Attached files
| file | filename |
|---|---|
| EX-32 - CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 - SECTION 906 OF SOX - ITC Holdings Corp. | itc20171231ex_32.htm |
| 10-K - 10-K - ITC Holdings Corp. | itc2017123110k.htm |
| EX-31.2 - CERTIFICATION OF CFO PURSUANT TO RULE 13A-14 - SECTION 302 OF SOX - ITC Holdings Corp. | itc20171231ex_312.htm |
| EX-31.1 - CERTIFICATION OF CEO PURSUANT TO RULE 13A-14 - SECTION 302 OF SOX - ITC Holdings Corp. | itc20171231ex_311.htm |
| EX-21 - LIST OF SUBSIDIARIES - ITC Holdings Corp. | itc20171231ex_21.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) | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
Earnings are defined: | |||||||||||||||||||
Net income | $ | 319 | $ | 246 | $ | 242 | $ | 244 | $ | 233 | |||||||||
Add: Income tax provision | 196 | 97 | 142 | 150 | 119 | ||||||||||||||
Add: Fixed charges | 231 | 220 | 211 | 192 | 176 | ||||||||||||||
Less: Capitalized interest | 9 | 9 | 7 | 5 | 8 | ||||||||||||||
Earnings as defined | $ | 737 | $ | 554 | $ | 588 | $ | 581 | $ | 520 | |||||||||
Fixed charges are defined: | |||||||||||||||||||
Interest expense — net (a) | $ | 222 | $ | 211 | $ | 204 | $ | 187 | $ | 168 | |||||||||
Add: Capitalized interest | 9 | 9 | 7 | 5 | 8 | ||||||||||||||
Fixed charges as defined | $ | 231 | $ | 220 | $ | 211 | $ | 192 | $ | 176 | |||||||||
Ratio of earnings to fixed charges | 3.19 | 2.52 | 2.79 | 3.03 | 2.95 | ||||||||||||||
____________________________
(a) Excludes loss on extinguishment of debt.
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. |