Northeast Utilities |
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| Exhibit 12 |
Ratio of Earnings to Fixed Charges |
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| Nine Months |
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(Thousands of Dollars) |
| Ended |
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| September 30, 2009 |
| For the Years Ended December 31, | ||||||||
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| (unaudited) |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
Earnings, as defined: |
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Net income/(loss) from continuing operations |
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before cumulative effect of accounting change | $ | 249,485 | $ | 266,387 | $ | 251,455 | $ | 138,495 | $ | (251,344) | $ | 75,982 |
Income tax expense/(benefit) |
| 130,047 |
| 105,661 |
| 109,420 |
| (76,326) |
| (184,862) |
| 22,388 |
Equity in earnings of regional nuclear |
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generating and transmission companies |
| (1,383) |
| (1,637) |
| (3,983) |
| (334) |
| (3,311) |
| (2,592) |
Dividends received from regional equity |
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investees |
| 3,384 |
| 1,017 |
| 4,542 |
| 2,145 |
| 687 |
| 3,879 |
Fixed charges, as below |
| 223,352 |
| 304,374 |
| 275,611 |
| 267,243 |
| 265,046 |
| 235,699 |
Less: Interest capitalized (including AFUDC) |
| (4,708) |
| (17,797) |
| (17,568) |
| (14,482) |
| (10,463) |
| (4,517) |
Preferred dividend security requirements of |
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consolidated subsidiaries |
| (6,949) |
| (9,265) |
| (9,265) |
| (9,265) |
| (9,265) |
| (9,265) |
Total earnings/(loss), as defined | $ | 593,228 | $ | 648,740 | $ | 610,212 | $ | 307,476 | $ | (193,512) | $ | 321,574 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 168,191 | $ | 193,883 | $ | 162,841 | $ | 141,579 | $ | 131,870 | $ | 107,365 |
Interest on rate reduction bonds |
| 28,889 |
| 50,231 |
| 61,580 |
| 74,242 |
| 87,439 |
| 98,899 |
Other interest (b) |
| 8,490 |
| 25,031 |
| 15,824 |
| 22,375 |
| 19,276 |
| 8,586 |
Rental interest factor |
| 6,125 |
| 8,167 |
| 8,533 |
| 5,300 |
| 6,733 |
| 7,067 |
Preferred dividend security requirements of |
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consolidated subsidiaries |
| 6,949 |
| 9,265 |
| 9,265 |
| 9,265 |
| 9,265 |
| 9,265 |
Interest capitalized (including AFUDC) |
| 4,708 |
| 17,797 |
| 17,568 |
| 14,482 |
| 10,463 |
| 4,517 |
Total fixed charges, as defined | $ | 223,352 | $ | 304,374 | $ | 275,611 | $ | 267,243 | $ | 265,046 | $ | 235,699 |
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Ratio of Earnings to Fixed Charges |
| 2.66 |
| 2.13 |
| 2.21 |
| 1.15 |
| (0.73) | (c) | 1.36 |
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(a) Interest on long-term debt amounts include amortized premiums, discounts and capitalized expenses related to indebtedness. | ||||||||||||
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(b) For the nine months ended September 30, 2009 and for the years ended December 31, 2008 and 2007, other interest includes interest related to accounting for uncertain tax positions. | ||||||||||||
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(c) Consolidated earnings were inadequate to cover fixed charges by $458.6 million for the year ended December 31, 2005. |
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10-Q Filing
Eversource Energy (ES) 10-Q2009 Q3 Quarterly report
Filed: 6 Nov 09, 12:00am