EX-12.2 3 exhibit122.htm PSE, EARNINGS TO FIXED CHARGES PSE, Earnings to Fixed Charges

             
 
      
Exhibit 12.2
PUGET SOUND 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
$
131,476
  
$
126,192
  
$
120,055
  
$
108,948
  
$
119,130
  
$
194,374
  
   Income taxes
  
84,543
   
77,176
   
70,939
   
52,836
   
76,915
   
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
$
213,530
  
$
200,555
  
$
188,560
  
$
162,469
  
$
199,752
  
$
323,928
  
Fixed charges:
                                    
   Interest expense
$
169,737
  
$
171,831
  
$
182,779
  
$
192,829
  
$
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
$
178,528
  
$
180,051
  
$
189,720
  
$
199,620
  
$
197,365
  
$
190,483
  
Earnings available for combined fixed charges
$
392,058
  
$
380,606
  
$
378,280
  
$
362,089
  
$
397,117
  
$
514,411
  
Ratio of Earnings to Fixed Charges
  
2.20x
    
2.11x
    
1.99x
    
1.81x
    
2.01x
    
2.70x
  
 

PUGET SOUND 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
$
131,476
  
$
126,192
  
$
120,055
  
$
108,948
  
$
119,130
  
$
194,374
  
   Income taxes
  
84,543
   
77,176
   
70,939
   
52,836
   
76,915
   
129,407
 
   Income taxes charged to other income - net
  
504
   
(17
)
  
(162
)
  
2,082
   
4,590
   
1,411
 
Subtotal
  
216,523
   
203,351
   
190,832
   
163,866
   
200,635
   
325,192
 
   Capitalized interest
  
(2,993
)
  
(2,796
)
  
(2,272
)
  
(1,397
)
  
(883
)
  
(1,264
)
Total
$
213,530
  
$
200,555
  
$
188,560
  
$
162,469
  
$
199,752
  
$
323,928
  
Fixed charges:
                                    
   Interest expense
$
169,737
  
$
171,831
  
$
182,779
  
$
192,829
  
$
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
$
178,528
  
$
180,051
  
$
189,720
  
$
199,620
  
$
197,365
  
$
190,483
  
Earnings Available for Combined Fixed Charges and
                                    
   Preferred Dividend Requirements
$
392,058
  
$
380,606
  
$
378,280
  
$
362,089
  
$
397,117
  
$
514,411
  
Dividend Requirement:
                                    
   Fixed charges above
$
178,528
  
$
180,051
  
$
189,720
  
$
199,620
  
$
197,365
  
$
190,483
  
   Preferred dividend requirements below
  
-
   
-
   
8,188
   
11,779
   
14,169
   
15,047
 
Total
$
178,528
  
$
180,051
  
$
197,908
  
$
211,399
  
$
211,534
  
$
205,530
  
Ratio of Earnings to Combined Fixed Charges and
                                    
Preferred Dividends Requirement
 
2.20x
    
2.11x
    
1.91x
    
1.71x
    
1.88x
    
2.50x
  
 
                                    
Computation of Preferred Dividend Requirements:
                                   
    (a) Pre-tax income
$
216,523
  
$
203,351
  
$
190,832
  
$
163,866
  
$
200,635
  
$
325,192
  
    (b) Income from continuing operations
$
131,476
  
$
126,192
  
$
120,055
  
$
108,948
  
$
119,130
  
$
194,374
  
    (c) Ratio of (a) to (b)
  
1.6469
   
1.6114
   
1.5895
   
1.5041
   
1.6842
   
1.6730
 
    (d) Preferred dividends
$
-
  
$
-
  
$
5,151
  
$
7,831
  
$
8,413
  
$
8,994
  
  Preferred dividend requirements [(d) multiplied by (c)]
$
-
  
$
-
  
$
8,188
  
$
11,779
  
$
14,169
  
$
15,047