EX-12.1 2 exhibit121.htm STATEMENT SETTING FORTH COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES OF PUGET ENERGY (2001 THROUGH 2005) Unassociated Document
               
 
 
    
Exhibit 12.1
  
PUGET ENERGY
  
    STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
  
            EARNINGS TO FIXED CHARGES
  
 
  
            (Dollars in Thousands)
      
                       
Years Ended December 31,
  
2005
  
2004
  
2003
  
2002
  
2001
  
Earnings Available For Fixed Charges:
                      
Pre-tax income:
                      
Income from continuing operations
  
$
146,282
  
$
125,411
  
$
119,750
  
$
108,429
  
$
119,069
  
Income taxes
    
88,608
   
76,756
   
70,775
   
52,557
   
76,882
 
Income taxes charged to other income - net
    
2,142
   
(17
)
  
(162
)
  
2,082
   
4,590
 
Capitalized interest
    
(3,800
)
  
(2,796
)
  
(2,272
)
  
(1,397
)
  
(883
)
Total
  
$
233,232
  
$
199,354
  
$
188,091
  
$
161,671
  
$
199,658
  
Fixed charges:
                                
Interest expense
  
$
174,682
  
$
172,050
  
$
182,902
  
$
192,830
  
$
190,849
  
Other interest
    
3,800
   
2,796
   
2,272
   
1,397
   
883
 
Portion of rentals representative of the interest factor
    
5,234
   
5,424
   
4,669
   
5,394
   
5,633
 
Total
  
$
183,716
  
$
180,270
  
$
189,843
  
$
199,621
  
$
197,365
  
Earnings available for combined fixed charges
  
$
416,948
  
$
379,624
  
$
377,934
  
$
361,292
  
$
397,023
  
Ratio of Earnings to Fixed Charges
    
2.27x
    
2.11x
    
1.99x
    
1.81x
    
2.01x
  
                                 
        PUGET ENERGY
    
        STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
    
      EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
    
        (Dollars in Thousands)
    
                                 
Years Ended December 31,
    
2005
    
2004
    
2003
    
2002
    
2001
  
Earnings Available for Combined Fixed Charges and
                                
Preferred Dividend Requirements:
                                
Pre-tax income:
                                
Income from continuing operations
  
$
146,282
  
$
125,411
  
$
119,750
  
$
108,429
  
$
119,069
  
Income taxes
    
88,608
   
76,756
   
70,775
   
52,557
   
76,882
 
Income taxes charged to other income - net
    
2,142
   
(17
)
  
(162
)
  
2,082
   
4,590
 
Subtotal
    
237,032
   
202,150
   
190,363
   
163,068
   
200,541
 
Capitalized interest
    
(3,800
)
  
(2,796
)
  
(2,272
)
  
(1,397
)
  
(883
)
Total
  
$
233,232
  
$
199,354
  
$
188,091
  
$
161,671
  
$
199,658
  
Fixed charges:
                                
Interest expense
  
$
174,682
  
$
172,050
  
$
182,902
  
$
192,830
  
$
190,849
  
Other interest
    
3,800
   
2,796
   
2,272
   
1,397
   
883
 
Portion of rentals representative of the interest factor
    
5,234
   
5,424
   
4,669
   
5,394
   
5,633
 
Total
  
$
183,716
  
$
180,270
  
$
189,843
  
$
199,621
  
$
197,365
  
Earnings Available for Combined Fixed Charges and
                                
Preferred Dividend Requirements
  
$
416,948
  
$
379,624
  
$
377,934
  
$
361,292
  
$
397,023
  
Dividend Requirement:
                                
Fixed charges above
  
$
183,716
  
$
180,270
  
$
189,843
  
$
199,621
  
$
197,365
  
Preferred dividend requirements below
    
-
   
-
   
8,189
   
11,777
   
14,169
 
Total
  
$
183,716
  
$
180,270
  
$
198,032
  
$
211,398
  
$
211,534
  
Ratio of Earnings to Combined Fixed Charges and
                                
Preferred Dividends Requirement
   
2.27x
    
2.11x
    
1.91x
    
1.71x
    
1.88x
  
Computation of Preferred Dividend Requirements:
                               
(a) Pre-tax income
  
$
237,032
  
$
202,150
  
$
190,363
  
$
163,068
  
$
200,541
  
(b) Income from continuing operations
  
$
146,282
  
$
125,411
  
$
119,750
  
$
108,429
  
$
119,069
  
(c) Ratio of (a) to (b)
    
1.6204
   
1.6119
   
1.5897
   
1.5039
   
1.6842
 
(d) Preferred dividends
  
$
-
  
$
-
  
$
5,151
  
$
7,831
  
$
8,413
  
Preferred dividend requirements [(d) multiplied by (c)]
  
$
-
  
$
-
  
$
8,189
  
$
11,777
  
$
14,169