EX-12.1 9 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,
   
2007
  
2006
  
2005
  
2004
  
2003
  
2002
  
Earnings Available For Fixed Charges:
                      
 
  
Pre-tax income:
                          
   Income from continuing operations
  
$
172,539
  
$
167,224
  
$
146,282
  
$
125,411
  
$
119,750
  
$
108,429
  
   Income taxes
    
86,362
    
96,270
   
88,608
   
76,756
   
70,775
   
52,557
 
   Income taxes charged to other income - net
    
502
   
(3,784
)
  
2,142
   
(17
)
  
(162
)
  
2,082
 
   Capitalized interest
    
(6,637
)
  
(7,978
)
  
(3,800
)
  
(2,796
)
  
(2,272
)
  
(1,397
)
Total
  
$
252,766
  
$
251,732
  
$
233,232
  
$
199,354
  
$
188,091
  
$
161,671
  
Fixed charges:
                                      
   Interest expense
  
$
191,561
  
$
184,013
  
$
174,682
  
$
172,050
  
$
182,902
  
$
192,830
  
   Other interest
    
6,637
   
7,978
   
3,800
   
2,796
   
2,272
   
1,397
 
   Portion of rentals representative of the interest factor
    
9,017
   
9,151
   
5,234
   
5,424
   
4,669
   
5,394
 
Total
  
$
207,215
  
$
201,142
  
$
183,716
  
$
180,270
  
$
189,843
  
$
199,621
  
Earnings available for combined fixed charges
  
$
459,981
  
$
452,874
  
$
416,948
  
$
379,624
  
$
377,934
  
$
361,292
  
Ratio of Earnings to Fixed Charges
    
2.22x
    
2.25x
    
2.27x
    
2.11x
    
1.99x
    
1.81x
  
                                       
PUGET ENERGY
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
                                       
 
  
 12 Months
                                
 
  
 Ended
                                
 
 March 31,
    
Years Ended December 31,
     
2007
    
2006
    
2005
    
2004
    
2003
    
2002
  
Earnings Available for Combined Fixed Charges and
                                      
   Preferred Dividend Requirements:
                                      
Pre-tax income:
                                      
   Income from continuing operations
  
$
172,539
  
$
167,224
  
$
146,282
  
$
125,411
  
$
119,750
  
$
108,429
  
   Income taxes
    
86,362
    
96,270
   
88,608
   
76,756
   
70,775
   
52,557
 
   Income taxes charged to other income - net
    
502
   
(3,784
)
  
2,142
   
(17
)
  
(162
)
  
2,082
 
Subtotal
    
259,403
    
259,710
   
237,032
   
202,150
   
190,363
   
163,068
 
   Capitalized interest
    
(6,637
)
  
(7,978
)
  
(3,800
)
  
(2,796
)
  
(2,272
)
  
(1,397
)
Total
  
$
252,766
  
$
251,732
  
$
233,232
  
$
199,354
  
$
188,091
  
$
161,671
  
Fixed charges:
                                      
   Interest expense
  
$
191,561
  
$
184,013
  
$
174,682
  
$
172,050
  
$
182,902
  
$
192,830
  
   Other interest
    
6,637
   
7,978
   
3,800
   
2,796
   
2,272
   
1,397
 
   Portion of rentals representative of the interest factor
    
9,017
   
9,151
   
5,234
   
5,424
   
4,669
   
5,394
 
Total
  
$
207,215
  
$
201,142
  
$
183,716
  
$
180,270
  
$
189,843
  
$
199,621
  
Earnings Available for Combined Fixed Charges and
                                      
   Preferred Dividend Requirements
  
$
459,981
  
$
452,874
  
$
416,948
  
$
379,624
  
$
377,934
  
$
361,292
  
Dividend Requirement:
                                      
   Fixed charges above
  
$
207,215
  
$
201,142
  
$
183,716
  
$
180,270
  
$
189,843
  
$
199,621
  
   Preferred dividend requirements below
    
--
   
--
   
--
   
--
   
8,189
   
11,777
 
Total
  
$
207,215
  
$
201,142
  
$
183,716
  
$
180,270
  
$
198,032
  
$
211,398
  
Ratio of Earnings to Combined Fixed Charges and
                                      
Preferred Dividends Requirement
   
2.22x
    
2.25x
    
2.27x
    
2.11x
    
1.91x
    
1.71x
  
                                       
Computation of Preferred Dividend Requirements:
                                     
    (a) Pre-tax income
  
$
259,403
  
$
259,710
  
$
237,032
  
$
202,150
  
$
190,363
  
$
163,068
  
    (b) Income from continuing operations
  
$
172,539
  
$
167,224
  
$
146,282
  
$
125,411
  
$
119,750
  
$
108,429
  
    (c) Ratio of (a) to (b)
    
1.5034
    
1.5531
   
1.6204
   
1.6119
   
1.5897
   
1.5039
 
    (d) Preferred dividends
  
$
--
  
$
--
  
$
--
  
$
--
  
$
5,151
  
$
7,831
  
  Preferred dividend requirements [(d) multiplied by (c)]
  
$
--
  
$
--
  
$
--
  
$
--
  
$
8,189
  
$
11,777