Exhibit 12
Northeast Utilities and Subsidiaries
Ratio of Earnings to Fixed Charges
(Unaudited)
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Three Months |
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Ended |
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March 31, |
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For the Years Ended December 31, |
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(Thousands of Dollars) |
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2014 |
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2013 |
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2012 (a) |
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2011 |
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2010 |
|
2009 |
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Earnings, as defined: |
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Net income |
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$ |
237,836 |
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$ |
793,689 |
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$ |
533,077 |
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$ |
400,513 |
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$ |
394,107 |
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$ |
335,592 |
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Income tax expense |
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141,545 |
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426,941 |
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274,926 |
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170,953 |
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210,409 |
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179,947 |
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Equity in earnings of regional nuclear generating and transmission companies |
|
104 |
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(1,318 |
) |
(1,154 |
) |
(671 |
) |
(1,429 |
) |
(1,762 |
) | ||||||
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Dividends received from regional equity investees |
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— |
|
582 |
|
733 |
|
940 |
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1,488 |
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3,794 |
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Fixed charges, as below |
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95,507 |
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362,403 |
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353,616 |
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275,948 |
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263,393 |
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296,764 |
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Less: Interest capitalized (including AFUDC) |
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(689 |
) |
(4,062 |
) |
(5,261 |
) |
(11,758 |
) |
(10,165 |
) |
(5,929 |
) | ||||||
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Preferred dividend security requirements of consolidated subsidiaries |
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(3,133 |
) |
(12,803 |
) |
(11,715 |
) |
(9,265 |
) |
(10,170 |
) |
(9,265 |
) | ||||||
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Total earnings, as defined |
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$ |
471,170 |
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$ |
1,565,432 |
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$ |
1,144,222 |
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$ |
826,660 |
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$ |
847,633 |
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$ |
799,141 |
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Fixed charges, as defined: |
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Interest on long-term debt (b) |
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$ |
87,377 |
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$ |
340,970 |
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$ |
316,987 |
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$ |
231,630 |
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$ |
231,089 |
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$ |
224,712 |
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Interest on rate reduction bonds |
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— |
|
422 |
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6,168 |
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8,611 |
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20,573 |
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36,524 |
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Other interest (c) |
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2,598 |
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(2,693 |
) |
6,790 |
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10,184 |
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(14,371 |
) |
12,401 |
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Rental interest factor |
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1,710 |
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6,839 |
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6,695 |
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4,500 |
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5,767 |
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7,933 |
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Preferred dividend security requirements of consolidated subsidiaries |
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3,133 |
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12,803 |
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11,715 |
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9,265 |
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10,170 |
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9,265 |
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Interest capitalized (including AFUDC) |
|
689 |
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4,062 |
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5,261 |
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11,758 |
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10,165 |
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5,929 |
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Total fixed charges, as defined |
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$ |
95,507 |
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$ |
362,403 |
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$ |
353,616 |
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$ |
275,948 |
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$ |
263,393 |
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$ |
296,764 |
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Ratio of Earnings to Fixed Charges |
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4.93 |
|
4.32 |
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3.24 |
|
3.00 |
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3.22 |
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2.69 |
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(a) NSTAR amounts were included in NU beginning April 10, 2012.
(b) Interest on long-term debt includes amortized premiums, discounts and capitalized expenses related to indebtedness.
(c) For all periods presented, other interest includes interest related to accounting for uncertain tax positions.