EX-12.1 3 pe201210k-exhibit121.htm STATEMENT SETTING FORTH COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES OF PU PE 2012 10K - Exhibit 12.1


 Exhibit 12.1
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Successor
Predecessor
 
 
 
 
 
 
 
Period from
 
Period from
 
 
 
 
 
 
 
 
 
 
February 6, 2009
 
January 1, 2009
 
 
 
 
 
 
through
 
through
 
Year Ended
 
 
Years Ended December 31,
 
December 31,
 
February 5,
 
December 31,
 
 
2012
 
2011
 
2010
 
2009
 
2009
 
2008
 
Earnings Available For Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income:
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
378,546

 
$
157,050

 
$
32,792

 
$
256,056

 
$
21,753

 
$
214,835

 
AFUDC - equity
(25,469
)
 
(32,430
)
 
(12,677
)
 
(4,108
)
 
(69
)
 
(2,627
)
 
AFUDC - debt
(22,216
)
 
(29,949
)
 
(14,157
)
 
(8,864
)
 
(350
)
 
(8,610
)
 
Total
$
330,861

 
$
94,671

 
$
5,958

 
$
243,084

 
$
21,334

 
$
203,598

 
Fixed charges:
 
 
 

 
 

 
 

 
 

 
 

 
Interest expense
$
392,216

 
$
371,910

 
$
321,167

 
$
265,675

 
$
17,291

 
$
202,582

 
Other interest
25,469

 
32,430

 
12,677

 
4,108

 
69

 
2,627

 
Portion of rentals representative of the interest factor
10,251

 
8,767

 
5,391

 
9,131

 
1,081

 
11,775

 
Total
$
427,936

 
$
413,107

 
$
339,235

 
$
278,914

 
$
18,441

 
$
216,984

 
Earnings available for combined fixed charges
$
758,797

 
$
507,778

 
$
345,193

 
$
521,998

 
$
39,775

 
$
420,582

 
Ratio of Earnings to Fixed Charges
1.77

x
1.23

x
1.02

x
1.87

x
2.16

x
1.94

x