EX-12 3 a201610k-exhibit12eversour.htm EXHIBIT 12 - EVERSOURCE Exhibit


Eversource Energy and Subsidiaries
 
 
 
 
 
Exhibit 12

Ratio of Earnings to Fixed Charges
 
 
For the Years Ended December 31,
(Thousands of Dollars)
 
2016
 
2015
 
2014
 
2013
 
2012 (a)
Earnings, as defined:
 
 
 
 
 
 
 
 
 
 
   Net income
 
$
949,821

 
$
886,004

 
$
827,065

 
$
793,689

 
$
533,077

   Income tax expense
 
554,997

 
539,967

 
468,297

 
426,941

 
274,926

   Equity in earnings of equity investees
 
(243
)
 
(883
)
 
(1,044
)
 
(1,318
)
 
(1,154
)
   Dividends received from equity investees
 
120

 
—

 
—

 
582

 
733

   Fixed charges, as below
 
429,406

 
397,392

 
386,451

 
362,403

 
353,616

   Less: Interest capitalized (including AFUDC)
 
(10,791
)
 
(7,221
)
 
(5,766
)
 
(4,062
)
 
(5,261
)
   Preferred dividend security requirements of
   consolidated subsidiaries (pre-tax)
 
(12,532
)
 
(12,532
)
 
(12,532
)
 
(12,803
)
 
(11,715
)
Total earnings, as defined
 
$
1,910,778

 
$
1,802,727

 
$
1,662,471

 
$
1,565,432

 
$
1,144,222

 
 
 
 
 
 
 
 
 
 
 
Fixed charges, as defined:
 
 

 
 

 
 

 
 

 
 

   Interest expense
 
$
400,961

 
$
372,420

 
$
362,106

 
$
338,699

 
$
329,945

   Rental interest factor
 
5,122

 
5,219

 
6,047

 
6,839

 
6,695

   Preferred dividend security requirements of
   consolidated subsidiaries (pre-tax)
 
12,532

 
12,532

 
12,532

 
12,803

 
11,715

   Interest capitalized (including AFUDC)
 
10,791

 
7,221

 
5,766

 
4,062

 
5,261

Total fixed charges, as defined
 
$
429,406

 
$
397,392

 
$
386,451

 
$
362,403

 
$
353,616

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
4.45

 
4.54

 
4.30

 
4.32

 
3.24

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