MASSACHUSETTS ELECTRIC COMPANY
Computation of Ratio of Earnings to Fixed Charges
(SEC Coverage)
(Unaudited)
Years Ended December 31,
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1997 1996 1995 1994 1993
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(In Thousands)
Net Income $ 65,758 $37,926 $29,101 $34,726 $23,779
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Add income taxes and fixed charges
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Current federal income taxes 34,244 25,867 9,437 (6,762) 5,606
Deferred federal income taxes 912 (6,052) 6,156 24,932 3,430
Investment tax credits - net (1,103) (1,118) (1,132) (1,228) (1,228)
Massachusetts franchise tax 7,514 4,479 3,935 4,681 3,348
Interest on long-term debt 27,612 27,089 25,901 20,967 23,403
Interest on short-term debt and other 7,214 6,473 6,784 6,366 3,638
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Net earnings available for fixed charges $142,151 $94,664 $80,182 $83,682 $61,976
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Fixed charges:
Interest on long-term debt $ 27,612 $27,089 $25,901 $20,967 $23,403
Interest on short-term debt and other 7,214 6,473 6,784 6,366 3,638
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Total fixed charges $ 34,826 $33,562 $32,685 $27,333 $27,041
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Ratio of earnings to fixed charges 4.08 2.82 2.45 3.06 2.29
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