EX-12.2 10 exhibit122.htm PUGET SOUND ENERGY COMPUTATION OF RATIOS PUGET SOUND ENERGY COMPUTATION OF RATIOS
           
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,
  
   
2007
  
2006
  
2005
  
2004
  
2003
  
2002
  
Earnings Available For Fixed Charges:
                          
Pre-tax income:
                          
   Income from continuing operations
  
$
181,677
  
$
176,739
  
$
146,769
  
$
126,192
  
$
120,055
  
$
108,948
  
   Income taxes
    
92,644
   
97,227
   
89,628
   
77,176
   
70,939
   
52,836
 
   Income taxes charged to other income - net
    
502
   
1,462
   
2,141
   
(17
)
  
(162
)
  
2,082
 
   Capitalized interest
    
(6,637
)
  
(7,978
)
  
(3,800
)
  
(2,796
)
  
(2,272
)
  
(1,397
)
Total
  
$
268,186
  
$
267,450
  
$
234,738
  
$
200,555
  
$
188,560
    
162,469
 
Fixed charges:
                                      
   Interest expense
  
$
192,743
  
$
184,859
  
$
174,458
  
$
171,831
  
$
182,779
    
192,829
 
   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
  
$
208,397
  
$
201,988
  
$
183,492
  
$
180,051
  
$
189,720
    
199,620
 
Earnings available for combined fixed charges
  
$
476,583
  
$
469,438
  
$
418,230
  
$
380,606
  
$
378,280
    
362,089
 
Ratio of Earnings to Fixed Charges
    
2.29x
    
2.32x
    
2.28x
    
2.11x
    
1.99x
    
1.81x
  
                                       
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,
     
2007
    
2006
    
2005
    
2004
    
2003
    
2002
  
Earnings Available for Combined Fixed Charges and
                                      
   Preferred Dividend Requirements:
                                      
Pre-tax income:
                                      
   Income from continuing operations
  
$
181,677
  
$
176,739
  
$
146,769
  
$
126,192
  
$
120,055
  
$
108,948
  
   Income taxes
    
92,644
   
97,227
   
89,628
   
77,176
   
70,939
   
52,836
 
   Income taxes charged to other income - net
    
502
   
1,462
   
2,141
   
(17
)
  
(162
)
  
2,082
 
Subtotal
    
274,823
   
275,428
   
238,538
   
203,351
   
190,832
   
163,866
 
   Capitalized interest
    
(6,637
)
  
(7,978
)
  
(3,800
)
  
(2,796
)
  
(2,272
)
  
(1,397
)
Total
  
$
268,186
  
$
267,450
  
$
234,738
  
$
200,555
  
$
188,560
  
$
162,469
  
Fixed charges:
                                      
   Interest expense
  
$
192,743
  
$
184,859
  
$
174,458
  
$
171,831
  
$
182,779
  
$
192,829
  
   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
  
$
208,397
  
$
201,988
  
$
183,492
  
$
180,051
  
$
189,720
  
$
199,620
  
Earnings Available for Combined Fixed Charges and
                                      
   Preferred Dividend Requirements
  
$
476,583
  
$
469,438
  
$
418,230
  
$
380,606
  
$
378,280
  
$
362,089
  
Dividend Requirement:
                                      
   Fixed charges above
  
$
208,397
  
$
201,988
  
$
183,492
  
$
180,051
  
$
189,720
  
$
199,620
  
   Preferred dividend requirements below
    
--
   
--
   
--
   
--
   
8,188
   
11,779
 
Total
  
$
208,397
  
$
201,988
  
$
183,492
  
$
180,051
  
$
197,908
  
$
211,399
  
Ratio of Earnings to Combined Fixed Charges and
                                      
Preferred Dividends Requirement
   
2.29x
    
2.32x
    
2.28x
    
2.11x
    
1.91x
    
1.71x
  
 
                                      
Computation of Preferred Dividend Requirements:
                                     
    (a) Pre-tax income
  
$
274,823
  
$
275,428
  
$
238,538
  
$
203,351
  
$
190,832
  
$
163,866
  
    (b) Income from continuing operations
  
$
181,677
  
$
176,739
  
$
146,769
  
$
126,192
  
$
120,055
  
$
108,948
  
    (c) Ratio of (a) to (b)
    
1.5127
   
1.5584
   
1.6253
   
1.6114
   
1.5895
   
1.5041
 
    (d) Preferred dividends
  
$
--
  
$
--
  
$
--
  
$
--
  
$
5,151
  
$
7,831
  
  Preferred dividend requirements [(d) multiplied by (c)]
  
$
--
  
$
--
  
$
--
  
$
--
  
$
8,188
  
$
11,779