EX-12 16 exhibit12nstarelectric.htm EXHIBIT 12 NSTAR ELECTRIC Converted by EDGARwiz






NSTAR Electric Company and Subsidiary

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31,

(Thousands of Dollars)

 

2014

 

 

2013

 

 

2012

 

 

2011

 

 

2010

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

 303,088 

 

$

 268,546 

 

$

 190,242 

 

$

252,494 

 

$

 248,575 

 

Income tax expense

 

 201,981 

 

 

 172,866 

 

 

 123,966 

 

 

165,686 

 

 

 162,020 

 

Equity in earnings of regional nuclear

  generating and transmission companies

 

 (408)

 

 

 (550)

 

 

 (412)

 

 

(501)

 

 

 (836)

 

Dividends received from regional equity investees

 

 - 

 

 

 344 

 

 

 286 

 

 

676 

 

 

 669 

 

Fixed charges, as below

 

82,503 

 

 

73,115 

 

 

72,364 

 

 

76,219 

 

 

77,902 

 

Less: Interest capitalized (including AFUDC)

 

(2,027)

 

 

(511)

 

 

(259)

 

 

(185)

 

 

(108)

Total earnings, as defined

$

 585,137 

 

$

 513,810 

 

$

386,187 

 

$

 494,389 

 

$

 488,222 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on long-term debt (a)

$

 77,140 

 

$

 79,088 

 

$

 87,100 

 

$

90,040 

 

$

 90,630 

 

Interest on rate reduction bonds

 

 - 

 

 

 399 

 

 

 3,585 

 

 

7,226 

 

 

 11,235 

 

Other interest (b)

 

 738 

 

 

 (9,104)

 

 

 (20,631)

 

 

(27,839)

 

 

 (30,475)

 

Rental interest factor

 

 2,598 

 

 

 2,221 

 

 

 2,051 

 

 

6,607 

 

 

 6,404 

 

Interest capitalized (including AFUDC)

 

 2,027 

 

 

 511 

 

 

 259 

 

 

185 

 

 

 108 

Total fixed charges, as defined

$

 82,503 

 

$

 73,115 

 

$

72,364 

 

$

 76,219 

 

$

 77,902 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 7.09 

 

 

 7.03 

 

 

 5.34 

 

 

 6.49 

 

 

 6.27 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Interest on long-term debt includes amortized premiums, discounts and capitalized expenses related to indebtedness.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) For the years ended December 31, 2011 and 2010, other interest includes interest related to accounting for uncertain tax positions.