Public Service Company of New Hampshire |
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| Exhibit 12 | |||
Ratio of Earnings to Fixed Charges |
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(Unaudited) |
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(Thousands of Dollars) |
| Three Months |
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| Ended | For the Years Ended December 31, | |||||||||
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| March 31, 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
Earnings, as defined: |
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Net income | $ | 27,464 | $ | 90,067 | $ | 65,570 | $ | 58,067 | $ | 54,434 | $ | 35,323 |
Income tax expense |
| 13,474 |
| 50,801 |
| 31,990 |
| 21,996 |
| 22,794 |
| 39,183 |
Equity in (earnings)/losses of regional |
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nuclear generating companies |
| (4) |
| (23) |
| (50) |
| (62) |
| (343) |
| 74 |
Dividends received from regional |
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equity investees | - |
| 80 |
| 220 |
| - |
| 521 |
| 367 | |
Fixed charges, as below |
| 12,793 |
| 54,721 |
| 51,227 |
| 54,597 |
| 50,637 |
| 50,092 |
Less: Interest capitalized |
| (2,078) |
| (6,621) |
| (3,138) |
| (2,967) |
| (2,985) |
| (2,768) |
(including AFUDC) |
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Total earnings, as defined | $ | 51,649 | $ | 189,025 | $ | 145,819 | $ | 131,631 | $ | 125,058 | $ | 122,271 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 8,624 | $ | 36,220 | $ | 33,045 | $ | 32,655 | $ | 26,029 | $ | 24,100 |
Interest on rate reduction bonds |
| 1,893 |
| 9,660 |
| 13,128 |
| 15,969 |
| 18,013 |
| 20,828 |
Other interest (b) |
| (60) |
| 1,187 |
| 316 |
| 1,539 |
| 2,243 |
| 829 |
Rental interest factor |
| 258 |
| 1,033 |
| 1,600 |
| 1,467 |
| 1,367 |
| 1,567 |
Interest capitalized (including AFUDC) |
| 2,078 |
| 6,621 |
| 3,138 |
| 2,967 |
| 2,985 |
| 2,768 |
Total fixed charges, as defined | $ | 12,793 | $ | 54,721 | $ | 51,227 | $ | 54,597 | $ | 50,637 | $ | 50,092 |
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Ratio of Earnings to Fixed Charges |
| 4.04 |
| 3.45 |
| 2.85 |
| 2.41 |
| 2.47 |
| 2.44 |
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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 year ended December 31, 2009, other interest includes interest related to accounting for uncertain tax positions. | ||||||||||||
The Connecticut Light and Power Company (CNLTN)
Filed: 6 May 11, 12:00am