EX-12 3 exhibit12nu.htm EXHIBIT 12 NU Exhibit 12 NU





Northeast Utilities

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Thousands of Dollars)

 

Six Months

 

 

 

 

 

 

 

 

 

 

 

 

Ended

For the Years Ended December 31,

 

 

June 30, 2011

 

2010

 

2009

 

2008

 

2007 

 

2006 

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

   Net income from continuing operations before

 

 

 

 

 

 

 

 

 

 

 

 

    cumulative effect of accounting change

$

 194,303 

$

394,107 

$

 335,592 

$

 266,387 

$

 251,455 

$

 138,495 

   Income tax expense/(benefit)

 

 108,052 

 

210,409 

 

 179,947 

 

 105,661 

 

 109,420 

 

 (76,326)

   Equity in earnings of regional nuclear

 

 

 

 

 

 

 

 

 

 

 

 

     generating and transmission companies

 

 (125)

 

(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

 

 134,802 

 

263,393 

 

 296,764 

 

 304,374 

 

 275,611 

 

 267,243 

   Less: Interest capitalized (including AFUDC)

 

 (6,503)

 

(10,165)

 

 (5,929)

 

 (17,797)

 

 (17,568)

 

 (14,482)

   Preferred dividend security requirements of

 

 

 

 

 

 

 

 

 

 

 

 

     consolidated subsidiaries

 

 (4,632)

 

(10,170)

 

 (9,265)

 

 (9,265)

 

 (9,265)

 

 (9,265)

 Total earnings, as defined

$

 426,377 

$

847,633 

$

 799,141 

$

 648,740 

$

 610,212 

$

 307,476 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

$

 114,444 

$

231,089 

$

 224,712 

$

 193,883 

$

 162,841 

$

 141,579 

   Interest on rate reduction bonds

 

 4,871 

 

20,573 

 

 36,524 

 

 50,231 

 

 61,580 

 

 74,242 

   Other interest (b)

 

 1,468 

 

(14,371)

 

 12,401 

 

 25,031 

 

 15,824 

 

 22,375 

   Rental interest factor

 

 2,884 

 

5,767 

 

 7,933 

 

 8,167 

 

 8,533 

 

 5,300 

   Preferred dividend security requirements of

 

 

 

 

 

 

 

 

 

 

 

 

     consolidated subsidiaries

 

 4,632 

 

10,170 

 

 9,265 

 

 9,265 

 

 9,265 

 

 9,265 

   Interest capitalized (including AFUDC)

 

 6,503 

 

10,165 

 

 5,929 

 

 17,797 

 

 17,568 

 

 14,482 

 Total fixed charges, as defined

$

 134,802 

$

263,393 

$

 296,764 

$

 304,374 

$

 275,611 

$

 267,243 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

3.16 

 

 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 six months ended June 30, 2011 and the years ended December 31, 2010, 2009, 2008 and 2007, other interest includes interest related to accounting for uncertain tax positions.