EX-12 18 exh12wmeco.htm EXH. 12 WMECO Exh 12 WMECO





Western Massachusetts Electric Company

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Thousands of Dollars)

 

Nine Months

 

 

 

 

 

 

 

 

 

 

 

 

Ended

For the Years Ended December 31,

 

 

September 30, 2010

 

2009

 

2008

 

2007

 

2006

 

2005

Earnings, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 Net income

$

18,245 

$

26,196 

$

18,330 

$

23,604 

$

15,644 

$

15,085 

   Income tax expense

 

12,645 

 

14,923 

 

10,545 

 

14,586 

 

7,766 

 

9,294 

   Equity in (earnings)/losses of regional nuclear

 

 

 

 

 

 

 

 

 

 

 

 

     generating companies

 

(28)

 

(78)

 

(101)

 

(526)

 

241 

 

(311)

   Dividends received from regional equity

 

 

419 

 

 

701 

 

372 

 

103 

     investees

 

 

 

 

 

 

 

 

 

 

 

 

   Fixed charges, as below

 

17,263 

 

20,614 

 

21,910 

 

22,162 

 

21,087 

 

19,801 

   Less: Interest capitalized (including AFUDC)

 

(217)

 

(195)

 

(1,010)

 

(983)

 

(853)

 

(455)

 Total earnings, as defined

$

47,908 

$

61,879 

$

49,674 

$

59,544 

$

44,257 

$

43,517 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on long-term debt (a)

$

13,298 

$

14,074 

$

13,244 

$

11,577 

$

10,671 

$

9,535 

   Interest on rate reduction bonds

 

2,623 

 

4,335 

 

5,133 

 

5,839 

 

6,723 

 

7,570 

   Other interest (b)

 

275 

 

877 

 

1,256 

 

2,430 

 

1,507 

 

1,041 

   Rental interest factor

 

850 

 

1,133 

 

1,267 

 

1,333 

 

1,333 

 

1,200 

   Interest capitalized (including AFUDC)

 

217 

 

195 

 

1,010 

 

983 

 

853 

 

455 

 Total fixed charges, as defined

$

17,263 

$

20,614 

$

21,910 

$

22,162 

$

21,087 

$

19,801 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.78 

 

3.00 

 

2.27 

 

2.69 

 

2.10 

 

2.20 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

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

 

 

 

 

(b)

For the nine months ended September 30, 2010 and for the years ended December 31, 2009 and 2008, other interest includes interest related to accounting for uncertain tax positions.