EX-12.(NSTAR) 11 a14-11491_1ex12dnstar.htm EX-12. (NSTAR ELECTRIC)

Exhibit 12

 

NSTAR Electric Company and Subsidiary

Ratio of Earnings to Fixed Charges

(Unaudited)

 

 

 

Three Months

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

For the Years Ended December 31,

 

(Thousands of Dollars)

 

2014

 

2013

 

2012

 

2011

 

2010

 

2009

 

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

58,087

 

$

268,546

 

$

190,242

 

$

252,494

 

$

248,575

 

$

240,691

 

Income tax expense

 

39,234

 

172,866

 

123,966

 

165,686

 

162,020

 

151,224

 

Equity in earnings of regional nuclear generating and transmission companies

 

40

 

(550

)

(412

)

(501

)

(836

)

(891

)

Dividends received from regional equity investees

 

 

344

 

286

 

676

 

669

 

1,661

 

Fixed charges, as below

 

21,759

 

73,115

 

72,364

 

76,219

 

77,902

 

84,826

 

Less: Interest capitalized (including AFUDC)

 

(144

)

(511

)

(259

)

(185

)

(108

)

76

 

Total earnings, as defined

 

$

118,976

 

$

513,810

 

$

386,187

 

$

494,389

 

$

488,222

 

$

477,587

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on long-term debt (a)

 

$

20,756

 

$

79,088

 

$

87,100

 

$

90,040

 

$

90,630

 

$

83,261

 

Interest on rate reduction bonds

 

 

399

 

3,585

 

7,226

 

11,235

 

18,833

 

Other interest (b)

 

304

 

(9,104

)

(20,631

)

(27,839

)

(30,475

)

(24,519

)

Rental interest factor

 

555

 

2,221

 

2,051

 

6,607

 

6,404

 

7,327

 

Interest capitalized (including AFUDC)

 

144

 

511

 

259

 

185

 

108

 

(76

)

Total fixed charges, as defined

 

$

21,759

 

$

73,115

 

$

72,364

 

$

76,219

 

$

77,902

 

$

84,826

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

5.47

 

7.03

 

5.34

 

6.49

 

6.27

 

5.63

 

 


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

 

(b) For the years ended December 31, 2011, 2010, 2009 and 2008, other interest includes interest related to accounting for uncertain tax positions.