EX-12.2 3 exhibit122.htm PUGET SOUND ENERGY STATEMENT OF RATIOS Puget Sound Energy Statement of Ratios
           
 
      
Exhibit 12.2
  
PUGET SOUND ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
                       
Years Ended December 31,
  
2006
  
2005
  
2004
 
2003
 
2002
  
Earnings Available For Fixed Charges:
                      
Pre-tax income:
                      
   Income from continuing operations
  
$
176,739
 
$
146,769
 
$
126,192
 
$
120,055
 
$
108,948
 
   Income taxes
    
97,227
   
89,628
   
77,176
   
70,939
   
52,836
 
   Income taxes charged to other income - net
    
1,462
   
2,141
   
(17
)
  
(162
)
  
2,082
 
   Capitalized interest
    
(7,978
)
  
(3,800
)
  
(2,796
)
  
(2,272
)
  
(1,397
)
Total
  
$
267,450
 
$
234,738
 
$
200,555
 
$
188,560
 
$
162,469
 
Fixed charges:
                                
   Interest expense
  
$
184,859
 
$
174,458
 
$
171,831
 
$
182,779
 
$
192,829
 
   Other interest
    
7,978
   
3,800
   
2,796
   
2,272
   
1,397
 
   Portion of rentals representative of the interest factor
    
9,151
   
5,234
   
5,424
   
4,669
   
5,394
 
Total
  
$
201,988
 
$
183,492
 
$
180,051
 
$
189,720
 
$
199,620
 
Earnings available for combined fixed charges
  
$
469,438
 
$
418,230
 
$
380,606
 
$
378,280
 
$
362,089
 
Ratio of Earnings to Fixed Charges
    
2.32x
    
2.28x
    
2.11x
    
1.99x
    
1.81x
  
                                 
PUGET SOUND ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
                                 
Years Ended December 31,
    
2006
    
2005
    
2004
    
2003
    
2002
  
Earnings Available for Combined Fixed Charges and
                                
   Preferred Dividend Requirements:
                                
Pre-tax income:
                                
   Income from continuing operations
  
$
176,739
 
$
146,769
 
$
126,192
 
$
120,055
 
$
108,948
 
   Income taxes
    
97,227
   
89,628
   
77,176
   
70,939
   
52,836
 
   Income taxes charged to other income - net
    
1,462
   
2,141
   
(17
)
  
(162
)
  
2,082
 
Subtotal
    
275,428
   
238,538
   
203,351
   
190,832
   
163,866
 
   Capitalized interest
    
(7,978
)
  
(3,800
)
  
(2,796
)
  
(2,272
)
  
(1,397
)
Total
  
$
267,450
 
$
234,738
 
$
200,555
 
$
188,560
 
$
162,469
 
Fixed charges:
                                
   Interest expense
  
$
184,859
 
$
174,458
 
$
171,831
 
$
182,779
 
$
192,829
 
   Other interest
    
7,978
   
3,800
   
2,796
   
2,272
   
1,397
 
   Portion of rentals representative of the interest factor
    
9,151
   
5,234
   
5,424
   
4,669
   
5,394
 
Total
  
$
201,988
 
$
183,492
 
$
180,051
 
$
189,720
 
$
199,620
 
Earnings Available for Combined Fixed Charges and
                                
   Preferred Dividend Requirements
  
$
469,438
 
$
418,230
 
$
380,606
 
$
378,280
 
$
362,089
 
Dividend Requirement:
                                
   Fixed charges above
  
$
201,988
 
$
183,492
 
$
180,051
 
$
189,720
 
$
199,620
 
   Preferred dividend requirements below
          
-
   
-
   
8,188
   
11,779
 
Total
  
$
201,988
 
$
183,492
 
$
180,051
 
$
197,908
 
$
211,399
 
Ratio of Earnings to Combined Fixed Charges and
                                
Preferred Dividends Requirement
   
2.32x
    
2.28x
    
2.11x
    
1.91x
    
1.71x
  
Computation of Preferred Dividend Requirements:
                               
    (a) Pre-tax income
  
$
275,428
 
$
238,538
 
$
203,351
 
$
190,832
 
$
163,866
 
    (b) Income from continuing operations
  
$
176,739
 
$
146,769
 
$
126,192
 
$
120,055
 
$
108,948
 
    (c) Ratio of (a) to (b)
    
1.5584
   
1.6253
   
1.6114
   
1.5895
   
1.5041
 
    (d) Preferred dividends
  
$
-
 
$
-
 
$
-
 
$
5,151
 
$
7,831
 
  Preferred dividend requirements [(d) multiplied by (c)]
  
$
-
 
$
-
 
$
-
 
$
8,188
 
$
11,779