EX-12 17 a201710k-exhibit12psnh.htm EXHIBIT 12 - PSNH Exhibit


Public Service Company of New Hampshire 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
 
$
135,996

 
$
131,985

 
$
114,442

 
$
113,944

 
$
111,397

   Income tax expense
 
88,675

 
82,364

 
73,060

 
72,135

 
71,101

   Equity in earnings of equity investees
 
(9
)
 
(15
)
 
(8
)
 
(8
)
 
(12
)
   Dividends received from equity investees
 
—

 
25

 
—

 
—

 
42

   Fixed charges, as below
 
52,851

 
51,843

 
47,949

 
46,530

 
47,318

   Less: Interest capitalized (including AFUDC)
 
(729
)
 
(787
)
 
(994
)
 
(640
)
 
(500
)
Total earnings, as defined
 
$
276,784

 
$
265,415

 
$
234,449

 
$
231,961

 
$
229,346

 
 
 
 
 
 
 
 
 
 
 
Fixed charges, as defined:
 
 
 
 
 
 
 
 
 
 
   Interest expense
 
$
51,007

 
$
50,040

 
$
45,990

 
$
45,349

 
$
46,176

   Rental interest factor
 
1,115

 
1,016

 
965

 
541

 
642

   Interest capitalized (including AFUDC)
 
729

 
787

 
994

 
640

 
500

Total fixed charges, as defined
 
$
52,851

 
$
51,843

 
$
47,949

 
$
46,530

 
$
47,318

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
5.24

 
5.12

 
4.89

 
4.99

 
4.85