EX-12.1 2 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
                      
   
September 30,
  
Years Ended December 31,
  
   
2006
  
2005
  
2004
  
2003
  
2002
  
2001
  
Earnings Available For Fixed Charges:
                      
 
  
Pre-tax income:
                          
   Income from continuing operations
  
$
166,377
  
$
146,282
  
$
125,411
  
$
119,750
  
$
108,429
  
$
119,069
  
   Income taxes
    
97,963
   
88,608
   
76,756
   
70,775
   
52,557
   
76,882
 
   Income taxes charged to other income - net
    
(2,319
)
  
2,142
   
(17
)
  
(162
)
  
2,082
   
4,590
 
   Capitalized interest
    
(6,284
)
  
(3,800
)
  
(2,796
)
  
(2,272
)
  
(1,397
)
  
(883
)
Total
  
$
255,737
  
$
233,232
  
$
199,354
  
$
188,091
  
$
161,671
  
$
199,658
  
Fixed charges:
                                      
   Interest expense
  
$
178,504
  
$
174,682
  
$
172,050
  
$
182,902
  
$
192,830
  
$
190,849
 
   Other interest
    
6,284
   
3,800
   
2,796
   
2,272
   
1,397
   
883
 
   Portion of rentals representative of the interest factor
    
8,460
   
5,234
   
5,424
   
4,669
   
5,394
   
5,633
 
Total
  
$
193,248
  
$
183,716
  
$
180,270
  
$
189,843
  
$
199,621
  
$
197,365
  
Earnings available for combined fixed charges
  
$
448,985
  
$
416,948
  
$
379,624
  
$
377,934
  
$
361,292
  
$
397,023
  
Ratio of Earnings to Fixed Charges
    
2.32x
    
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
                      
   
September 30,
  
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
  
$
166,377
  
$
146,282
  
$
125,411
  
$
119,750
  
$
108,429
  
$
119,069
  
   Income taxes
    
97,963
   
88,608
   
76,756
   
70,775
   
52,557
   
76,882
 
   Income taxes charged to other income - net
    
(2,319
)
  
2,142
   
(17
)
  
(162
)
  
2,082
   
4,590
 
Subtotal
    
262,021
   
237,032
   
202,150
   
190,363
   
163,068
   
200,541
 
   Capitalized interest
    
(6,284
)
  
(3,800
)
  
(2,796
)
  
(2,272
)
  
(1,397
)
  
(883
)
Total
  
$
255,737
  
$
233,232
  
$
199,354
  
$
188,091
  
$
161,671
  
$
199,658
  
Fixed charges:
                                      
   Interest expense
  
$
178,504
  
$
174,682
  
$
172,050
  
$
182,902
  
$
192,830
  
$
190,849
  
   Other interest
    
6,284
   
3,800
   
2,796
   
2,272
   
1,397
   
883
 
   Portion of rentals representative of the interest factor
    
8,460
   
5,234
   
5,424
   
4,669
   
5,394
   
5,633
 
Total
  
$
193,248
  
$
183,716
  
$
180,270
  
$
189,843
  
$
199,621
  
$
197,365
  
Earnings Available for Combined Fixed Charges and
                                      
   Preferred Dividend Requirements
  
$
448,985
  
$
416,948
  
$
379,624
  
$
377,934
  
$
361,292
  
$
397,023
  
Dividend Requirement:
                                      
   Fixed charges above
  
$
193,248
  
$
183,716
  
$
180,270
  
$
189,843
  
$
199,621
  
$
197,365
  
   Preferred dividend requirements below
    
-
   
-
   
-
   
8,189
   
11,777
   
14,169
 
Total
  
$
193,248
  
$
183,716
  
$
180,270
  
$
198,032
  
$
211,398
  
$
211,534
  
Ratio of Earnings to Combined Fixed Charges and
                                      
   Preferred Dividends Requirement
   
2.32x
    
2.27x
    
2.11x
    
1.91x
    
1.71x
    
1.88x
  
Computation of Preferred Dividend Requirements:
                                     
    (a) Pre-tax income
  
$
262,021
  
$
237,032
  
$
202,150
  
$
190,363
  
$
163,068
  
$
200,541
  
    (b) Income from continuing operations
  
$
166,377
  
$
146,282
  
$
125,411
  
$
119,750
  
$
108,429
  
$
119,069
  
    (c) Ratio of (a) to (b)
    
1.5749
   
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