EX-12 16 exh12wmeco.htm WMECO EXHIBIT 12 Exh 12 WMECO




Western Massachusetts Electric Company

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

 

 

 

 

 

 

 

 

 

 

(Thousands of Dollars)

 

Ended

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2009

 

For the Years Ended December 31,

 

 

(unaudited)

 

2008 

 

2007 

 

2006 

 

2005 

 

2004 

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 Net income

$

6,146 

$

18,330 

$

23,604 

$

15,644 

$

15,085 

$

12,373 

   Income tax expense

 

3,789 

 

10,545 

 

14,586 

 

7,766 

 

9,294 

 

7,187 

   Equity in (earnings)/losses of regional nuclear

 

 

 

 

 

 

 

 

 

 

 

 

     generating companies

 

(23)

 

(101)

 

(526)

 

241 

 

(311)

 

(149)

   Dividends received from regional equity investees

 

419 

 

 

701 

 

372 

 

103 

 

687 

   Fixed charges, as below

 

5,679 

 

21,910 

 

22,162 

 

21,087 

 

19,801 

 

17,156 

   Less: Interest capitalized (including AFUDC)

 

(124)

 

(1,010)

 

(983)

 

(853)

 

(455)

 

(220)

 Total earnings, as defined

$

15,886 

$

49,674 

$

59,544 

$

44,257 

$

43,517 

$

37,034 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

$

3,443 

$

13,244 

$

11,577 

$

10,671 

$

9,535 

$

6,655 

   Interest on rate reduction bonds

 

1,168 

 

5,133 

 

5,839 

 

6,723 

 

7,570 

 

8,332 

   Other interest (b)

 

627 

 

1,256 

 

2,430 

 

1,507 

 

1,041 

 

782 

   Rental interest factor

 

317 

 

1,267 

 

1,333 

 

1,333 

 

1,200 

 

1,167 

   Interest capitalized (including AFUDC)

 

124 

 

1,010 

 

983 

 

853 

 

455 

 

220 

 Total fixed charges, as defined

$

5,679 

$

21,910 

$

22,162 

$

21,087 

$

19,801 

$

17,156 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.80 

 

2.27 

 

2.69 

 

2.10 

 

2.20 

 

2.16 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Interest on long-term debt amounts include amortized premiums, discounts and capitalized expenses related to indebtedness.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b)

For the three months ended March 31, 2009 and for the year ended December 31, 2008, other interest includes interest related to Financial Accounting Standards Board Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an Interpretation of FASB Statement No. 109."