EX-12.2 3 pe-ex122_2013331xq1.htm PSE RATIO OF EARNINGS TO FIXED CHARGES PE-EX12.2_2013.3.31-Q1


 
 
 
 
 
 
 
 
 
 
Exhibit 12.2
 
PUGET SOUND ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12 Months
 
 
 
 
 
 
 
 
 
 
 
 
Ended
 
 
 
 
 
 
 
 
 
 
 
 
March 31,
 
Years Ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings Available For Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income:
 
 
 
 
 
 
 
 
 
 
 
 
   Income from continuing operations before
       income taxes
$
606,244

$
505,478

$
282,237

$
26,217

$
226,896

$
223,618

   AFUDC - equity
 
(22,687
)
 
(25,469
)
 
(32,430
)
 
(12,677
)
 
(4,177
)
 
(2,627
)
   AFUDC - debt
 
(19,568
)
 
(22,216
)
 
(29,949
)
 
(14,157
)
 
(9,215
)
 
(8,610
)
Total
$
563,989

$
457,793

$
219,858

$
(617
)
$
213,504

$
212,381

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
   Interest expense
$
252,230

$
247,013

$
231,416

$
235,011

$
211,742

$
203,402

   Other interest
 
22,687

 
25,469

 
32,430

 
12,677

 
4,177

 
2,627

Portion of rentals representative of the interest factor
 
10,425

 
10,251

 
8,767

 
5,391

 
10,212

 
11,775

Total
$
285,342

$
282,733

$
272,613

$
253,079

$
226,131

$
217,804

Earnings available for combined fixed charges
$
849,331

$
740,526

$
492,471

$
252,462

$
439,635

$
430,185

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.98x

 
2.62x

 
1.81x

 
1.00x

 
1.94x

 
1.98x