EX-12.1 3 ex12120111231.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX 12.1 20111231


EXHIBIT 12.1
PORTLAND GENERAL ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
2011
 
2010
 
2009
 
2008
 
2007
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
204,714

 
$
178,158

 
$
131,636

 
$
121,825

 
$
220,123

Total fixed charges
126,766

 
131,486

 
129,948

 
111,589

 
98,682

Total earnings
$
331,480

 
$
309,644

 
$
261,584

 
$
233,414

 
$
318,805

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
110,413

 
$
110,240

 
$
103,389

 
$
90,257

 
$
74,362

Capitalized interest
3,059

 
9,097

 
11,816

 
6,184

 
9,596

Interest on certain long-term power contracts
8,764

 
8,068

 
10,038

 
10,010

 
9,552

Estimated interest factor in rental expense
4,530

 
4,081

 
4,705

 
5,138

 
5,172

Total fixed charges
$
126,766

 
$
131,486

 
$
129,948

 
$
111,589

 
$
98,682

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.61

 
2.35

 
2.01

 
2.09

 
3.23