EX-12.1 2 pe-ex121_2015630xq2.htm PUGET ENERGY RATIO OF EARNINGS TO FIXED CHARGES PE-EX12.1_2015.6.30-Q2


 
 
 
 
 
Exhibit 12.1
 
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12 Months
 
 
 
 
 
 
Ended
Years Ended
 
June 30,
December 31,
 
2015
2014
2013
2012
2011
2010
Earnings Available For Fixed Charges:
 
 
 
 
 
 
Pre-tax income:
 
 
 
 
 
 
Income from continuing operations before income taxes
$
223,273

$
228,820

$
408,136

$
378,546

$
157,050

$
32,792

   AFUDC - equity
(7,432
)
(7,002
)
(15,930
)
(25,469
)
(32,430
)
(12,677
)
   AFUDC - debt
(6,057
)
(5,611
)
(11,261
)
(22,216
)
(29,949
)
(14,157
)
Total
$
209,784

$
216,207

$
380,945

$
330,861

$
94,671

$
5,958

Fixed charges:
 
 
 
 
 
 
   Interest expense
$
363,612

$
367,308

$
392,264

$
392,216

$
371,910

$
321,167

   Other interest
7,432

7,002

15,930

25,469

32,430

12,677

Portion of rentals representative of the interest factor
11,071

10,732

10,257

10,251

8,767

5,391

Total
$
382,115

$
385,042

$
418,451

$
427,936

$
413,107

$
339,235

Earnings available for combined fixed charges
$
591,899

$
601,249

$
799,396

$
758,797

$
507,778

$
345,193

 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
1.55x

1.56x

1.91x

1.77x

1.23x

1.02x