EX-12 17 exhibit12nu.htm EXHIBIT 12 NU Exhibit 12 NU




Northeast Utilities

 

 

 

 

 

 

 

 

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Thousands of Dollars)

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31,

 

 

2010

 

2009

 

2008

 

2007

 

2006

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

   Net income from continuing operations

 

 

 

 

 

 

 

 

 

 

     before cumulative effect of accounting change

$

394,107 

$

335,592 

$

266,387 

$

251,455 

$

138,495 

   Income tax expense/(benefit)

 

210,409 

 

179,947 

 

105,661 

 

109,420 

 

(76,326)

   Equity in earnings of regional nuclear

 

 

 

 

 

 

 

 

 

 

     generating and transmission companies

 

(1,429)

 

(1,762)

 

(1,637)

 

(3,983)

 

(334)

   Dividends received from regional equity investees

 

1,488 

 

3,794 

 

1,017 

 

4,542 

 

2,145 

   Fixed charges, as below

 

263,393 

 

296,764 

 

304,374 

 

275,611 

 

267,243 

   Less: Interest capitalized (including AFUDC)

 

(10,165)

 

(5,929)

 

(17,797)

 

(17,568)

 

(14,482)

   Preferred dividend security requirements of

 

 

 

 

 

 

 

 

 

 

     consolidated subsidiaries

 

(10,170)

 

(9,265)

 

(9,265)

 

(9,265)

 

(9,265)

 Total earnings, as defined

$

847,633 

$

799,141 

$

648,740 

$

610,212 

$

307,476 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

$

231,089 

$

224,712 

$

193,883 

$

162,841 

$

141,579 

   Interest on rate reduction bonds

 

20,573 

 

36,524 

 

50,231 

 

61,580 

 

74,242 

   Other interest (b)

 

(14,371)

 

12,401 

 

25,031 

 

15,824 

 

22,375 

   Rental interest factor

 

5,767 

 

7,933 

 

8,167 

 

8,533 

 

5,300 

   Preferred dividend security requirements of

 

 

 

 

 

 

 

 

 

 

     consolidated subsidiaries

 

10,170 

 

9,265 

 

9,265 

 

9,265 

 

9,265 

   Interest capitalized (including AFUDC)

 

10,165 

 

5,929 

 

17,797 

 

17,568 

 

14,482 

 Total fixed charges, as defined

$

263,393 

$

296,764 

$

304,374 

$

275,611 

$

267,243 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

3.22 

 

2.69 

 

2.13 

 

2.21 

 

1.15 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Interest on long-term debt amounts include amortized premiums, discounts and capitalized expenses related to indebtedness.

 

 

 

 

 

 

 

 

 

 

 

(b) For the years ended December 31, 2010, 2009, 2008 and 2007, other interest includes interest related to accounting for uncertain tax positions.