EX-12 21 exhibit12es.htm EXHIBIT 12 EVERSOURCE ENERGY Converted by EDGARwiz




Eversource Energy and Subsidiaries

 

 

 

 

 

 

 

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31,

(Thousands of Dollars)

 

2015

 

 

2014

 

 

2013

 

 

2012 (a)

 

 

2011

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

 886,004 

 

$

 827,065 

 

$

 793,689 

 

$

 533,077 

 

$

400,513 

 

Income tax expense

 

 539,967 

 

 

 468,297 

 

 

 426,941 

 

 

 274,926 

 

 

170,953 

 

Equity in earnings of regional equity investees

 

 (883)

 

 

 (1,044)

 

 

 (1,318)

 

 

 (1,154)

 

 

(671)

 

Dividends received from regional equity investees

 

 - 

 

 

 - 

 

 

 582 

 

 

 733 

 

 

940 

 

Fixed charges, as below

 

397,392 

 

 

386,451 

 

 

362,403 

 

 

353,616 

 

 

275,948 

 

Less: Interest capitalized (including AFUDC)

 

(7,221)

 

 

(5,766)

 

 

(4,062)

 

 

(5,261)

 

 

(11,758)

 

Preferred dividend security requirements of
  consolidated subsidiaries (pre-tax)

 

(12,532)

 

 

(12,532)

 

 

(12,803)

 

 

(11,715)

 

 

(9,265)

Total earnings, as defined

$

 1,802,727 

 

$

 1,662,471 

 

$

 1,565,432 

 

$

 1,144,222 

 

$

826,660 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

$

 372,420 

 

$

 362,106 

 

$

 338,699 

 

$

 329,945 

 

$

 250,425 

 

Rental interest factor

 

 5,219 

 

 

 6,047 

 

 

 6,839 

 

 

 6,695 

 

 

4,500 

 

Preferred dividend security requirements of
  consolidated subsidiaries (pre-tax)

 

 12,532 

 

 

 12,532 

 

 

 12,803 

 

 

 11,715 

 

 

9,265 

 

Interest capitalized (including AFUDC)

 

 7,221 

 

 

 5,766 

 

 

 4,062 

 

 

 5,261 

 

 

11,758 

Total fixed charges, as defined

$

 397,392 

 

$

 386,451 

 

$

 362,403 

 

$

 353,616 

 

$

275,948 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 4.54 

 

 

 4.30 

 

 

 4.32 

 

 

 3.24 

 

 

 3.00 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) NSTAR amounts were included in Eversource beginning April 10, 2012.