ITC Holdings Corp. - FORM 10-K - EX-12.1 - RATIO OF EARNINGS TO FIXED CHARGES

file	filename
EX-10.174 - ITC RETENTION AWARD BETWEEN ITC HOLDINGS CORP. AND CHRISTINE MASON SONERAL - ITC Holdings Corp.	itc20161231ex_10174.htm
10-K - 10-K - ITC Holdings Corp.	itc2016123110k.htm
EX-32 - EXHIBIT 32 - ITC Holdings Corp.	itc20161231ex_32.htm
EX-31.2 - CERTIFICATION OF CFO PURSUANT TO RULE 13A-14 - SECTION 302 OF SOX - ITC Holdings Corp.	itc20161231ex_312.htm
EX-31.1 - CERTIFICATION OF CEO PURSUANT TO RULE 13A-14 - SECTION 302 OF SOX - ITC Holdings Corp.	itc20161231ex_311.htm
EX-21 - LIST OF SUBSIDIARIES - ITC Holdings Corp.	itc20161231ex_21.htm
EX-10.175 - ITC RETENTION AWARD BETWEEN ITC HOLDINGS CORP. AND GRETCHEN L. HOLLOWAY - ITC Holdings Corp.	itc20161231ex_10175.htm
EX-10.173 - LETTER AGREEMENT CHRISTINE MASON SONERAL - ITC Holdings Corp.	itc20161231ex_10173.htm
EX-10.172 - EMPLOYMENT AGREEMENT BETWEEN ITC HOLDINGS CORP. AND GRETCHEN L. HOLLOWAY - ITC Holdings Corp.	itc20161231ex_10172.htm
EX-10.171 - AMENDMENT TO MANAGEMENT SUPPLEMENTAL BENEFIT PLAN - ITC Holdings Corp.	itc20161231ex_10171.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 millions, except ratio of earnings to fixed charges)	2016		2015		2014		2013		2012
Earnings are defined:
Net income	$	246	$	242	$	244	$	233	$	188
Add: Income tax provision	97		142		150		119		109
Add: Fixed charges	220		211		192		176		163
Less: Capitalized interest	9		7		5		8		7
Earnings as defined	$	554	$	588	$	581	$	520	$	453

Fixed charges are defined:
Interest expense — net	$	211	$	204	$	187	$	168	$	156
Add: Capitalized interest	9		7		5		8		7
Fixed charges as defined	$	220	$	211	$	192	$	176	$	163
Ratio of earnings to fixed charges	2.52		2.79		3.03		2.95		2.78

____________________________

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.

ITC Holdings Corp. - FORM 10-K - EX-12.1 - RATIO OF EARNINGS TO FIXED CHARGES - February 16, 2017