EX-12.1 3 exhibit121.htm PUGET ENERGY COMPUTATION OF RATIOS Puget Energy Computation of Ratios
           
 
  
 
  
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,
   
2006
 
2005
 
2004
 
2003
 
2002
 
2001
  
Earnings Available For Fixed Charges:
                      
 
  
Pre-tax income:
                                      
   Income from continuing operations
  
$
147,761
  
$
146,282
  
$
125,411
  
$
119,750
  
$
108,429
  
$
119,069
  
   Income taxes
    
82,815
   
88,608
   
76,756
   
70,775
   
52,557
   
76,882
 
   Income taxes charged to other income - net
    
1,459
   
2,142
   
(17
)
  
(162
)
  
2,082
   
4,590
 
   Capitalized interest
    
(4,768
)
  
(3,800
)
  
(2,796
)
  
(2,272
)
  
(1,397
)
  
(883
)
Total
  
$
227,267
  
$
233,232
  
$
199,354
  
$
188,091
  
$
161,671
  
$
199,658
  
Fixed charges:
                                      
   Interest expense
  
$
177,328
  
$
174,682
  
$
172,050
  
$
182,902
  
$
192,830
    
190,849
 
   Other interest
    
4,768
   
3,800
   
2,796
   
2,272
   
1,397
   
883
 
   Portion of rentals representative of the interest factor
    
6,219
   
5,234
   
5,424
   
4,669
   
5,394
   
5,633
 
Total
  
$
188,315
  
$
183,716
  
$
180,270
  
$
189,843
  
$
199,621
  
$
197,365
  
Earnings available for combined fixed charges
  
$
415,582
  
$
416,948
  
$
379,624
  
$
377,934
  
$
361,292
  
$
397,023
  
Ratio of Earnings to Fixed Charges
    
2.21x
    
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)
  
                                       
 
 
12 Months 
                                
   
 Ended 
                              
   
 March 31,
  
 Years Ended December 31,
     
2006
 
 
2005
 
 
2004
 
 
2003
 
 
2002
 
 
2001
  
Earnings Available for Combined Fixed Charges and
                                      
   Preferred Dividend Requirements:
                                      
Pre-tax income:
                                      
   Income from continuing operations
  
$
147,761
  
$
146,282
  
$
125,411
  
$
119,750
  
$
108,429
  
$
119,069
  
   Income taxes
    
82,815
   
88,608
   
76,756
   
70,775
   
52,557
   
76,882
 
   Income taxes charged to other income - net
    
1,459
   
2,142
   
(17
)
  
(162
)
  
2,082
   
4,590
 
Subtotal
    
232,035
   
237,032
   
202,150
   
190,363
   
163,068
   
200,541
 
   Capitalized interest
    
(4,768
)
  
(3,800
)
  
(2,796
)
  
(2,272
)
  
(1,397
)
  
(883
)
Total
  
$
227,267
  
$
233,232
  
$
199,354
  
$
188,091
  
$
161,671
  
$
199,658
  
Fixed charges:
                                      
   Interest expense
  
$
177,328
  
$
174,682
  
$
172,050
  
$
182,902
  
$
192,830
  
$
190,849
  
   Other interest
    
4,768
   
3,800
   
2,796
   
2,272
   
1,397
   
883
 
   Portion of rentals representative of the interest factor
    
6,219
   
5,234
   
5,424
   
4,669
   
5,394
   
5,633
 
Total
  
$
188,315
  
$
183,716
  
$
180,270
  
$
189,843
  
$
199,621
  
$
197,365
  
Earnings Available for Combined Fixed Charges and
                                      
   Preferred Dividend Requirements
  
$
415,582
  
$
416,948
  
$
379,624
  
$
377,934
  
$
361,292
  
$
397,023
  
Dividend Requirement:
                                      
   Fixed charges above
  
$
188,315
  
$
183,716
  
$
180,270
  
$
189,843
  
$
199,621
  
$
197,365
  
   Preferred dividend requirements below
    
-
   
-
   
-
   
8,189
   
11,777
   
14,169
 
Total
  
$
188,315
  
$
183,716
  
$
180,270
  
$
198,032
  
$
211,398
  
$
211,534
  
Ratio of Earnings to Combined Fixed Charges and
                                      
Preferred Dividends Requirement
   
2.21x
    
2.27x
    
2.11x
    
1.91x
    
1.71x
    
1.88x
  
Computation of Preferred Dividend Requirements:
                                     
    (a) Pre-tax income
  
$
232,035
  
$
237,032
  
$
202,150
  
$
190,363
  
$
163,068
  
$
200,541
  
    (b) Income from continuing operations
  
$
147,761
  
$
146,282
  
$
125,411
  
$
119,750
  
$
108,429
  
$
119,069
  
    (c) Ratio of (a) to (b)
    
1.5703
   
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