Attached files
Western Massachusetts Electric Company |
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| Exhibit 12 | |
Ratio of Earnings to Fixed Charges |
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(Unaudited) |
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| Six Months |
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| Ended |
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| June 30, |
| For the Years Ended December 31, | ||||||||||||||
(Thousands of Dollars) | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 | |||||||
Earnings, as defined: |
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| Net income | $ | 30,092 |
| $ | 56,506 |
| $ | 57,819 |
| $ | 60,438 |
| $ | 54,503 |
| $ | 43,054 |
| Income tax expense |
| 20,071 |
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| 36,970 |
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| 37,268 |
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| 37,368 |
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| 32,140 |
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| 23,186 |
| Equity in earnings of equity investees |
| (5) |
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| (8) |
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| (8) |
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| (18) |
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| (11) |
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| (4) |
| Dividends received from equity investees |
| - |
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| - |
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| - |
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| 80 |
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| - |
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| - |
| Fixed charges, as below |
| 12,733 |
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| 26,553 |
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| 26,202 |
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| 26,316 |
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| 28,162 |
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| 25,079 |
| Less: Interest capitalized (including AFUDC) |
| (298) |
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| (1,042) |
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| (864) |
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| (498) |
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| (534) |
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| (534) |
Total earnings, as defined | $ | 62,593 |
| $ | 118,979 |
| $ | 120,417 |
| $ | 123,686 |
| $ | 114,260 |
| $ | 90,781 | |
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Fixed charges, as defined: |
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| Interest Expense | $ | 12,075 |
| $ | 24,792 |
| $ | 24,931 |
| $ | 24,851 |
| $ | 26,634 |
| $ | 23,612 |
| Rental interest factor |
| 360 |
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| 719 |
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| 407 |
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| 967 |
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| 994 |
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| 933 |
| Interest capitalized (including AFUDC) |
| 298 |
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| 1,042 |
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| 864 |
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| 498 |
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| 534 |
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| 534 |
Total fixed charges, as defined | $ | 12,733 |
| $ | 26,553 |
| $ | 26,202 |
| $ | 26,316 |
| $ | 28,162 |
| $ | 25,079 | |
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Ratio of Earnings to Fixed Charges |
| 4.92 |
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| 4.48 |
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| 4.60 |
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| 4.70 |
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| 4.06 |
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| 3.62 | |
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