The Connecticut Light and Power Company |
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| Exhibit 12 | |||
Ratio of Earnings to Fixed Charges |
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(unaudited) |
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(Thousands of Dollars) |
| Six Months |
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| Ended | For the Years Ended December 31, | ||||||||||||
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| June 30, 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 | |||
Earnings, as defined: |
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Net income | $ | 92,498 | $ | 216,316 | $ | 191,158 | $ | 133,564 | $ | 200,007 | $ | 94,845 | |||
Income tax expense/(benefit) |
| 69,102 |
| 118,847 |
| 77,852 |
| 52,353 |
| (43,961) |
| 32,174 | |||
Equity in (earnings)/losses of regional |
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nuclear generating companies |
| (68) |
| (282) |
| (366) |
| (1,901) |
| 854 |
| (1,153) | |||
Dividends received from regional equity investees | - |
| 1,520 |
| - |
| 2,596 |
| 1,407 |
| 412 | ||||
Fixed charges, as below |
| 80,051 |
| 163,887 |
| 165,170 |
| 155,557 |
| 131,923 |
| 133,321 | |||
Less: Interest capitalized (including AFUDC) |
| (1,383) |
| (2,203) |
| (12,991) |
| (10,924) |
| (6,610) |
| (6,719) | |||
Total earnings, as defined | $ | 240,200 | $ | 498,085 | $ | 420,823 | $ | 331,245 | $ | 283,620 | $ | 252,880 | |||
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 67,262 | $ | 133,422 | $ | 104,954 | $ | 84,292 | $ | 64,873 | $ | 59,019 | |||
Interest on rate reduction bonds |
| 5,275 |
| 19,061 |
| 29,129 |
| 37,728 |
| 46,692 |
| 55,796 | |||
Other interest (b) |
| 3,197 |
| 3,334 |
| 12,163 |
| 16,413 |
| 6,281 |
| 5,220 | |||
Rental interest factor |
| 2,934 |
| 5,867 |
| 5,933 |
| 6,200 |
| 7,467 |
| 6,567 | |||
Interest capitalized (including AFUDC) |
| 1,383 |
| 2,203 |
| 12,991 |
| 10,924 |
| 6,610 |
| 6,719 | |||
Total fixed charges, as defined | $ | 80,051 | $ | 163,887 | $ | 165,170 | $ | 155,557 | $ | 131,923 | $ | 133,321 | |||
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Ratio of Earnings to Fixed Charges |
| 3.00 |
| 3.04 |
| 2.55 |
| 2.13 |
| 2.15 |
| 1.90 | |||
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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, 2010 and for the years ended December 31, 2009, 2008 and 2007, other interest includes interest related to accounting for uncertain tax positions. | |||||||||||||||
The Connecticut Light and Power Company (CNLTP)
Filed: 6 Aug 10, 12:00am