Exhibit 12.1
NSTAR Electric Company
Ratio of Earnings to Fixed Charges
(Unaudited)
Six Months Ended | For the Years Ended December 31, | |||||||||||||||||||||||
(Thousands of Dollars) | June 30, 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Earnings, as defined: | ||||||||||||||||||||||||
Net income | $ | 49,422 | $ | 252,494 | $ | 248,575 | $ | 240,691 | $ | 223,897 | $ | 216,502 | ||||||||||||
Income tax expense | 32,847 | 165,686 | 162,020 | 151,224 | 141,847 | 135,260 | ||||||||||||||||||
Equity in earnings of regional nuclear generating companies | (199 | ) | (501 | ) | (836 | ) | (891 | ) | (820 | ) | (1,495 | ) | ||||||||||||
Dividends received from regional equity investees | 264 | 676 | 669 | 1,661 | 416 | 1,637 | ||||||||||||||||||
Fixed charges, as below | 38,519 | 76,219 | 77,902 | 84,826 | 103,661 | 105,338 | ||||||||||||||||||
Less: Interest capitalized (including AFUDC) (b) | 171 | (185 | ) | (108 | ) | 76 | (1,926 | ) | (3,866 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total earnings, as defined | $ | 121,024 | $ | 494,389 | $ | 488,222 | $ | 477,587 | $ | 467,075 | $ | 453,376 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed charges, as defined: | ||||||||||||||||||||||||
Interest on long-term debt (a) (b) | $ | 44,567 | $ | 90,040 | $ | 90,636 | $ | 83,261 | $ | 76,793 | $ | 59,799 | ||||||||||||
Interest on rate reduction bonds (b) | 2,253 | 7,226 | 11,229 | 18,833 | 27,076 | 35,061 | ||||||||||||||||||
Other interest (b) (c) | (11,433 | ) | (27,839 | ) | (30,475 | ) | (24,519 | ) | (9,789 | ) | (414 | ) | ||||||||||||
Rental interest factor | 3,303 | 6,607 | 6,404 | 7,327 | 7,655 | 7,026 | ||||||||||||||||||
Interest capitalized (including AFUDC) (b) | (171 | ) | 185 | 108 | (76 | ) | 1,926 | 3,866 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges, as defined | $ | 38,519 | $ | 76,219 | $ | 77,902 | $ | 84,826 | $ | 103,661 | $ | 105,338 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of Earnings to Fixed Charges | 3.14 | 6.49 | 6.27 | 5.63 | 4.51 | 4.30 | ||||||||||||||||||
�� |
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Interest on long-term debt includes amortized premiums, discounts and capitalized expenses related to indebtedness. |
(b) | Prior period amounts have been reclassified for comparative purposes and in order to conform to NU’s presentation. |
(c) | For the year ended December 31, 2007, other interest includes interest related to accounting for uncertain tax positions. |