EX-12 20 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,

 

 

2010

 

2009

 

2008

 

2007

 

2006

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

   Net income

$

23,090 

$

26,196 

$

18,330 

$

23,604 

$

15,644 

   Income tax expense

 

16,325 

 

14,923 

 

10,545 

 

14,586 

 

7,766 

   Equity in (earnings)/losses of regional nuclear

 

 

 

 

 

 

 

 

 

 

     generating companies

 

(36)

 

(78)

 

(101)

 

(526)

 

241 

   Dividends received from regional equity investees

 

120 

 

419 

 

 

701 

 

372 

   Fixed charges, as below

 

23,042 

 

20,614 

 

21,910 

 

22,162 

 

21,087 

   Less: Interest capitalized (including AFUDC)

 

(336)

 

(195)

 

(1,010)

 

(983)

 

(853)

 Total earnings, as defined

$

62,205 

$

61,879 

$

49,674 

$

59,544 

$

44,257 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

$

17,988 

$

14,074 

$

13,244 

$

11,577 

$

10,671 

   Interest on rate reduction bonds

 

3,372 

 

4,335 

 

5,133 

 

5,839 

 

6,723 

   Other interest (b)

 

479 

 

877 

 

1,256 

 

2,430 

 

1,507 

   Rental interest factor

 

867 

 

1,133 

 

1,267 

 

1,333 

 

1,333 

   Interest capitalized (including AFUDC)

 

336 

 

195 

 

1,010 

 

983 

 

853 

 Total fixed charges, as defined

$

23,042 

$

20,614 

$

21,910 

$

22,162 

$

21,087 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.70 

 

3.00 

 

2.27 

 

2.69 

 

2.10 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Interest on long-term debt amounts include 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.