EX-12.2 3 exhibit122.htm PUGET SOUND ENERGY COMPUTATION OF RATIOS Unassociated Document
                   
 Exhibit 12.2
 
PUGET SOUND ENERGY
 
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
 
EARNINGS TO FIXED CHARGES
 
(Dollars in Thousands)
 
   
12 Months
                     
   
Ended
                     
   
June 30,
 
Years Ended December 31,
 
   
2006
 
2005
 
2004
 
2003
 
2002
 
2001
 
Earnings Available For Fixed Charges:
                         
Pre-tax income:
                         
   Income from continuing operations
 
$
166,360
 
$
146,769
 
$
126,192
 
$
120,055
 
$
108,948
 
$
119,130
 
   Income taxes
   
93,037
   
89,628
   
77,176
   
70,939
   
52,836
   
76,915
 
   Income taxes charged to other income - net
   
1,880
   
2,141
   
(17
)
 
(162
)
 
2,082
   
4,590
 
   Capitalized interest
   
(5,065
)
 
(3,800
)
 
(2,796
)
 
(2,272
)
 
(1,397
)
 
(883
)
Total
 
$
256,212
 
$
234,738
 
$
200,555
 
$
188,560
 
$
162,469
 
 $
199,752
 
Fixed charges:
                                     
   Interest expense
 
$
178,339
 
$
174,458
 
$
171,831
 
$
182,779
 
$
192,829
 
 $
190,849
 
   Other interest
   
5,065
   
3,800
   
2,796
   
2,272
   
1,397
   
883
 
Portion of rentals representative of the interest factor
   
7,615
   
5,234
   
5,424
   
4,669
   
5,394
   
5,633
 
Total
 
$
191,019
 
$
183,492
 
$
180,051
 
$
189,720
 
$
199,620
 
$
197,365
 
Earnings available for combined fixed charges
 
$
447,231
 
$
418,230
 
$
380,606
 
$
378,280
 
$
362,089
 
$
397,117
 
 
                                     
Ratio of Earnings to Fixed Charges
   
2.34
x  
2.28
x  
2.11
x  
1.99
x  
1.81
x  
2.01
x
                                       
PUGET SOUND ENERGY
 
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
 
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
(Dollars in Thousands)
 
                                     
 
 
 12 Months
                               
 
Ended 
                               
 
 June 30, 
   
Years Ended December 31,
 
   
 2006
   
2005
   
2004
   
2003
   
2002
   
2001
 
Earnings Available for Combined Fixed Charges and
                                     
   Preferred Dividend Requirements:
                                     
Pre-tax income:
                                     
   Income from continuing operations
 
$
166,360
 
$
146,769
 
$
126,192
 
$
120,055
 
$
108,948
 
$
119,130
 
   Income taxes
   
93,037
   
89,628
   
77,176
   
70,939
   
52,836
   
76,915
 
   Income taxes charged to other income - net
   
1,880
   
2,141
   
(17
)
 
(162
)
 
2,082
   
4,590
 
Subtotal
   
261,277
   
238,538
   
203,351
   
190,832
   
163,866
   
200,635
 
   Capitalized interest
   
(5,065
)
 
(3,800
)
 
(2,796
)
 
(2,272
)
 
(1,397
)
 
(883
)
Total
 
$
256,212
 
$
234,738
 
$
200,555
 
$
188,560
 
$
162,469
 
$
199,752
 
Fixed charges:
                                     
   Interest expense
 
$
178,339
 
$
174,458
 
$
171,831
 
$
182,779
 
$
192,829
 
$
190,849
 
   Other interest
   
5,065
   
3,800
   
2,796
   
2,272
   
1,397
   
883
 
Portion of rentals representative of the interest factor
   
7,615
   
5,234
   
5,424
   
4,669
   
5,394
   
5,633
 
Total
 
$
191,019
 
$
183,492
 
$
180,051
 
$
189,720
 
$
199,620
 
$
197,365
 
Earnings Available for Combined Fixed Charges and
                                     
   Preferred Dividend Requirements
 
$
447,231
 
$
418,230
 
$
380,606
 
$
378,280
 
$
362,089
 
$
397,117
 
Dividend Requirement:
                                     
   Fixed charges above
 
$
191,019
 
$
183,492
 
$
180,051
 
$
189,720
 
$
199,620
 
$
197,365
 
   Preferred dividend requirements below
   
--
   
--
   
--
   
8,188
   
11,779
   
14,169
 
Total
 
$
191,019
 
$
183,492
 
$
180,051
 
$
197,908
 
$
211,399
 
$
211,534
 
                                       
Ratio of Earnings to Combined Fixed Charges and
                                     
Preferred Dividends Requirement
   
2.34
x  
2.28
x  
2.11
x  
1.91
x  
1.71
x  
1.88
x
 
                                     
Computation of Preferred Dividend Requirements:
                                     
    (a) Pre-tax income
 
$
261,277
 
$
238,538
 
$
203,351
 
$
190,832
 
$
163,866
 
$
200,635
 
    (b) Income from continuing operations
 
$
166,360
 
$
146,769
 
$
126,192
 
$
120,055
 
$
108,948
 
$
119,130
 
    (c) Ratio of (a) to (b)
   
1.5706
   
1.6253
   
1.6114
   
1.5895
   
1.5041
   
1.6842
 
    (d) Preferred dividends
 
$
--
 
$
--
 
$
--
 
$
5,151
 
$
7,831
 
$
8,413
 
  Preferred dividend requirements [(d) multiplied by (c)]
 
$
--
 
$
--
 
$
--
 
$
8,188
 
$
11,779
 
$
14,169