EX-12 18 exhibit12wmeco.htm RATIO OF EARNIGNS WMECO Exhibit 12 WMECO





Western Massachusetts Electric Company

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


(In thousands)

 

Six Months
Ended

 

 

 

 

June 30, 2008

 

Year Ended December 31,

Earnings, as defined:

 

(unaudited)

 

2007

2006

2005

2004

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net income

 

$                  9,569 

 

$                   23,604 

 

$                    15,644 

 

$                   15,085 

 

$                 12,373 

 

$                 16,212 

   Income tax expense

 

6,006 

 

14,586 

 

7,766 

 

9,294 

 

7,187 

 

11,687 

   Equity in (earnings)/losses of
     regional nuclear generating companies

 


(56)

 


 (526)

 


241 

 


 (311)

 


 (149)

 


 (473)

   Dividends received from regional
     equity investees


 


      701 

 


    372 

 


  103 

 


  687 

 


  1,715 

   Fixed charges, as below

 

11,071 

 

  22,162 

 

21,087 

 

19,801 

 

17,156 

 

14,920 

   Less: Interest capitalized
     (including AFUDC)


 


(433)




    (983)


  


(853)


 


(455)


 


(220)


 


(68)

 Total earnings, as defined

 

$                 26,157 

 

$                   59,544 

 

$                     44,257 

 

$                   43,517 

 

$                 37,034 

 

$                43,993 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

 

$                   6,686 

 

$                   11,577 

 

$                     10,671 

 

$                     9,535 

 

$                   6,655 

 

$                   3,860 

   Interest on rate reduction bonds

 

2,660 

 

5,839 

 

6,723 

 

7,570 

 

8,332 

 

8,994 

   Other interest

 

625 

 

2,430 

 

1,507 

 

1,041 

 

   782 

 

   965 

   Rental interest factor

 

667 

 

1,333 

 

1,333 

 

1,200 

 

1,167 

 

1,033 

   Interest capitalized (including AFUDC)

 

433 

 

   983 

 

   853 

 

455 

 

   220 

 

68 

 Total fixed charges, as defined

 

$                 11,071 

 

$                   22,162 

 

$                     21,087 

 

$                   19,801 

 

$                 17,156 

 

$                14,920 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.36 

 

2.69 

 

2.10 

 

2.20 

 

2.16 

 

2.95 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

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