EX-12 16 a201710k-exhibit12nstarele.htm EXHIBIT 12 - NSTAR ELECTRIC Exhibit


NSTAR Electric Company and Subsidiary
 
 
 
 
 
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
 
$
374,726

 
$
350,777

 
$
401,048

 
$
360,907

 
$
328,984

   Income tax expense
 
242,085

 
225,789

 
265,014

 
239,249

 
210,234

   Equity in earnings of equity investees
 
(302
)
 
(325
)
 
(351
)
 
(416
)
 
(568
)
   Dividends received from equity investees
 
—

 
35

 
—

 
—

 
424

   Fixed charges, as below
 
114,419

 
117,542

 
107,089

 
108,705

 
99,431

   Less: Interest capitalized (including AFUDC)
 
(4,800
)
 
(5,278
)
 
(3,022
)
 
(2,891
)
 
(1,009
)
Total earnings, as defined
 
$
726,128

 
$
688,540

 
$
769,778

 
$
705,554

 
$
637,496

 
 
 
 
 
 
 
 
 
 
 
Fixed charges, as defined:
 
 

 
 

 
 

 
 

 
 

   Interest expense
 
$
105,729

 
$
108,430

 
$
100,139

 
$
102,809

 
$
95,234

   Rental interest factor
 
3,890

 
3,834

 
3,928

 
3,005

 
3,188

   Interest capitalized (including AFUDC)
 
4,800

 
5,278

 
3,022

 
2,891

 
1,009

Total fixed charges, as defined
 
$
114,419

 
$
117,542

 
$
107,089

 
$
108,705

 
$
99,431

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
6.35

 
5.86

 
7.19

 
6.49

 
6.41