Northeast Utilities |
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| Exhibit 12 | |
Ratio of Earnings to Fixed Charges |
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| Six Months |
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(Thousands of Dollars) |
| Ended |
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| June 30, 2009 |
| For the Years Ended December 31, | |||||||||
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| (unaudited) |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 | |
Earnings, as defined: |
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Net income/(loss) from continuing operations before |
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cumulative effect of accounting change | $ | 183,307 | $ | 266,387 | $ | 251,455 | $ | 138,495 | $ | (251,344) | $ | 75,982 | |
Income tax expense/(benefit) |
| 93,817 |
| 105,661 |
| 109,420 |
| (76,326) |
| (184,862) |
| 22,388 | |
Equity in earnings of regional nuclear |
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generating and transmission companies |
| (954) |
| (1,637) |
| (3,983) |
| (334) |
| (3,311) |
| (2,592) | |
Dividends received from regional equity investees |
| 3,335 |
| 1,017 |
| 4,542 |
| 2,145 |
| 687 |
| 3,879 | |
Fixed charges, as below |
| 148,176 |
| 304,374 |
| 275,611 |
| 267,243 |
| 265,046 |
| 235,699 | |
Less: Interest capitalized (including AFUDC) |
| (3,524) |
| (17,797) |
| (17,568) |
| (14,482) |
| (10,463) |
| (4,517) | |
Preferred dividend security requirements of |
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consolidated subsidiaries |
| (4,633) |
| (9,265) |
| (9,265) |
| (9,265) |
| (9,265) |
| (9,265) | |
Total earnings/(loss), as defined | $ | 419,524 | $ | 648,740 | $ | 610,212 | $ | 307,476 | $ | (193,512) | $ | 321,574 | |
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 112,458 | $ | 193,883 | $ | 162,841 | $ | 141,579 | $ | 131,870 | $ | 107,365 | |
Interest on rate reduction bonds |
| 20,232 |
| 50,231 |
| 61,580 |
| 74,242 |
| 87,439 |
| 98,899 | |
Other interest (b) |
| 3,245 |
| 25,031 |
| 15,824 |
| 22,375 |
| 19,276 |
| 8,586 | |
Rental interest factor |
| 4,084 |
| 8,167 |
| 8,533 |
| 5,300 |
| 6,733 |
| 7,067 | |
Preferred dividend security requirements of |
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consolidated subsidiaries |
| 4,633 |
| 9,265 |
| 9,265 |
| 9,265 |
| 9,265 |
| 9,265 | |
Interest capitalized (including AFUDC) |
| 3,524 |
| 17,797 |
| 17,568 |
| 14,482 |
| 10,463 |
| 4,517 | |
Total fixed charges, as defined | $ | 148,176 | $ | 304,374 | $ | 275,611 | $ | 267,243 | $ | 265,046 | $ | 235,699 | |
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Ratio of Earnings to Fixed Charges |
| 2.83 |
| 2.13 |
| 2.21 |
| 1.15 |
| (0.73) | (c) | 1.36 | |
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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, 2009 and for the years ended December 31, 2008 and 2007, other interest includes interest 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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(c) Consolidated earnings were inadequate to cover fixed charges by $458.6 million for the year ended December 31, 2005. |
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The Connecticut Light and Power Company (CNLTP)
Filed: 7 Aug 09, 12:00am