EX-12 15 exh12.txt EXHIBIT 12
EXHIBIT 12 NORTHEAST UTILITIES Ratio of Earnings to Fixed Charges (Thousands of Dollars) Year Year Year Year Year 1999 2000 2001 2002 2003 ---- ---- ---- ---- ---- Earnings, as defined: Net income before extraordinary item and cumulative effect of accounting changes....... $ 34,216 $205,295 $220,124 $152,109 $121,152 Income taxes................................ 98,611 161,725 171,483 82,304 59,862 Equity in earnings of regional nuclear generating and transmission companies................................. (2,905) 13,667 3,090 11,215 4,487 Minority interest........................... 9,300 9,300 3,100 - - Fixed charges, as below..................... 279,851 311,175 295,141 273,711 251,191 -------- -------- -------- -------- -------- Total earnings, as defined...................... $419,073 $701,162 $692,938 $519,339 $436,692 ======== ======== ======== ======== ======== Fixed Charges, as defined: Interest on long-term debt...................... $258,093 $200,696 $147,049 $134,471 $126,259 Interest on rate reduction bonds................ - - 87,616 115,791 108,359 Other interest.................................. 5,558 98,605 44,993 20,249 11,740 Rental interest factor - capital................ 13,700 8,657 13,144 600 2,300 Rental interest factor - 1/3 operating.......... 2,500 3,217 2,339 2,600 2,533 -------- -------- -------- -------- -------- Total fixed charges, as defined................. $279,851 $311,175 $295,141 $273,711 $251,191 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges................ 1.50 2.25 2.35 1.90 1.74 ======== ======== ======== ======== ========