EX-12 10 exhibit12wmeco.htm EXHIBIT 12 WMECO Exhibit 12 WMECO



Western Massachusetts Electric Company

 

 

 

 

 

 

 

 

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Thousands of Dollars)

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31,

 

 

2011

 

2010

 

2009

 

2008

 

2007 

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

 Net income

$

43,054 

$

23,090 

$

26,196 

$

18,330 

$

23,604 

   Income tax expense

 

23,186 

 

16,325 

 

14,923 

 

10,545 

 

14,586 

   Equity in earnings of regional nuclear

 

 

 

 

 

 

 

 

 

 

     generating companies

 

(4)

 

(36)

 

(78)

 

(101)

 

(526)

   Dividends received from regional equity investees

 

 

120 

 

419 

 

 

701 

   Fixed charges, as below

 

25,079 

 

23,042 

 

20,614 

 

21,910 

 

22,162 

   Less: Interest capitalized (including AFUDC)

 

(534)

 

(336)

 

(195)

 

(1,010)

 

(983)

 Total earnings, as defined

$

90,781 

$

62,205 

$

61,879 

$

49,674 

$

59,544 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

$

20,023 

$

17,988 

$

14,074 

$

13,244 

$

11,577 

   Interest on rate reduction bonds

 

2,335 

 

3,372 

 

4,335 

 

5,133 

 

5,839 

   Other interest (b)

 

1,254 

 

479 

 

877 

 

1,256 

 

2,430 

   Rental interest factor

 

933 

 

867 

 

1,133 

 

1,267 

 

1,333 

   Interest capitalized (including AFUDC)

 

534 

 

336 

 

195 

 

1,010 

 

983 

 Total fixed charges, as defined

$

25,079 

$

23,042 

$

20,614 

$

21,910 

$

22,162 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

3.62 

 

2.70 

 

3.00 

 

2.27 

 

2.69 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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