Attached files
| file | filename |
|---|---|
| EX-21 - LIST OF SUBSIDIARIES - ITC Holdings Corp. | itc20151231ex_21.htm |
| EX-32 - CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 - SECTION 906 OF SOX - ITC Holdings Corp. | itc20151231ex_32.htm |
| EX-31.1 - CERTIFICATION OF CEO PURSUANT TO RULE 13A-14 - SECTION 302 OF SOX - ITC Holdings Corp. | itc20151231ex_311.htm |
| EX-31.2 - CERTIFICATION OF CFO PURSUANT TO RULE 13A-14 - SECTION 302 OF SOX - ITC Holdings Corp. | itc20151231ex_312.htm |
| EX-23.1 - CONSENT OF DELOITTE & TOUCHE LLP - ITC Holdings Corp. | itc20151231ex_231.htm |
| EX-10.154 - ITC HOLDINGS CORP STOCK OWNERSHIP POLICY - ITC Holdings Corp. | itc20151231ex_10154.htm |
| EX-10.153 - SECOND AMENDED DISTRIBUTION-TRANSMISSION INTERCONNECTION AGREEMENT - ITC Holdings Corp. | itc20151231ex_10153.htm |
| 10-K - 10-K - ITC Holdings Corp. | itc2015123110k.htm |
EXHIBIT 12.1
ITC HOLDINGS
Computation of Ratios of Earnings to Fixed Charges
Our ratios of earnings to fixed charges were as follows for the periods indicated in the table below:
Year Ended December 31, | |||||||||||||||||||
(In thousands, except ratio of earnings to fixed charges) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
Earnings are defined: | |||||||||||||||||||
Net income | $ | 242,406 | $ | 244,083 | $ | 233,506 | $ | 187,876 | $ | 171,685 | |||||||||
Add: Income tax provision | 141,471 | 150,322 | 118,862 | 108,632 | 94,749 | ||||||||||||||
Add: Fixed charges | 210,535 | 191,755 | 176,298 | 162,728 | 151,586 | ||||||||||||||
Less: Capitalized interest | 6,756 | 5,119 | 7,979 | 6,994 | 4,650 | ||||||||||||||
Earnings as defined | $ | 587,656 | $ | 581,041 | $ | 520,687 | $ | 452,242 | $ | 413,370 | |||||||||
Fixed charges are defined: | |||||||||||||||||||
Interest expense — net | $ | 203,779 | $ | 186,636 | $ | 168,319 | $ | 155,734 | $ | 146,936 | |||||||||
Add: Capitalized interest | 6,756 | 5,119 | 7,979 | 6,994 | 4,650 | ||||||||||||||
Fixed charges as defined | $ | 210,535 | $ | 191,755 | $ | 176,298 | $ | 162,728 | $ | 151,586 | |||||||||
Ratio of earnings to fixed charges | 2.79 | 3.03 | 2.95 | 2.78 | 2.73 | ||||||||||||||
____________________________
Our ratios of earnings to fixed charges were computed based on:
• | “earnings,” which consist of net income before income taxes and fixed charges, excluding capitalized interest; and |
• | “fixed charges,” which consist of interest expense including capitalized interest. |