EX-12 3 exh12nu.htm EXHIBIT 12 NU Converted by EDGARwiz







Northeast Utilities and Subsidiaries

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Thousands of Dollars)

 

Nine Months

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

For the Years Ended December 31,

 

 

2013

 

2012 (a)

 

2011

 

2010

 

2009

 

2008 

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

   Net income

$ 

 614,413 

$ 

 533,077 

$ 

 400,513 

$ 

394,107 

$ 

 335,592 

$ 

 266,387 

   Income tax expense

 

 325,442 

 

 274,926 

 

 170,953 

 

210,409 

 

 179,947 

 

 105,661 

   Equity in earnings of regional nuclear

 

 

 

 

 

 

 

 

 

 

 

 

     generating and transmission companies

 

 (872)

 

 (1,154)

 

 (671)

 

(1,429)

 

 (1,762)

 

 (1,637)

   Dividends received from regional equity investees

 

 582 

 

 733 

 

 940 

 

1,488 

 

 3,794 

 

 1,017 

   Fixed charges, as below

 

 268,673 

 

353,616 

 

275,948 

 

263,393 

 

 296,764 

 

 304,374 

   Less: Interest capitalized (including AFUDC)

 

 (2,977)

 

(5,261)

 

(11,758)

 

(10,165)

 

 (5,929)

 

 (17,797)

   Preferred dividend security requirements of

 

 

 

 

 

 

 

 

 

 

 

 

     consolidated subsidiaries

 

 (9,670)

 

(11,715)

 

(9,265)

 

(10,170)

 

 (9,265)

 

 (9,265)

 Total earnings, as defined

$ 

 1,195,591 

$ 

 1,144,222 

$ 

 826,660 

$ 

847,633 

$ 

 799,141 

$ 

 648,740 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (b)

$ 

 256,205 

$ 

 316,987 

$ 

 231,630 

$ 

231,089 

$ 

 224,712 

$ 

 193,883 

   Interest on rate reduction bonds

 

 422 

 

 6,168 

 

 8,611 

 

20,573 

 

 36,524 

 

 50,231 

   Other interest (c)

 

 (6,044)

 

 6,790 

 

 10,184 

 

(14,371)

 

 12,401 

 

 25,031 

   Rental interest factor

 

 5,443 

 

 6,695 

 

 4,500 

 

5,767 

 

 7,933 

 

 8,167 

   Preferred dividend security requirements of

 

 

 

 

 

 

 

 

 

 

 

 

     consolidated subsidiaries

 

 9,670 

 

 11,715 

 

 9,265 

 

10,170 

 

 9,265 

 

 9,265 

   Interest capitalized (including AFUDC)

 

 2,977 

 

 5,261 

 

 11,758 

 

10,165 

 

 5,929 

 

 17,797 

 Total fixed charges, as defined

$ 

 268,673 

$ 

 353,616 

$ 

 275,948 

$ 

263,393 

$ 

 296,764 

$ 

 304,374 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 4.45 

 

 3.24 

 

 3.00 

 

 3.22 

 

 2.69 

 

 2.13 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) The 2013 results include the operations of NSTAR.  The 2012 results include the operations of NSTAR from the date of the merger, April 10, 2012, through December 31, 2012.

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Interest on long-term debt includes amortized premiums, discounts and capitalized expenses related to indebtedness.

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) For all periods presented, other interest includes interest related to accounting for uncertain tax positions.