EX-12.1 2 pe-ex121_2012630xq2.htm PUGET ENERGY RATIO OF EARNINGS TO FIXED CHARGES PE-EX12.1_2012.6.30-Q2


 
 
 
 
 
 
 
Exhibit 12.1
 
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Successor
Predecessor
 
 
 
 
 
 
 
Period from
Period from
 
 
 
 
12 Months
 
 
 
 
February 6, 2009
January 1, 2009
 
 
 
 
Ended
 
Years Ended
 
through
through
 
Years Ended
 
June 30,
 
December 31,
 
December 31,
February 5,
 
December 31,
 
2012
 
2011
2010
 
2009
2009
 
2008
2007
Earnings Available For Fixed
  Charges:
 
 
 
 
 
 
 
 
 
 
Pre-tax income:
 
 
 
 
 
 
 
 
 
 
   Income from continuing
      operations before income
      taxes
$
200,214

 
$
157,050

$
32,792

 
$
256,056

$
21,753

 
$
214,835

$
257,258

   AFUDC - equity
(34,882
)
 
(32,430
)
(12,677
)
 
(4,108
)
(69
)
 
(2,627
)
(1,351
)
   AFUDC - debt
(29,930
)
 
(29,949
)
(14,157
)
 
(8,864
)
(350
)
 
(8,610
)
(12,614
)
Total
$
135,402

 
$
94,671

$
5,958

 
$
243,084

$
21,334

 
$
203,598

$
243,293

Fixed charges:
 
 
 
 
 
 
 
 
 
 
   Interest expense
$
385,065

 
$
371,910

$
321,167

 
$
265,675

$
17,291

 
$
202,582

$
217,823

   Other interest
34,882

 
32,430

12,677

 
4,108

69

 
2,627

1,351

   Portion of rentals representative
      of the interest factor
10,022

 
8,767

5,391

 
9,131

1,081

 
11,775

9,199

Total
$
429,969

 
$
413,107

$
339,235

 
$
278,914

$
18,441

 
$
216,984

$
228,373

Earnings available for combined
    fixed charges
$
565,371

 
$
507,778

$
345,193

 
$
521,998

$
39,775

 
$
420,582

$
471,666

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed
    Charges
1.31x

 
1.23x

1.02x

 
1.87x

2.16x

 
1.94x

2.07x