less: Interest capitalized |
| (6,697) |
| (10,924) |
| (6,610) |
| (6,719) |
| (3,110) |
| (2,976) |
Total earnings, as defined |
| $ 204,047 |
| $ 331,245 |
| $ 283,620 |
| $ 252,880 |
| $ 252,311 |
| $ 208,200 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) |
| $ 48,999 |
| $ 84,292 |
| $ 64,873 |
| $ 59,019 |
| $ 43,308 |
| $ 39,815 |
Interest on rate reduction bonds |
| 15,811 |
| 37,728 |
| 46,692 |
| 55,796 |
| 63,667 |
| 70,284 |
Other interest (b) |
| 6,561 |
| 16,413 |
| 6,281 |
| 5,220 |
| 3,072 |
| 508 |
Rental interest factor |
| 3,100 |
| 6,200 |
| 7,467 |
| 6,567 |
| 6,700 |
| 5,967 |
Interest capitalized (including AFUDC) |
| 6,697 |
| 10,924 |
| 6,610 |
| 6,719 |
| 3,110 |
| 2,976 |
Total fixed charges, as defined |
| $ 81,168 |
| $ 155,557 |
| $ 131,923 |
| $ 133,321 |
| $ 119,857 |
| $ 119,550 |
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Ratio of Earnings to Fixed Charges |
| 2.51 |
| 2.13 |
| 2.15 |
| 1.90 |
| 2.11 |
| 1.74 |
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(a) Interest on long-term debt amounts include amortized premiums, discounts and capitalized expenses related to indebtedness. |
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(b) For the six months ended June 30, 2008 and for the year ended December 31, 2007, other interest includes interest expense related to Financial Accounting Standards Board Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an Interpretation of FASB Statement No. 109." |
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10-Q Filing
The Connecticut Light and Power Company (CNLTN) 10-Q2008 Q2 Quarterly report
Filed: 7 Aug 08, 12:00am