Eversource 2012 Annual Report Download - page 137

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17. COMMON SHARES
The following table sets forth the NU common shares and the shares of CL&P, NSTAR Electric, PSNH and WMECO common stock
authorized and issued as of December 31, 2012 and 2011 and the respective par values:
Shares
Authorized
Issued
Per Share
As of December 31,
As of December 31,
Par Value
2012
2011
2012
2011
NU
$
5
380,000,000
380,000,000
332,509,383
196,052,770
CL&P
$
10
24,500,000
24,500,000
6,035,205
6,035,205
NSTAR Electric
$
1
100,000,000
100,000,000
100
100
PSNH
$
1
100,000,000
100,000,000
301
301
WMECO
$
25
1,072,471
1,072,471
434,653
434,653
As a result of the merger with NSTAR on April 10, 2012, NU issued approximately 136 million common shares to the NSTAR
shareholders.
As of December 31, 2012 and 2011, 18,455,749 and 18,894,078 NU common shares were held as treasury shares, respectively.
18. PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION (CL&P, NSTAR Electric)
The preferred stock of CL&P and NSTAR Electric is not subject to mandatory redemption and is presented as a noncontrolling interest
of a subsidiary in the accompanying consolidated financial statements of NU.
CL&P Preferred Stock: CL&P's charter authorizes it to issue up to 9 million shares of preferred stock ($50 par value per share). CL&P
amended its charter on January 3, 2012 to remove references to various series of preferred stock, including the Class A preferred
stock, which are no longer outstanding. The issuance of additional preferred shares would be subject to approval by the PURA.
Preferred stockholders have liquidation rights equal to the par value of the preferred stock, which they would receive in preference to
any distributions to any junior stock. Were there to be a shortfall, all preferred stockholders would share ratably in available liquidation
assets.
NSTAR Electric Preferred Stock: NSTAR Electric is authorized to issue 2,890,000 shares ($100 par value per share). NSTAR Electric
has two outstanding series of cumulative preferred stock. Upon liquidation, holders of cumulative preferred stock are entitled to receive
a liquidation preference before any distribution to holders of common stock. The liquidation preference for each outstanding series of
cumulative preferred stock is equal to the par value, plus accrued and unpaid dividends. Were there to be a shortfall, holders of
cumulative preferred stock would share ratably in available liquidation assets.
Details of preferred stock not subject to mandatory redemption are as follows (in millions except in redemption price and shares):
Redemption Price
Shares Outstanding as of
As of December 31,
Series
Per Share
December 31, 2012 and 2011
2012
2011 (1)
CL&P
$
1.90
Series of 1947
$
52.50
163,912
$
8.2
$
8.2
$
2.00
Series of 1947
$
54.00
336,088
16.8
16.8
$
2.04
Series of 1949
$
52.00
100,000
5.0
5.0
$
2.20
Series of 1949
$
52.50
200,000
10.0
10.0
3.90
%
Series of 1949
$
50.50
160,000
8.0
8.0
$
2.06
Series E of 1954
$
51.00
200,000
10.0
10.0
$
2.09
Series F of 1955
$
51.00
100,000
5.0
5.0
4.50 % Series of 1956
$
50.75
104,000
5.2
5.2
4.96
%
Series of 1958
$
50.50
100,000
5.0
5.0
4.50
%
Series of 1963
$
50.50
160,000
8.0
8.0
5.28
%
Series of 1967
$
51.43
200,000
10.0
10.0
$
3.24
Series G of 1968
$
51.84
300,000
15.0
15.0
6.56
% Series of 1968
$
51.44
200,000
10.0
10.0
Total CL&P
2,324,000
$ 116.2
$ 116.2
NSTAR Electric(1)
4.25
%
Series
$
103.625
180,000
$
18.0
$
18.0
4.78
%
Series
$
102.80
250,000
25.0
25.0
Total NSTAR Electric
430,000
$
43.0
$
43.0
Fair Value Adjustment due to Merger with NSTAR
(3.6)
N/A
Total NU Consolidated Preferred Stock of Subsidiaries
155.6
116.2
(1) NSTAR Electric amounts are not included in NU consolidated as of December 31, 2011.