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 |
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| June 30, | For the Years Ended December 31, | |||||||||
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| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
Earnings, as defined: |
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Net income | $ | 152,865 | $ | 209,725 | $ | 250,164 | $ | 244,143 | $ | 216,316 | $ | 191,158 |
Income tax expense |
| 77,014 |
| 94,437 |
| 90,033 |
| 132,438 |
| 118,847 |
| 77,852 |
Equity in earnings of regional nuclear |
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generating companies |
| (50) |
| (40) |
| (16) |
| (134) |
| (282) |
| (366) |
Dividends received from regional equity investees |
| 289 |
| - |
| - |
| 440 |
| 1,520 |
| - |
Fixed charges, as below |
| 67,035 |
| 139,982 |
| 140,311 |
| 145,297 |
| 163,887 |
| 165,170 |
Less: Interest capitalized (including AFUDC) |
| (1,157) |
| (2,456) |
| (3,317) |
| (2,726) |
| (2,203) |
| (12,991) |
Total earnings, as defined | $ | 295,996 | $ | 441,648 | $ | 477,175 | $ | 519,458 | $ | 498,085 | $ | 420,823 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 65,318 | $ | 124,894 | $ | 131,918 | $ | 134,553 | $ | 133,422 | $ | 104,954 |
Interest on rate reduction bonds |
| - |
| - |
| - |
| 7,542 |
| 19,061 |
| 29,129 |
Other interest (b) |
| (1,640) |
| 8,233 |
| 809 |
| (4,357) |
| 3,334 |
| 12,163 |
Rental interest factor |
| 2,200 |
| 4,399 |
| 4,267 |
| 4,833 |
| 5,867 |
| 5,933 |
Interest capitalized (including AFUDC) |
| 1,157 |
| 2,456 |
| 3,317 |
| 2,726 |
| 2,203 |
| 12,991 |
Total fixed charges, as defined | $ | 67,035 | $ | 139,982 | $ | 140,311 | $ | 145,297 | $ | 163,887 | $ | 165,170 |
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Ratio of Earnings to Fixed Charges |
| 4.42 |
| 3.16 |
| 3.40 |
| 3.58 |
| 3.04 |
| 2.55 |
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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 (CNLTP)
Filed: 2 Aug 13, 12:00am