EX-12 11 exh12nstarelectric.htm EXHIBIT 12 NSTAR ELECTRIC Converted by EDGARwiz





NSTAR Electric Company and Subsidiary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

For the Years Ended December 31,

(Thousands of Dollars)

2014

 

2013

 

2012

 

2011

 

2010

 

2009

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Net income

 118,216 

 

 268,546 

 

 190,242 

 

252,494 

 

 248,575 

 

 240,691 

   Income tax expense

 

 79,681 

 

 

 172,866 

 

 

 123,966 

 

 

165,686 

 

 

 162,020 

 

 

 151,224 

   Equity in earnings of regional nuclear

     generating and transmission companies

 

 (5)

 

 

 (550)

 

 

 (412)

 

 

(501)

 

 

 (836)

 

 

 (891)

   Dividends received from regional equity investees

 

 - 

 

 

 344 

 

 

 286 

 

 

676 

 

 

 669 

 

 

 1,661 

   Fixed charges, as below

 

 43,205 

 

 

73,115 

 

 

72,364 

 

 

76,219 

 

 

77,902 

 

 

84,826 

   Less: Interest capitalized (including AFUDC)

 

 (342)

 

 

(511)

 

 

(259)

 

 

(185)

 

 

(108)

 

 

76 

 Total earnings, as defined

 240,755 

 

 513,810 

 

386,187 

 

 494,389 

 

 488,222 

 

 477,587 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

 40,489 

 

 79,088 

 

 87,100 

 

90,040 

 

 90,630 

 

 83,261 

   Interest on rate reduction bonds

 

 - 

 

 

 399 

 

 

 3,585 

 

 

7,226 

 

 

 11,235 

 

 

 18,833 

   Other interest (b)

 

 1,263 

 

 

 (9,104)

 

 

 (20,631)

 

 

(27,839)

 

 

 (30,475)

 

 

 (24,519)

   Rental interest factor

 

 1,111 

 

 

 2,221 

 

 

 2,051 

 

 

6,607 

 

 

 6,404 

 

 

 7,327 

   Interest capitalized (including AFUDC)

 

 342 

 

 

 511 

 

 

 259 

 

 

185 

 

 

 108 

 

 

 (76)

 Total fixed charges, as defined

 43,205 

 

 73,115 

 

72,364 

 

 76,219 

 

 77,902 

 

 84,826 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 5.57 

 

 

 7.03 

 

 

 5.34 

 

 

 6.49 

 

 

 6.27 

 

 

 5.63 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Interest on long-term debt includes amortized premiums, discounts and capitalized expenses related to indebtedness.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) For the years ended December 31, 2011, 2010, and 2009, other interest includes interest related to accounting for uncertain tax positions.