EX-12.1 9 exhibit121.htm RATIO OF EARNINGS TO FIXED CHARGES-PE Ratio of earnings to fixed charges-PE

             
Exhibit 12.1
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
 
12 Months
                      
 
Ended
                      
 
December 31,
  
Years Ended December 31,
 
2004
  
2003
  
2002
  
2001
  
2000
  
1999
  
Earnings Available For Fixed Charges:
                                    
Pre-tax income:
                                    
   Income from continuing operations
$
47,954
  
$
121,694
  
$
118,750
  
$
121,588
  
$
193,831
  
$
185,567
  
   Income taxes
  
74,963
   
72,369
   
59,260
   
79,838
   
129,823
   
109,164
 
   Income taxes charged to other income - net
  
(55
)
  
(150
)
  
2,212
   
4,590
   
1,411
   
2,909
 
   Capitalized interest
  
(2,796
)
  
(2,272
)
  
(1,397
)
  
(833
)
  
(1,264
)
  
(3,692
)
                                     
Total
$
120,066
  
$
191,641
  
$
178,825
  
$
205,133
  
$
323,801
  
$
293,948
  
Fixed charges:
                                    
   Interest expense
$
178,510
  
$
188,387
  
$
198,346
  
$
194,505
  
$
184,405
  
$
160,966
  
   Other interest
  
2,796
   
2,272
   
1,397
   
883
   
1,264
   
3,692
 
   Portion of rentals representative of the interest factor
  
8,135
   
7,183
   
7,458
   
7,379
   
5,002
   
4,575
 
Total
$
189,441
  
$
197,842
  
$
207,201
  
$
202,767
  
$
190,671
  
$
169,233
  
Earnings available for combined fixed charges
$
309,507
  
$
389,483
  
$
386,026
  
$
407,900
  
$
514,472
  
$
463,181
  
Ratio of Earnings to Fixed Charges
  
1.63x
    
1.97x
    
1.86x
    
2.01x
    
2.70x
    
2.74x
  
 

PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
 
12 Months
                      
 
Ended
                      
 
December 31,
  
Years Ended December 31,
  
 
2004
  
2003
  
2002
  
2001
  
2000
  
1999
  
Earnings Available for Combined Fixed Charges and
                        
   Preferred Dividend Requirements:
                        
Pre-tax income:
                        
   Income from continuing operations
$
47,954
  
$
121,694
  
$
118,750
  
$
121,588
  
$
193,831
  
$
185,567
  
   Income taxes
  
74,963
   
72,369
   
59,260
   
79,838
   
129,823
   
109,164
 
   Income taxes charged to other income - net
  
(55
)
  
(150
)
  
2,212
   
4,590
   
1,411
   
2,909
 
Subtotal
  
122,862
   
193,913
   
180,222
   
206,016
   
325,065
   
297,640
 
   Capitalized interest
  
(2,796
)
  
(2,272
)
  
(1,397
)
  
(883
)
  
(1,264
)
  
(3,692
)
Total
$
120,066
  
$
191,641
  
$
178,825
  
$
205,133
  
$
323,801
  
$
293,948
  
Fixed charges:
                                    
   Interest expense
$
178,510
  
$
188,387
  
$
198,346
  
$
194,505
  
$
184,405
  
$
160,966
  
   Other interest
  
2,796
   
2,272
   
1,397
   
883
   
1,264
   
3,692
 
   Portion of rentals representative of the interest factor
  
8,135
   
7,183
   
7,458
   
7,379
   
5,002
   
4,575
 
Total
$
189,441
  
$
197,842
  
$
207,201
  
$
202,767
  
$
190,671
  
$
169,233
  
Earnings Available for Combined Fixed Charges and
                                    
   Preferred Dividend Requirements
$
309,507
  
$
389,483
  
$
386,026
  
$
407,900
  
$
514,472
  
$
463,181
  
Dividend Requirement:
                                    
   Fixed charges above
$
189,441
  
$
197,842
  
$
207,201
  
$
202,767
  
$
190,671
  
$
169,233
  
   Preferred dividend requirements below
  
-
   
8,208
   
11,885
   
14,255
   
15,084
   
17,747
 
Total
$
189,441
  
$
206,050
  
$
219,086
  
$
217,022
  
$
205,755
  
$
186,980
  
Ratio of Earnings to Combined Fixed Charges and
                                    
Preferred Dividends Requirement
 
1.63x
    
1.89x
    
1.76x
    
1.88x
    
2.50x
    
2.48x
  
                                     
Computation of Preferred Dividend Requirements:
                                   
    (a) Pre-tax income
$
122,862
  
$
193,913
  
$
180,222
  
$
206,016
  
$
325,065
  
$
297,640
  
    (b) Income from continuing operations
$
47,954
  
$
121,694
  
$
118,750
  
$
121,588
  
$
193,831
  
$
185,567
  
    (c) Ratio of (a) to (b)
  
2.5621
   
1.5934
   
1.5177
   
1.6944
   
1.6771
   
1.6039
 
    (d) Preferred dividends
$
-
  
$
5,151
  
$
7,831
  
$
8,413
  
$
8,994
  
$
11,065
  
  Preferred dividend requirements [(d) multiplied by (c)]
$
-
  
$
8,208
  
$
11,885
  
$
14,255
  
$
15,084
  
$
17,747