Exhbit 12.1(D)
Western Massachusetts Electric Company
Ratio of Earnings to Fixed Charges
(In thousands)
|
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
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Earnings, as defined: |
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Net income |
| $ | 15,644 |
| $ | 15,085 |
| $ | 12,373 |
| $ | 16,212 |
| $ | 37,682 |
| $ | 14,968 |
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Income tax expense |
| 7,766 |
| 9,294 |
| 7,187 |
| 11,687 |
| 5,843 |
| 6,560 |
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Equity in losses/(earnings) of regional nuclear generating and transmission companies |
| 241 |
| (311 | ) | (149 | ) | (473 | ) | (1,626 | ) | (290 | ) | ||||||||||
Dividends received from regional equity investees |
| 372 |
| 103 |
| 687 |
| 1,715 |
| 2,067 |
| 1,297 |
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Fixed charges, as below |
| 20,462 |
| 19,548 |
| 17,097 |
| 14,946 |
| 15,394 |
| 16,741 |
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Interest capitalized (not including AFUDC) |
| — |
| — |
| — |
| — |
| — |
| — |
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Total earnings, as defined |
| $ | 44,485 |
| $ | 43,719 |
| $ | 37,195 |
| $ | 44,087 |
| $ | 59,360 |
| $ | 39,276 |
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Fixed charges, as defined: |
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Interest on long-term debt |
| $ | 10,671 |
| $ | 9,535 |
| $ | 6,655 |
| $ | 3,860 |
| $ | 2,942 |
| $ | 4,940 |
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Interest on rate reduction bonds |
| 6,723 |
| 7,570 |
| 8,332 |
| 8,994 |
| 9,587 |
| 6,251 |
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Other interest |
| 1,507 |
| 1,041 |
| 782 |
| 965 |
| 1,857 |
| 4,120 |
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Rental interest factor |
| 1,333 |
| 1,200 |
| 1,167 |
| 1,033 |
| 933 |
| 833 |
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Amortized premiums, discounts and capitalized expenses related to indebtedness |
| 228 |
| 202 |
| 161 |
| 94 |
| 75 |
| 597 |
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Interest capitalized (not including AFUDC) |
| — |
| — |
| — |
| — |
| — |
| — |
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Total fixed charges, as defined |
| $ | 20,462 |
| $ | 19,548 |
| $ | 17,097 |
| $ | 14,946 |
| $ | 15,394 |
| $ | 16,741 |
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Ratio of Earnings to Fixed Charges |
| 2.17 |
| 2.24 |
| 2.18 |
| 2.95 |
| 3.86 |
| 2.35 |
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