EX-12 3 exh12nu.htm EXHIBIT 12 NU Exh 12 NU


Northeast Utilities

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Thousands of Dollars)

 

Three Months

 

 

 

 

 

 

 

 

 

 

 

 

Ended

For the Years Ended December 31,

 

 

March 31, 2011

 

2010

 

2009

 

2008

 

2007

 

2006

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

   Net income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

    before cumulative effect of

$

115,584 

$

394,107 

$

335,592 

$

266,387 

$

251,455 

$

138,495 

    accounting change

 

 

 

 

 

 

 

 

 

 

 

 

   Income tax expense/(benefit)

 

63,537 

 

210,409 

 

179,947 

 

105,661 

 

109,420 

 

(76,326)

   Equity in earnings of regional nuclear

 

 

 

 

 

 

 

 

 

 

 

 

     generating and transmission

 

 

 

 

 

 

 

 

 

 

 

 

     companies

 

(104)

 

(1,429)

 

(1,762)

 

(1,637)

 

(3,983)

 

(334)

   Dividends received from regional

 

 

 

 

 

 

 

 

 

 

 

 

     equity investees

 

480 

 

1,488 

 

3,794 

 

1,017 

 

4,542 

 

2,145 

   Fixed charges, as below

 

65,471 

 

263,393 

 

296,764 

 

304,374 

 

275,611 

 

267,243 

   Less: Interest capitalized

 

 

 

 

 

 

 

 

 

 

 

 

      (including AFUDC)

 

(3,163)

 

(10,165)

 

(5,929)

 

(17,797)

 

(17,568)

 

(14,482)

   Preferred dividend security

 

 

 

 

 

 

 

 

 

 

 

 

     requirements of

 

 

 

 

 

 

 

 

 

 

 

 

     consolidated subsidiaries

 

(2,317)

 

(10,170)

 

(9,265)

 

(9,265)

 

(9,265)

 

(9,265)

 Total earnings, as defined

$

239,488 

$

847,633 

$

799,141 

$

648,740 

$

610,212 

$

307,476 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

$

57,399 

$

231,089 

$

224,712 

$

193,883 

$

162,841 

$

141,579 

   Interest on rate reduction bonds

 

2,578 

 

20,573 

 

36,524 

 

50,231 

 

61,580 

 

74,242 

   Other interest (b)

 

(1,428)

 

(14,371)

 

12,401 

 

25,031 

 

15,824 

 

22,375 

   Rental interest factor

 

1,442 

 

5,767 

 

7,933 

 

8,167 

 

8,533 

 

5,300 

   Preferred dividend security

 

 

 

 

 

 

 

 

 

 

 

 

     requirements of controlled

 

 

 

 

 

 

 

 

 

 

 

 

     subsidiaries

 

2,317 

 

10,170 

 

9,265 

 

9,265 

 

9,265 

 

9,265 

   Interest capitalized (including AFUDC)

 

3,163 

 

10,165 

 

5,929 

 

17,797 

 

17,568 

 

14,482 

 Total fixed charges, as defined

$

65,471 

$

263,393 

$

296,764 

$

304,374 

$

275,611 

$

267,243 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

3.66 

 

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 three months ended March 31, 2011 and the years ended December 31, 2010, 2009, 2008 and 2007, other interest includes interest related to accounting for uncertain tax positions.