Exhibit 12.1(C)
Public Service Company of New Hampshire
Ratio of Earnings to Fixed Charges
(In thousands)
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| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
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Earnings, as defined: |
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Net income |
| $ | 35,323 |
| $ | 41,739 |
| $ | 46,641 |
| $ | 45,624 |
| $ | 62,897 |
| $ | 81,776 |
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Income tax expense |
| 39,183 |
| 12,234 |
| 12,993 |
| 29,773 |
| 40,279 |
| 38,571 |
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Equity in losses/(earnings) of regional nuclear generating and transmission companies |
| 74 |
| (230 | ) | (165 | ) | (353 | ) | (1,331 | ) | (473 | ) | ||||||||
Dividends received from regional equity investees |
| 367 |
| 172 |
| 614 |
| 1,219 |
| 1,421 |
| 919 |
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Fixed charges, as below |
| 48,805 |
| 49,274 |
| 48,104 |
| 47,751 |
| 51,817 |
| 52,984 |
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Interest capitalized (not including AFUDC) |
| — |
| — |
| — |
| — |
| — |
| — |
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Total earnings, as defined |
| $ | 123,752 |
| $ | 103,189 |
| $ | 108,187 |
| $ | 124,014 |
| $ | 155,083 |
| $ | 173,777 |
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Fixed charges, as defined: |
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Interest on long-term debt |
| $ | 24,100 |
| $ | 20,481 |
| $ | 17,441 |
| $ | 15,408 |
| $ | 16,752 |
| $ | 29,308 |
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Interest on rate reduction bonds |
| 20,828 |
| 24,074 |
| 26,901 |
| 29,081 |
| 30,499 |
| 20,721 |
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Other interest |
| 829 |
| 1,733 |
| 1,197 |
| 727 |
| 1,874 |
| 915 |
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Rental interest factor |
| 1,567 |
| 1,567 |
| 1,400 |
| 1,400 |
| 1,567 |
| 1,600 |
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Amortized premiums, discounts and capitalized expenses related to indebtedness |
| 1,481 |
| 1,419 |
| 1,165 |
| 1,135 |
| 1,125 |
| 440 |
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Interest capitalized (not including AFUDC) |
| — |
| — |
| — |
| — |
| — |
| — |
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Total fixed charges, as defined |
| $ | 48,805 |
| $ | 49,274 |
| $ | 48,104 |
| $ | 47,751 |
| $ | 51,817 |
| $ | 52,984 |
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Ratio of Earnings to Fixed Charges |
| 2.54 |
| 2.09 |
| 2.25 |
| 2.60 |
| 2.99 |
| 3.28 |
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