EX-12 10 wmecoexhibit12.htm EXHIBIT 12 WMECO Converted by EDGARwiz







Western Massachusetts Electric Company

 

 

 

 

 

 

 

 

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Thousands of Dollars)

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31,

 

 

2012

 

2011

 

2010

 

2009

 

2008 

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

 Net income

$

 54,503 

$

 43,054 

$

 23,090 

$

 26,196 

$

 18,330 

   Income tax expense

 

 32,140 

 

 23,186 

 

 16,325 

 

 14,923 

 

 10,545 

   Equity in earnings of regional nuclear

 

 

 

 

 

 

 

 

 

 

     generating companies

 

 (11)

 

 (4)

 

 (36)

 

 (78)

 

 (101)

   Dividends received from regional equity investees

 

 - 

 

 - 

 

 120 

 

 419 

 

 - 

   Fixed charges, as below

 

 28,162 

 

 25,079 

 

 23,042 

 

 20,614 

 

 21,910 

   Less: Interest capitalized (including AFUDC)

 

 (534)

 

 (534)

 

 (336)

 

 (195)

 

 (1,010)

 Total earnings, as defined

$

 114,260 

$

 90,781 

$

 62,205 

$

 61,879 

$

 49,674 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

$

 23,462 

$

 20,023 

$

 17,988 

$

 14,074 

$

 13,244 

   Interest on rate reduction bonds

 

 1,229 

 

 2,335 

 

 3,372 

 

 4,335 

 

 5,133 

   Other interest (b)

 

 1,943 

 

 1,254 

 

 479 

 

 877 

 

 1,256 

   Rental interest factor

 

 994 

 

 933 

 

 867 

 

 1,133 

 

 1,267 

   Interest capitalized (including AFUDC)

 

 534 

 

 534 

 

 336 

 

 195 

 

 1,010 

 Total fixed charges, as defined

$

 28,162 

$

 25,079 

$

 23,042 

$

 20,614 

$

 21,910 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 4.06 

 

 3.62 

 

 2.70 

 

 3.00 

 

 2.27 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Interest on long-term debt includes 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.