MASSACHUSETTS ELECTRIC COMPANY
Computation of Ratio of Earnings to Fixed Charges
(SEC Coverage)
(Unaudited)
Years Ended December 31,
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1996 1995 1994 1993 1992
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(In Thousands)
Net Income $37,926 $29,101 $34,726 $23,779 $34,905
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Add income taxes and fixed charges
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Current federal income taxes 25,867 9,437 (6,762) 5,606 3,977
Deferred federal income taxes (6,052) 6,156 24,932 3,430 13,451
Investment tax credits - net (1,118) (1,132) (1,228) (1,228) (1,228)
Massachusetts franchise tax 4,479 3,935 4,681 3,348 3,858
Interest on long-term debt 27,089 25,901 20,967 23,403 21,910
Interest on short-term debt and other 6,473 6,784 6,366 3,638 3,657
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Net earnings available for fixed charges $94,664 $80,182 $83,682 $61,976 $80,530
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Fixed charges:
Interest on long-term debt $27,089 $25,901 $20,967 $23,403 $21,910
Interest on short-term debt and other 6,473 6,784 6,366 3,638 3,657
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Total fixed charges $33,562 $32,685 $27,333 $27,041 $25,567
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Ratio of earnings to fixed charges 2.82 2.45 3.06 2.29 3.15
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