EX-12 13 exh12psnh.htm EXH. 12 PSNH Exh 12 PSNH





Public Service Company of New Hampshire

 

 

 

 

 

 

 

 

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

$

27,464 

$

90,067 

$

65,570 

$

58,067 

$

54,434 

$

35,323 

   Income tax expense

 

13,474 

 

50,801 

 

31,990 

 

21,996 

 

22,794 

 

39,183 

   Equity in (earnings)/losses of regional

 

 

 

 

 

 

 

 

 

 

 

 

     nuclear generating companies

 

(4)

 

(23)

 

(50)

 

(62)

 

(343)

 

74 

   Dividends received from regional

 

 

 

 

 

 

 

 

 

 

 

     equity investees

 

80 

 

220 

 

 

521 

 

367 

   Fixed charges, as below

 

12,793 

 

54,721 

 

51,227 

 

54,597 

 

50,637 

 

50,092 

   Less: Interest capitalized

 

(2,078)

 

(6,621)

 

(3,138)

 

(2,967)

 

(2,985)

 

(2,768)

     (including AFUDC)

 

 

 

 

 

 

 

 

 

 

 

 

 Total earnings, as defined

$

51,649 

$

189,025 

$

145,819 

$

131,631 

$

125,058 

$

122,271 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

$

8,624 

$

36,220 

$

33,045 

$

32,655 

$

26,029 

$

24,100 

   Interest on rate reduction bonds

 

1,893 

 

9,660 

 

13,128 

 

15,969 

 

18,013 

 

20,828 

   Other interest (b)

 

(60)

 

1,187 

 

316 

 

1,539 

 

2,243 

 

829 

   Rental interest factor

 

258 

 

1,033 

 

1,600 

 

1,467 

 

1,367 

 

1,567 

   Interest capitalized (including AFUDC)

 

2,078 

 

6,621 

 

3,138 

 

2,967 

 

2,985 

 

2,768 

 Total fixed charges, as defined

$

12,793 

$

54,721 

$

51,227 

$

54,597 

$

50,637 

$

50,092 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

4.04 

 

3.45 

 

2.85 

 

2.41 

 

2.47 

 

2.44 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b)

For the year ended December 31,  2009, other interest includes interest related to accounting for uncertain tax positions.