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Public Service Company of New Hampshire
Ratio of Earnings to Fixed Charges
(Thousands of Dollars)
| | | Year Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | Three Months Ended March 31, 2004 | |||||||||||||
| | 1999 | 2000 | 2001 | 2002 | 2003 | |||||||||
| Net income/(loss) | 11,760 | 84,209 | (146,666 | ) | 81,776 | 62,897 | 45,624 | |||||||
| Income tax expense | 6,675 | 40,724 | 45,012 | 38,571 | 40,279 | 29,773 | ||||||||
| Equity in earnings of regional nuclear generating and transmission companies | 26 | (1,112 | ) | (1,896 | ) | (473 | ) | (1,331 | ) | (353 | ) | |||
| Minority interest | — | — | — | — | — | — | ||||||||
| Fixed charges, as below | 11,785 | 53,779 | 43,433 | 54,270 | 51,417 | 47,251 | ||||||||
| Total earnings, as defined | 30,246 | 177,600 | (60,117 | ) | 174,144 | 153,262 | 122,295 | |||||||
Fixed charges, as defined: | ||||||||||||||
| Interest on long-term debt | 4,007 | 42,728 | 37,510 | 30,201 | 16,752 | 15,408 | ||||||||
| Interest on rate-reduction bonds | 6,957 | — | — | 20,721 | 30,499 | 29,081 | ||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtness- | 284 | 2,446 | 447 | 440 | 1,125 | 1,135 | ||||||||
| Other interest | 312 | 547 | 47 | 22 | 1,874 | 727 | ||||||||
| Rental interest factor—capital | 75 | 400 | 300 | 300 | 300 | 300 | ||||||||
| Rental interest factor—1/3 operating | 150 | 1,033 | 1,167 | 1,300 | 867 | 600 | ||||||||
| Preference security dividend requirements of consolidated subsidiaries | — | 6,625 | 3,962 | 1,286 | — | — | ||||||||
| Total fixed charges, as defined | 11,785 | 53,779 | 43,433 | 54,270 | 51,417 | 47,251 | ||||||||
Ratio of Earnings to Fixed Charges | 2.57 | 3.30 | (1.38 | ) | 3.21 | 2.98 | 2.59 | |||||||