Attached files
Western Massachusetts Electric Company | 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 | $ | 34,839 | $ | 58,072 | $ | 56,506 | $ | 57,819 | $ | 60,438 | $ | 54,503 | |||||||||||
Income tax expense | 22,176 | 38,022 | 36,970 | 37,268 | 37,368 | 32,140 | |||||||||||||||||
Equity in earnings of equity investees | (5 | ) | (16 | ) | (8 | ) | (8 | ) | (18 | ) | (11 | ) | |||||||||||
Dividends received from equity investees | — | 15 | — | — | 80 | — | |||||||||||||||||
Fixed charges, as below | 13,147 | 25,776 | 26,553 | 26,202 | 26,316 | 28,162 | |||||||||||||||||
Less: Interest capitalized (including AFUDC) | (362 | ) | (644 | ) | (1,042 | ) | (864 | ) | (498 | ) | (534 | ) | |||||||||||
Total earnings, as defined | $ | 69,795 | $ | 121,225 | $ | 118,979 | $ | 120,417 | $ | 123,686 | $ | 114,260 | |||||||||||
Fixed charges, as defined: | |||||||||||||||||||||||
Interest Expense | $ | 12,431 | $ | 24,425 | $ | 24,792 | $ | 24,931 | $ | 24,851 | $ | 26,634 | |||||||||||
Rental interest factor | 354 | 707 | 719 | 407 | 967 | 994 | |||||||||||||||||
Interest capitalized (including AFUDC) | 362 | 644 | 1,042 | 864 | 498 | 534 | |||||||||||||||||
Total fixed charges, as defined | $ | 13,147 | $ | 25,776 | $ | 26,553 | $ | 26,202 | $ | 26,316 | $ | 28,162 | |||||||||||
Ratio of Earnings to Fixed Charges | 5.31 | 4.70 | 4.48 | 4.60 | 4.70 | 4.06 |