Attached files
Western Massachusetts Electric Company |
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| Exhibit 12 |
Ratio of Earnings to Fixed Charges |
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(Thousands of Dollars) |
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| For the Years Ended December 31, | |||||||||
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| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
Earnings, as defined: |
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Net income | $ | 26,196 | $ | 18,330 | $ | 23,604 | $ | 15,644 | $ | 15,085 |
Income tax expense |
| 14,923 |
| 10,545 |
| 14,586 |
| 7,766 |
| 9,294 |
Equity in (earnings)/losses of regional nuclear |
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generating companies |
| (78) |
| (101) |
| (526) |
| 241 |
| (311) |
Dividends received from regional equity investees |
| 419 |
| - |
| 701 |
| 372 |
| 103 |
Fixed charges, as below |
| 20,614 |
| 21,910 |
| 22,162 |
| 21,087 |
| 19,801 |
Less: Interest capitalized (including AFUDC) |
| (195) |
| (1,010) |
| (983) |
| (853) |
| (455) |
Total earnings, as defined | $ | 61,879 | $ | 49,674 | $ | 59,544 | $ | 44,257 | $ | 43,517 |
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Fixed charges, as defined: |
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Interest on long-term debt (a) | $ | 14,074 | $ | 13,244 | $ | 11,577 | $ | 10,671 | $ | 9,535 |
Interest on rate reduction bonds |
| 4,335 |
| 5,133 |
| 5,839 |
| 6,723 |
| 7,570 |
Other interest (b) |
| 877 |
| 1,256 |
| 2,430 |
| 1,507 |
| 1,041 |
Rental interest factor |
| 1,133 |
| 1,267 |
| 1,333 |
| 1,333 |
| 1,200 |
Interest capitalized (including AFUDC) |
| 195 |
| 1,010 |
| 983 |
| 853 |
| 455 |
Total fixed charges, as defined | $ | 20,614 | $ | 21,910 | $ | 22,162 | $ | 21,087 | $ | 19,801 |
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Ratio of Earnings to Fixed Charges |
| 3.00 |
| 2.27 |
| 2.69 |
| 2.10 |
| 2.20 |
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(a) Interest on long-term debt amounts include amortized premiums, discounts and capitalized expenses related to indebtedness. (b) For the years ended December 31, 2009, 2008 and 2007, other interest related to accounting for uncertain tax positions. |