EX-12.1 3 exhibit121.htm STATEMENT SETTING FORTH COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES OF PUGET ENERGY INC exhibit121.htm
Exhibit 12.1
 
 
 
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
 
  
    Successor       Predecessor  
   
Year
Ended
December 31,
  
Period from
February 6, 2009
through
December 31,
    
Period from
January 1, 2009
through
    
Years Ended December 31,
  
   
2010
    
2009
    
February 5, 2009
  
2008
    
2007
    
2006
  
Earnings Available For Fixed Charges:
                                    
Pre-tax income:
                                    
   Income from continuing operations before income taxes
   $ 32,792     $ 256,056     $ 21,753     $ 214,835     $ 257,258     $ 259,710  
   AFUDC - equity
     (12,677 )     (4,108 )     (69 )     (2,627 )     (1,351 )     (7,978 )
   AFUDC - debt
     (14,157 )     (8,864 )     (350 )     (8,610 )     (12,614 )     (15,874 )
Total
   $ 5,958     $ 243,084     $ 21,334     $ 203,598     $ 243,293     $ 235,858  
Fixed charges:
                                                
   Interest expense
   $ 321,167     $ 265,675     $ 17,291     $ 202,582     $ 217,823     $ 184,013  
   Other interest
     12,677       4,108       69       2,627       1,351       7,978  
   Portion of rentals representative of the interest factor
     5,391       9,131       1,081       11,775       9,199       9,151  
Total
   $ 339,235     $ 278,914     $ 18,441     $ 216,984     $ 228,373     $ 201,142  
Earnings available for combined fixed charges
   $ 345,193     $ 521,998     $ 39,775     $ 420,582     $ 471,666     $ 437,000  
                                                 
Ratio of Earnings to Fixed Charges
     1.02 x     1.87 x     2.16 x     1.94 x     2.07 x     2.17 x