EX-12 19 exhibit12wmeco.htm WMECO EXHIBIT 12 Converted by EDGARwiz







Western Massachusetts Electric Company

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Thousands of Dollars)

 

Three Months

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

For the Years Ended December 31,

 

 

2013

 

2012

 

2011

 

2010

 

2009

 

2008

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 Net income

$

18,603 

$

54,503 

$

43,054 

$

23,090 

$

26,196 

$

18,330 

   Income tax expense

 

11,698 

 

32,140 

 

23,186 

 

16,325 

 

14,923 

 

10,545 

   Equity in earnings of regional nuclear

 

 

 

 

 

 

 

 

 

 

 

 

     generating companies

 

(12)

 

(11)

 

(4)

 

(36)

 

(78)

 

(101)

   Dividends received from regional equity investees

 

80 

 

 

 

120 

 

419 

 

   Fixed charges, as below

 

6,648 

 

28,162 

 

25,079 

 

23,042 

 

20,614 

 

21,910 

   Less: Interest capitalized (including AFUDC)

 

(106)

 

(534)

 

(534)

 

(336)

 

(195)

 

(1,010)

 Total earnings, as defined

$

36,911 

$

114,260 

$

90,781 

$

62,205 

$

61,879 

$

49,674 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

$

5,955 

$

23,462 

$

20,023 

$

17,988 

$

14,074 

$

13,244 

   Interest on rate reduction bonds

 

127 

 

1,229 

 

2,335 

 

3,372 

 

4,335 

 

5,133 

   Other interest (b)

 

211 

 

1,943 

 

1,254 

 

479 

 

877 

 

1,256 

   Rental interest factor

 

249 

 

994 

 

933 

 

867 

 

1,133 

 

1,267 

   Interest capitalized (including AFUDC)

 

106 

 

534 

 

534 

 

336 

 

195 

 

1,010 

 Total fixed charges, as defined

$

6,648 

$

28,162 

$

25,079 

$

23,042 

$

20,614 

$

21,910 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

5.55 

 

4.06 

 

3.62 

 

2.70 

 

3.00 

 

2.27 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.