EX-12 16 exhibit12wmeco.htm EXHIBIT 12 WMECO Exhibit 12 WMECO





Western Massachusetts Electric Company

 

 

 

 

 

 

 

 

 

 

 

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

$

 18,137 

$

 23,090 

$

 26,196 

$

 18,330 

$

 23,604 

$

 15,644 

   Income tax expense

 

 11,339 

 

 16,325 

 

 14,923 

 

 10,545 

 

 14,586 

 

 7,766 

   Equity in (earnings)/losses of regional nuclear

 

 

 

 

 

 

 

 

 

 

 

 

     generating companies

 

 (10)

 

 (36)

 

 (78)

 

 (101)

 

 (526)

 

 241 

   Dividends received from regional equity investees

 

 - 

 

 120 

 

 419 

 

 - 

 

 701 

 

 372 

   Fixed charges, as below

 

 11,616 

 

 23,042 

 

 20,614 

 

 21,910 

 

 22,162 

 

 21,087 

   Less: Interest capitalized (including AFUDC)

 

 (148)

 

 (336)

 

 (195)

 

 (1,010)

 

 (983)

 

 (853)

 Total earnings, as defined

$

 40,934 

$

 62,205 

$

 61,879 

$

 49,674 

$

 59,544 

$

 44,257 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

$

 9,476 

$

 17,988 

$

 14,074 

$

 13,244 

$

 11,577 

$

 10,671 

   Interest on rate reduction bonds

 

 1,301 

 

 3,372 

 

 4,335 

 

 5,133 

 

 5,839 

 

 6,723 

   Other interest (b)

 

 257 

 

 479 

 

 877 

 

 1,256 

 

 2,430 

 

 1,507 

   Rental interest factor

 

 434 

 

 867 

 

 1,133 

 

 1,267 

 

 1,333 

 

 1,333 

   Interest capitalized (including AFUDC)

 

 148 

 

 336 

 

 195 

 

 1,010 

 

 983 

 

 853 

 Total fixed charges, as defined

$

 11,616 

$

 23,042 

$

 20,614 

$

 21,910 

$

 22,162 

$

 21,087 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 3.52 

 

 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.