EX-12.2 7 pse-ex122_2012331xq1.htm PSE RATIO OF EARNINGS TO FIXED CHARGES PSE-EX12.2_2012.3.31-Q1


 
 
 
 
 
 
 
 
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,
 
 
2012
 
2011
 
2010
 
2009
 
2008
 
2007
Earnings Available For Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income:
 
 
 
 
 
 
 
 
 
 
 
 
   Income from continuing operations before
       income taxes
$
291,418

$
282,237

$
26,217

$
226,896

$
223,618

$
265,308

   AFUDC - equity
 
(38,002
)
 
(32,430
)
 
(12,677
)
 
(4,177
)
 
(2,627
)
 
(1,351
)
   AFUDC - debt
 
(32,841
)
 
(29,949
)
 
(14,157
)
 
(9,215
)
 
(8,610
)
 
(12,614
)
Total
$
220,575

$
219,858

$
(617
)
$
213,504

$
212,381

$
251,342

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
   Interest expense
$
235,534

$
231,416

$
235,011

$
211,742

$
203,402

$
219,120

   Other interest
 
38,002

 
32,430

 
12,677

 
4,177

 
2,627

 
1,351

   Portion of rentals representative of the interest
       factor
 
9,795

 
8,767

 
5,391

 
10,212

 
11,775

 
9,199

Total
$
283,331

$
272,613

$
253,079

$
226,131

$
217,804

$
229,670

Earnings available for combined fixed charges
$
503,906

$
492,471

$
252,462

$
439,635

$
430,185

$
481,012

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.78x

 
1.81x

 
1.00x

 
1.94x

 
1.98x

 
2.09x