Exhibit 12
Northeast Utilities and Subsidiaries
Ratio of Earnings to Fixed Charges
(Unaudited)
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| Ended |
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| March 31, |
| For the Years Ended December 31, |
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(Thousands of Dollars) |
| 2014 |
| 2013 |
| 2012 (a) |
| 2011 |
| 2010 |
| 2009 |
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Earnings, as defined: |
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Net income |
| $ | 237,836 |
| $ | 793,689 |
| $ | 533,077 |
| $ | 400,513 |
| $ | 394,107 |
| $ | 335,592 |
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Income tax expense |
| 141,545 |
| 426,941 |
| 274,926 |
| 170,953 |
| 210,409 |
| 179,947 |
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Equity in earnings of regional nuclear generating and transmission companies |
| 104 |
| (1,318 | ) | (1,154 | ) | (671 | ) | (1,429 | ) | (1,762 | ) | ||||||
Dividends received from regional equity investees |
| — |
| 582 |
| 733 |
| 940 |
| 1,488 |
| 3,794 |
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Fixed charges, as below |
| 95,507 |
| 362,403 |
| 353,616 |
| 275,948 |
| 263,393 |
| 296,764 |
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Less: Interest capitalized (including AFUDC) |
| (689 | ) | (4,062 | ) | (5,261 | ) | (11,758 | ) | (10,165 | ) | (5,929 | ) | ||||||
Preferred dividend security requirements of consolidated subsidiaries |
| (3,133 | ) | (12,803 | ) | (11,715 | ) | (9,265 | ) | (10,170 | ) | (9,265 | ) | ||||||
Total earnings, as defined |
| $ | 471,170 |
| $ | 1,565,432 |
| $ | 1,144,222 |
| $ | 826,660 |
| $ | 847,633 |
| $ | 799,141 |
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Fixed charges, as defined: |
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Interest on long-term debt (b) |
| $ | 87,377 |
| $ | 340,970 |
| $ | 316,987 |
| $ | 231,630 |
| $ | 231,089 |
| $ | 224,712 |
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Interest on rate reduction bonds |
| — |
| 422 |
| 6,168 |
| 8,611 |
| 20,573 |
| 36,524 |
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Other interest (c) |
| 2,598 |
| (2,693 | ) | 6,790 |
| 10,184 |
| (14,371 | ) | 12,401 |
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Rental interest factor |
| 1,710 |
| 6,839 |
| 6,695 |
| 4,500 |
| 5,767 |
| 7,933 |
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Preferred dividend security requirements of consolidated subsidiaries |
| 3,133 |
| 12,803 |
| 11,715 |
| 9,265 |
| 10,170 |
| 9,265 |
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Interest capitalized (including AFUDC) |
| 689 |
| 4,062 |
| 5,261 |
| 11,758 |
| 10,165 |
| 5,929 |
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Total fixed charges, as defined |
| $ | 95,507 |
| $ | 362,403 |
| $ | 353,616 |
| $ | 275,948 |
| $ | 263,393 |
| $ | 296,764 |
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Ratio of Earnings to Fixed Charges |
| 4.93 |
| 4.32 |
| 3.24 |
| 3.00 |
| 3.22 |
| 2.69 |
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(a) NSTAR amounts were included in NU beginning April 10, 2012.
(b) Interest on long-term debt includes amortized premiums, discounts and capitalized expenses related to indebtedness.
(c) For all periods presented, other interest includes interest related to accounting for uncertain tax positions.