EX-12.1 2 exhibit121.htm PE, EARNINGS TO FIXED CHARGES PE, Earnings to Fixed Charges

                     
Exhibit 12.1 
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
 
12 Months
                      
 
Ended
                      
 
March 31,
  
Years Ended December 31,
 
2005
  
2004
  
2003
  
2002
  
2001
  
2000
  
Earnings Available For Fixed Charges:
                                    
Pre-tax income:
                                    
   Income from continuing operations
$
130,760
  
$
125,411
  
$
119,750
  
$
108,429
  
$
119,069
  
$
194,374
  
   Income taxes
  
83,742
   
76,756
   
70,775
   
52,557
   
76,882
   
129,407
 
   Income taxes charged to other income - net
  
504
   
(17
)
  
(162
)
  
2,082
   
4,590
   
1,411
 
   Capitalized interest
  
(2,993
)
  
(2,796
)
  
(2,272
)
  
(1,397
)
  
(883
)
  
(1,264
)
Total
$
212,013
  
$
199,354
  
$
188,091
  
$
161,671
  
$
199,658
  
$
323,928
  
Fixed charges:
                                    
   Interest expense
$
169,973
  
$
172,050
  
$
182,902
  
$
192,830
  
$
190,849
  
$
184,217
  
   Other interest
  
2,993
   
2,796
   
2,272
   
1,397
   
883
   
1,264
 
   Portion of rentals representative of the interest factor
  
5,798
   
5,424
   
4,669
   
5,394
   
5,633
   
5,002
 
Total
$
178,764
  
$
180,270
  
$
189,843
  
$
199,621
  
$
197,365
  
$
190,483
  
Earnings available for combined fixed charges
$
390,777
  
$
379,624
  
$
377,934
  
$
361,292
  
$
397,023
  
$
514,411
  
Ratio of Earnings to Fixed Charges
  
2.19x
    
2.11x
    
1.99x
    
1.81x
    
2.01x
    
2.70x
  


PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
 
12 Months
                      
 
Ended
                      
 
March 31,
  
Years Ended December 31,
 
2005
  
2004
  
2003
  
2002
  
2001
  
2000
  
Earnings Available for Combined Fixed Charges and
                                    
   Preferred Dividend Requirements:
                                    
Pre-tax income:
                                    
   Income from continuing operations
$
130,760
  
$
125,411
  
$
119,750
  
$
108,429
  
$
119,069
  
$
194,374
  
   Income taxes
  
83,742
   
76,756
   
70,775
   
52,557
   
76,882
   
129,407
 
   Income taxes charged to other income - net
  
504
   
(17
)
  
(162
)
  
2,082
   
4,590
   
1,411
 
Subtotal
  
215,006
   
202,150
   
190,363
   
163,068
   
200,541
   
325,192
 
   Capitalized interest
  
(2,993
)
  
(2,796
)
  
(2,272
)
  
(1,397
)
  
(883
)
  
(1,264
)
Total
$
212,013
  
$
199,354
  
$
188,091
  
$
161,671
  
$
199,658
  
$
323,928
  
Fixed charges:
                                    
   Interest expense
$
169,973
  
$
172,050
  
$
182,902
  
$
192,830
  
$
190,849
  
$
184,217
  
   Other interest
  
2,993
   
2,796
   
2,272
   
1,397
   
883
   
1,264
 
   Portion of rentals representative of the interest factor
  
5,798
   
5,424
   
4,669
   
5,394
   
5,633
   
5,002
 
Total
$
178,764
  
$
180,270
  
$
189,843
  
$
199,621
  
$
197,365
  
$
190,483
  
Earnings Available for Combined Fixed Charges and
                                    
   Preferred Dividend Requirements
$
390,777
  
$
379,624
  
$
377,934
  
$
361,292
  
$
397,023
  
$
514,411
  
Dividend Requirement:
                                    
   Fixed charges above
$
178,764
  
$
180,270
  
$
189,843
  
$
199,621
  
$
197,365
  
$
190,483
  
   Preferred dividend requirements below
  
-
   
-
   
8,189
   
11,777
   
14,169
   
15,047
 
Total
$
178,764
  
$
180,270
  
$
198,032
  
$
211,398
  
$
211,534
  
$
205,530
  
Ratio of Earnings to Combined Fixed Charges and
                                    
Preferred Dividends Requirement
 
2.19x
    
2.11x
    
1.91x
    
1.71x
    
1.88x
    
2.50x
  
                                     
Computation of Preferred Dividend Requirements:
                                   
    (a) Pre-tax income
$
215,006
  
$
202,150
  
$
190,363
  
$
163,068
  
$
200,541
  
$
325,192
  
    (b) Income from continuing operations
$
130,760
  
$
125,411
  
$
119,750
  
$
108,429
  
$
119,069
  
$
194,374
  
    (c) Ratio of (a) to (b)
  
1.6443
   
1.6119
   
1.5897
   
1.5039
   
1.6842
   
1.6730
 
    (d) Preferred dividends
$
-
  
$
-
  
$
5,151
  
$
7,831
  
$
8,413
  
$
8,994
  
  Preferred dividend requirements [(d) multiplied by (c)]
$
-
  
$
-
  
$
8,189
  
$
11,777
  
$
14,169
  
$
15,047