EX-12.1 6 ex12110k2012.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX 12.1 10K 2012


EXHIBIT 12.1
PORTLAND GENERAL ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
2012
 
2011
 
2010
 
2009
 
2008
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
205,406

 
$
204,714

 
$
178,158

 
$
131,636

 
$
121,825

Total fixed charges
122,851

 
126,766

 
131,486

 
129,948

 
111,589

Total earnings
$
328,257

 
$
331,480

 
$
309,644

 
$
261,584

 
$
233,414

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
107,992

 
$
110,413

 
$
110,240

 
$
103,389

 
$
90,257

Capitalized interest
3,699

 
3,059

 
9,097

 
11,816

 
6,184

Interest on certain long-term power contracts
6,643

 
8,764

 
8,068

 
10,038

 
10,010

Estimated interest factor in rental expense
4,517

 
4,530

 
4,081

 
4,705

 
5,138

Total fixed charges
$
122,851

 
$
126,766

 
$
131,486

 
$
129,948

 
$
111,589

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.67

 
2.61

 
2.35

 
2.01

 
2.09