Northeast Utilities and Subsidiaries |
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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 |
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| June 30, | For the Years Ended December 31, | |||||||||
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| 2013 |
| 2012 (a) |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
Earnings, as defined: |
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Net income | $ | 403,032 | $ | 533,077 | $ | 400,513 | $ | 394,107 | $ | 335,592 | $ | 266,387 |
Income tax expense |
| 216,093 |
| 274,926 |
| 170,953 |
| 210,409 |
| 179,947 |
| 105,661 |
Equity in earnings of regional nuclear |
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generating and transmission companies |
| (580) |
| (1,154) |
| (671) |
| (1,429) |
| (1,762) |
| (1,637) |
Dividends received from regional equity investees |
| 458 |
| 733 |
| 940 |
| 1,488 |
| 3,794 |
| 1,017 |
Fixed charges, as below |
| 175,345 |
| 353,616 |
| 275,948 |
| 263,393 |
| 296,764 |
| 304,374 |
Less: Interest capitalized (including AFUDC) |
| (2,072) |
| (5,261) |
| (11,758) |
| (10,165) |
| (5,929) |
| (17,797) |
Preferred dividend security requirements of |
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consolidated subsidiaries |
| (6,538) |
| (11,715) |
| (9,265) |
| (10,170) |
| (9,265) |
| (9,265) |
Total earnings, as defined | $ | 785,738 | $ | 1,144,222 | $ | 826,660 | $ | 847,633 | $ | 799,141 | $ | 648,740 |
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Fixed charges, as defined: |
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Interest on long-term debt (b) | $ | 171,294 | $ | 316,987 | $ | 231,630 | $ | 231,089 | $ | 224,712 | $ | 193,883 |
Interest on rate reduction bonds |
| 422 |
| 6,168 |
| 8,611 |
| 20,573 |
| 36,524 |
| 50,231 |
Other interest (c) |
| (8,610) |
| 6,790 |
| 10,184 |
| (14,371) |
| 12,401 |
| 25,031 |
Rental interest factor |
| 3,629 |
| 6,695 |
| 4,500 |
| 5,767 |
| 7,933 |
| 8,167 |
Preferred dividend security requirements of |
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consolidated subsidiaries |
| 6,538 |
| 11,715 |
| 9,265 |
| 10,170 |
| 9,265 |
| 9,265 |
Interest capitalized (including AFUDC) |
| 2,072 |
| 5,261 |
| 11,758 |
| 10,165 |
| 5,929 |
| 17,797 |
Total fixed charges, as defined | $ | 175,345 | $ | 353,616 | $ | 275,948 | $ | 263,393 | $ | 296,764 | $ | 304,374 |
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Ratio of Earnings to Fixed Charges |
| 4.48 |
| 3.24 |
| 3.00 |
| 3.22 |
| 2.69 |
| 2.13 |
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(a) The 2013 results include the operations of NSTAR. The 2012 results include the operations of NSTAR from the date of the merger, April 10, 2012, through December 31, 2012. | ||||||||||||
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(b) Interest on long-term debt includes amortized premiums, discounts and capitalized expenses related to indebtedness. | ||||||||||||
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(c) For all periods presented, other interest includes interest related to accounting for uncertain tax positions. | ||||||||||||
The Connecticut Light and Power Company (CNLTP)
Filed: 2 Aug 13, 12:00am