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) |
| Nine Months |
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| Ended |
| For the Years Ended December 31, | |||||||||||||
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| September 30, 2012 |
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| 2011 |
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| 2010 |
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| 2009 |
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| 2008 |
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| 2007 |
Earnings, as defined: |
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Net income | $ | 135,804 |
| $ | 250,164 |
| $ | 244,143 |
| $ | 216,316 |
| $ | 191,158 |
| $ | 133,564 |
Income tax expense |
| 63,917 |
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| 90,033 |
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| 132,438 |
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| 118,847 |
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| 77,852 |
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| 52,353 |
Equity in earnings of regional nuclear |
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generating companies |
| (30) |
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| (16) |
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| (134) |
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| (282) |
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| (366) |
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| (1,901) |
Dividends received from regional equity investees |
| - |
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| - |
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| 440 |
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| 1,520 |
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| - |
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| 2,596 |
Fixed charges, as below |
| 106,218 |
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| 140,311 |
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| 145,297 |
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| 163,887 |
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| 165,170 |
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| 155,557 |
Less: Interest capitalized (including AFUDC) |
| (2,149) |
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| (3,317) |
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| (2,726) |
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| (2,203) |
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| (12,991) |
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| (10,924) |
Total earnings, as defined | $ | 303,760 |
| $ | 477,175 |
| $ | 519,458 |
| $ | 498,085 |
| $ | 420,823 |
| $ | 331,245 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 94,646 |
| $ | 131,918 |
| $ | 134,553 |
| $ | 133,422 |
| $ | 104,954 |
| $ | 84,292 |
Interest on rate reduction bonds |
| - |
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| - |
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| 7,542 |
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| 19,061 |
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| 29,129 |
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| 37,728 |
Other interest (b) |
| 6,223 |
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| 809 |
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| (4,357) |
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| 3,334 |
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| 12,163 |
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| 16,413 |
Rental interest factor |
| 3,200 |
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| 4,267 |
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| 4,833 |
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| 5,867 |
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| 5,933 |
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| 6,200 |
Interest capitalized (including AFUDC) |
| 2,149 |
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| 3,317 |
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| 2,726 |
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| 2,203 |
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| 12,991 |
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| 10,924 |
Total fixed charges, as defined | $ | 106,218 |
| $ | 140,311 |
| $ | 145,297 |
| $ | 163,887 |
| $ | 165,170 |
| $ | 155,557 |
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Ratio of Earnings to Fixed Charges |
| 2.86 |
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| 3.40 |
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| 3.58 |
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| 3.04 |
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| 2.55 |
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| 2.13 |
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(a) Interest on long-term debt includes amortized premiums, discounts and capitalized expenses related to indebtedness. | |||||||||||||||||
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(b) For all periods presented, other interest includes interest related to accounting for uncertain tax positions. | |||||||||||||||||
The Connecticut Light and Power Company (CNLTN)
Filed: 7 Nov 12, 12:00am