EX-12 13 a201610k-exhibit12nstarele.htm EXHIBIT 12 - NSTAR ELECTRIC Exhibit


NSTAR Electric Company and Subsidiary
 
 
 
 
 
Exhibit 12

Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
For the Years Ended December 31,
(Thousands of Dollars)
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings, as defined:
 
 
 
 
 
 
 
 
 
 
   Net income
 
$
292,705

 
$
344,542

 
$
303,088

 
$
268,546

 
$
190,242

   Income tax expense
 
187,767

 
228,044

 
201,981

 
172,866

 
123,966

   Equity in earnings of equity investees
 
(309
)
 
(343
)
 
(408
)
 
(550
)
 
(412
)
   Dividends received from equity investees
 
20

 

 

 
344

 
286

   Fixed charges, as below
 
91,766

 
80,536

 
82,503

 
73,115

 
72,364

   Less: Interest capitalized (including AFUDC)
 
(4,634
)
 
(1,980
)
 
(2,027
)
 
(511
)
 
(259
)
Total earnings, as defined
 
$
567,315

 
$
650,799

 
$
585,137

 
$
513,810

 
$
386,187

 
 
 
 
 
 
 
 
 
 
 
Fixed charges, as defined:
 
 

 
 

 
 

 
 

 
 

   Interest expense
 
$
84,005

 
$
75,347

 
$
77,878

 
$
70,383

 
$
70,054

   Rental interest factor
 
3,127

 
3,209

 
2,598

 
2,221

 
2,051

   Interest capitalized (including AFUDC)
 
4,634

 
1,980

 
2,027

 
511

 
259

Total fixed charges, as defined
 
$
91,766

 
$
80,536

 
$
82,503

 
$
73,115

 
$
72,364

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
6.18

 
8.08

 
7.09

 
7.03

 
5.34