EX-12 14 a201710k-exhibit12eversour.htm EXHIBIT 12 - EVERSOURCE Exhibit


Eversource Energy and Subsidiaries
 
 
 
 
 
Exhibit 12

Ratio of Earnings to Fixed Charges
 
 
For the Years Ended December 31,
(Thousands of Dollars)
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings, as defined:
 
 
 
 
 
 
 
 
 
 
   Net income
 
$
995,515

 
$
949,821

 
$
886,004

 
$
827,065

 
$
793,689

   Income tax expense
 
578,892

 
554,997

 
539,967

 
468,297

 
426,941

   Equity in earnings of equity investees
 
(27,432
)
 
(243
)
 
(883
)
 
(1,044
)
 
(1,318
)
   Dividends received from equity investees
 
20,042

 
120

 
—

 
—

 
582

   Fixed charges, as below
 
451,287

 
429,406

 
397,392

 
386,451

 
362,403

   Less: Interest capitalized (including AFUDC)
 
(12,453
)
 
(10,791
)
 
(7,221
)
 
(5,766
)
 
(4,062
)
   Preferred dividend security requirements of
   consolidated subsidiaries (pre-tax)
 
(12,532
)
 
(12,532
)
 
(12,532
)
 
(12,532
)
 
(12,803
)
Total earnings, as defined
 
$
1,993,319

 
$
1,910,778

 
$
1,802,727

 
$
1,662,471

 
$
1,565,432

 
 
 
 
 
 
 
 
 
 
 
Fixed charges, as defined:
 
 

 
 

 
 

 
 

 
 

   Interest expense
 
$
421,755

 
$
400,961

 
$
372,420

 
$
362,106

 
$
338,699

   Rental interest factor
 
4,547

 
5,122

 
5,219

 
6,047

 
6,839

   Preferred dividend security requirements of
   consolidated subsidiaries (pre-tax)
 
12,532

 
12,532

 
12,532

 
12,532

 
12,803

   Interest capitalized (including AFUDC)
 
12,453

 
10,791

 
7,221

 
5,766

 
4,062

Total fixed charges, as defined
 
$
451,287

 
$
429,406

 
$
397,392

 
$
386,451

 
$
362,403

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
4.42

 
4.45

 
4.54

 
4.30

 
4.32