EX-12.1 3 ex12110k2016.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


EXHIBIT 12.1
PORTLAND GENERAL ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
243,108

 
$
216,818

 
$
236,679

 
$
125,758

 
$
205,406

Total fixed charges
132,654

 
135,956

 
128,515

 
118,189

 
122,851

Total earnings
$
375,762

 
$
352,774

 
$
365,194

 
$
243,947

 
$
328,257

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
111,539

 
$
113,861

 
$
96,068

 
$
100,818

 
$
107,992

Capitalized interest
10,820

 
12,520

 
22,441

 
6,892

 
3,699

Interest on certain long-term power contracts
4,946

 
5,140

 
5,137

 
5,996

 
6,643

Estimated interest factor in rental expense
5,349

 
4,435

 
4,869

 
4,483

 
4,517

Total fixed charges
$
132,654

 
$
135,956

 
$
128,515

 
$
118,189

 
$
122,851

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.83

 
2.59

 
2.84

 
2.06

 
2.67