EX-12.(WMECO) 19 a14-11491_1ex12dwmeco.htm EX-12.(WMECO)

Exhibit 12

 

Western Massachusetts Electric Company

Ratio of Earnings to Fixed Charges

(Unaudited)

 

 

 

Three Months

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

For the Years Ended December 31,

 

(Thousands of Dollars)

 

2014

 

2013

 

2012

 

2011

 

2010

 

2009

 

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

18,102

 

$

60,438

 

$

54,503

 

$

43,054

 

$

23,090

 

$

26,196

 

Income tax expense

 

11,558

 

37,368

 

32,140

 

23,186

 

16,325

 

14,923

 

Equity in earnings of regional nuclear generating companies

 

(2

)

(18

)

(11

)

(4

)

(36

)

(78

)

Dividends received from regional equity investees

 

 

80

 

 

 

120

 

419

 

Fixed charges, as below

 

6,103

 

26,316

 

28,162

 

25,079

 

23,042

 

20,614

 

Less: Interest capitalized (including AFUDC)

 

(215

)

(498

)

(534

)

(534

)

(336

)

(195

)

Total earnings, as defined

 

$

35,546

 

$

123,686

 

$

114,260

 

$

90,781

 

$

62,205

 

$

61,879

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on long-term debt (a)

 

$

6,062

 

$

23,625

 

$

23,462

 

$

20,023

 

$

17,988

 

$

14,074

 

Interest on rate reduction bonds

 

 

177

 

1,229

 

2,335

 

3,372

 

4,335

 

Other interest (b)

 

(416

)

1,049

 

1,943

 

1,254

 

479

 

877

 

Rental interest factor

 

242

 

967

 

994

 

933

 

867

 

1,133

 

Interest capitalized (including AFUDC)

 

215

 

498

 

534

 

534

 

336

 

195

 

Total fixed charges, as defined

 

$

6,103

 

$

26,316

 

$

28,162

 

$

25,079

 

$

23,042

 

$

20,614

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

5.82

 

4.70

 

4.06

 

3.62

 

2.70

 

3.00

 

 


(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.