Attached files
Public Service Company of New Hampshire and Subsidiary | Exhibit 12 | ||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Six Months Ended June 30, 2017 | |||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||
(Thousands of Dollars) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
Earnings, as defined: | |||||||||||||||||||||||
Net income | $ | 65,903 | $ | 131,985 | $ | 114,442 | $ | 113,944 | $ | 111,397 | $ | 96,882 | |||||||||||
Income tax expense | 43,116 | 82,364 | 73,060 | 72,135 | 71,101 | 60,993 | |||||||||||||||||
Equity in earnings of equity investees | (4 | ) | (15 | ) | (8 | ) | (8 | ) | (12 | ) | (8 | ) | |||||||||||
Dividends received from equity investees | — | 25 | — | — | 42 | — | |||||||||||||||||
Fixed charges, as below | 26,613 | 51,843 | 47,949 | 46,530 | 47,318 | 52,769 | |||||||||||||||||
Less: Interest capitalized (including AFUDC) | (325 | ) | (787 | ) | (994 | ) | (640 | ) | (500 | ) | (1,579 | ) | |||||||||||
Total earnings, as defined | $ | 135,303 | $ | 265,415 | $ | 234,449 | $ | 231,961 | $ | 229,346 | $ | 209,057 | |||||||||||
Fixed charges, as defined: | |||||||||||||||||||||||
Interest Expense | $ | 25,780 | $ | 50,040 | $ | 45,990 | $ | 45,349 | $ | 46,176 | $ | 50,228 | |||||||||||
Rental interest factor | 508 | 1,016 | 965 | 541 | 642 | 962 | |||||||||||||||||
Interest capitalized (including AFUDC) | 325 | 787 | 994 | 640 | 500 | 1,579 | |||||||||||||||||
Total fixed charges, as defined | $ | 26,613 | $ | 51,843 | $ | 47,949 | $ | 46,530 | $ | 47,318 | $ | 52,769 | |||||||||||
Ratio of Earnings to Fixed Charges | 5.08 | 5.12 | 4.89 | 4.99 | 4.85 | 3.96 |