EX-12 11 q3201710q-exhibit12xnstare.htm EXHIBIT 12 - NSTAR ELECTRIC Exhibit


NSTAR Electric Company and Subsidiary
 
 
 
 
 
 
 
 
 
Exhibit 12

Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
For the Years Ended December 31,
(Thousands of Dollars)
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings, as defined:
 
 
 
 
 
 
 
 
 
 
 
Net income
$
251,685

 
$
292,705

 
$
344,542

 
$
303,088

 
$
268,546

 
$
190,242

Income tax expense
161,320

 
187,767

 
228,044

 
201,981

 
172,866

 
123,966

Equity in earnings of equity investees
(221
)
 
(309
)
 
(343
)
 
(408
)
 
(550
)
 
(412
)
Dividends received from equity investees
—

 
20

 
—

 
—

 
344

 
286

Fixed charges, as below
74,929

 
91,766

 
80,536

 
82,503

 
73,115

 
72,364

Less: Interest capitalized (including AFUDC)
(2,622
)
 
(4,634
)
 
(1,980
)
 
(2,027
)
 
(511
)
 
(259
)
Total earnings, as defined
$
485,091

 
$
567,315

 
$
650,799

 
$
585,137

 
$
513,810

 
$
386,187

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges, as defined:
 

 
 

 
 

 
 

 
 

 
 

Interest Expense
$
69,962

 
$
84,005

 
$
75,347

 
$
77,878

 
$
70,383

 
$
70,054

Rental interest factor
2,345

 
3,127

 
3,209

 
2,598

 
2,221

 
2,051

Interest capitalized (including AFUDC)
2,622

 
4,634

 
1,980

 
2,027

 
511

 
259

Total fixed charges, as defined
$
74,929

 
$
91,766

 
$
80,536

 
$
82,503

 
$
73,115

 
$
72,364

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
6.47

 
6.18

 
8.08

 
7.09

 
7.03

 
5.34