Northeast Utilities |
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| Exhibit 12 | |||||||
Ratio of Earnings to Fixed Charges |
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| Three Months |
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(Thousands of Dollars) |
| Ended |
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| March 31, 2010 |
| For the Years Ended December 31, |
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| (unaudited) |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
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Earnings, as defined: |
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Net income/(loss) from continuing operations |
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before cumulative effect of accounting change | $ | 87,601 | $ | 335,592 | $ | 266,387 | $ | 251,455 | $ | 138,495 | $ | (251,344) |
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Income tax expense/(benefit) |
| 79,857 |
| 179,947 |
| 105,661 |
| 109,420 |
| (76,326) |
| (184,862) |
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Equity in earnings of regional nuclear |
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generating and transmission companies |
| (290) |
| (1,762) |
| (1,637) |
| (3,983) |
| (334) |
| (3,311) |
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Dividends received from regional equity |
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investees |
| 35 |
| 3,794 |
| 1,017 |
| 4,542 |
| 2,145 |
| 687 |
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Fixed charges, as below |
| 73,453 |
| 296,764 |
| 304,374 |
| 275,611 |
| 267,243 |
| 265,046 |
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Less: Interest capitalized (including AFUDC) |
| (1,892) |
| (5,929) |
| (17,797) |
| (17,568) |
| (14,482) |
| (10,463) |
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Preferred dividend security requirements of |
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consolidated subsidiaries |
| (2,316) |
| (9,265) |
| (9,265) |
| (9,265) |
| (9,265) |
| (9,265) |
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Total earnings/(loss), as defined | $ | 236,448 | $ | 799,141 | $ | 648,740 | $ | 610,212 | $ | 307,476 | $ | (193,512) |
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 57,270 | $ | 224,712 | $ | 193,883 | $ | 162,841 | $ | 141,579 | $ | 131,870 |
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Interest on rate reduction bonds |
| 6,690 |
| 36,524 |
| 50,231 |
| 61,580 |
| 74,242 |
| 87,439 |
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Other interest (b) |
| 3,302 |
| 12,401 |
| 25,031 |
| 15,824 |
| 22,375 |
| 19,276 |
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Rental interest factor |
| 1,983 |
| 7,933 |
| 8,167 |
| 8,533 |
| 5,300 |
| 6,733 |
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Preferred dividend security requirements of |
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consolidated subsidiaries |
| 2,316 |
| 9,265 |
| 9,265 |
| 9,265 |
| 9,265 |
| 9,265 |
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Interest capitalized (including AFUDC) |
| 1,892 |
| 5,929 |
| 17,797 |
| 17,568 |
| 14,482 |
| 10,463 |
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Total fixed charges, as defined | $ | 73,453 | $ | 296,764 | $ | 304,374 | $ | 275,611 | $ | 267,243 | $ | 265,046 |
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Ratio of Earnings to Fixed Charges |
| 3.22 |
| 2.69 |
| 2.13 |
| 2.21 |
| 1.15 |
| (0.73) | (c) | ||||||
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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 three months ended March 31, 2010 and for the years ended December 31, 2009, 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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Eversource Energy (ES)
Filed: 7 May 10, 12:00am