Eversource 2015 Annual Report Download - page 111

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As of December 31, 2015 and 2014, there were 16,671,366 and 16,375,835 Eversource common shares held as treasury shares, respectively. As of
December 31, 2015 and 2014, Eversource common shares outstanding were 317,191,249 and 316,983,337, respectively. In May 2015, the Company
repurchased 532,521 Eversource common shares at a share price of $47.94. Such shares are included in Treasury Stock on the consolidated balance
sheet at their weighted average original average cost of $26.02 per share.
17. PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION
The CL&P and NSTAR Electric preferred stock is not subject to mandatory redemption and is presented as a noncontrolling interest of a subsidiary
in Eversource’s financial statements.
CL&P is authorized to issue up to 9,000,000 shares of preferred stock, par value $50 per share, and NSTAR Electric is authorized to issue 2,890,000
shares of preferred stock, par value $100 per share. Holders of preferred stock of CL&P and NSTAR Electric are entitled to receive cumulative
dividends in preference to any payment of dividends on the common stock. Upon liquidation, holders of preferred stock of CL&P and NSTAR
Electric are entitled to receive a liquidation preference before any distribution to holders of common stock in an amount equal to the par value of the
preferred stock plus accrued and unpaid dividends. If the net assets were to be insufficient to pay the liquidation preference in full, then the net assets
would be distributed ratably to all holders of preferred stock. The preferred stock of CL&P and NSTAR Electric is subject to optional redemption by
the CL&P and NSTAR Electric Board of Directors at any time.
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, 2015 and 2014 2015 2014
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
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) (3.6)
Total Eversource - Preferred Stock of Subsidiaries $
155.6 $ 155.6
18.
COMMON SHAREHOLDERS’ EQUITY AND NONCONTROLLING INTERESTS
Dividends on the preferred stock of CL&P and NSTAR Electric totaled $7.5 million, $7.5 million and $7.7 million for the years ended December 31,
2015, 2014 and 2013. These dividends were presented as Net Income Attributable to Noncontrolling Interests on the Eversource statements of
income. Noncontrolling Interest – Preferred Stock of Subsidiaries on the Eversource balance sheets totaled $155.6 million as of December 31, 2015
and 2014. Common Shareholders’ Equity was fully attributable to the parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully
attributable to the noncontrolling interest on the Eversource balance sheets.
For the years ended December 31, 2015, 2014 and 2013, there was no change in ownership of the common equity of CL&P and NSTAR Electric.