Western Massachusetts Electric Company |
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| Exhibit 12 |
Ratio of Earnings to Fixed Charges |
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| Nine Months |
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(Thousands of Dollars) |
| Ended |
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| September 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 | $ | 20,462 | $ | 18,330 | $ | 23,604 | $ | 15,644 | $ | 15,085 | $ | 12,373 |
Income tax expense |
| 11,764 |
| 10,545 |
| 14,586 |
| 7,766 |
| 9,294 |
| 7,187 |
Equity in (earnings)/losses of regional nuclear |
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generating companies |
| (64) |
| (101) |
| (526) |
| 241 |
| (311) |
| (149) |
Dividends received from regional equity investees |
| 419 |
| - |
| 701 |
| 372 |
| 103 |
| 687 |
Fixed charges, as below |
| 15,622 |
| 21,910 |
| 22,162 |
| 21,087 |
| 19,801 |
| 17,156 |
Less: Interest capitalized (including AFUDC) |
| (172) |
| (1,010) |
| (983) |
| (853) |
| (455) |
| (220) |
Total earnings, as defined | $ | 48,031 | $ | 49,674 | $ | 59,544 | $ | 44,257 | $ | 43,517 | $ | 37,034 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 10,531 | $ | 13,244 | $ | 11,577 | $ | 10,671 | $ | 9,535 | $ | 6,655 |
Interest on rate reduction bonds |
| 3,337 |
| 5,133 |
| 5,839 |
| 6,723 |
| 7,570 |
| 8,332 |
Other interest (b) |
| 632 |
| 1,256 |
| 2,430 |
| 1,507 |
| 1,041 |
| 782 |
Rental interest factor |
| 950 |
| 1,267 |
| 1,333 |
| 1,333 |
| 1,200 |
| 1,167 |
Interest capitalized (including AFUDC) |
| 172 |
| 1,010 |
| 983 |
| 853 |
| 455 |
| 220 |
Total fixed charges, as defined | $ | 15,622 | $ | 21,910 | $ | 22,162 | $ | 21,087 | $ | 19,801 | $ | 17,156 |
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Ratio of Earnings to Fixed Charges |
| 3.07 |
| 2.27 |
| 2.69 |
| 2.10 |
| 2.20 |
| 2.16 |
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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 nine months ended September 30, 2009 and for the year ended December 31, 2008, other interest includes interest related to accounting for uncertain tax positions. | ||||||||||||
The Connecticut Light and Power Company (CNPWP)
Filed: 6 Nov 09, 12:00am