EX-12.2 5 pe-ex122_2014331xq1.htm PSE RATIO OF EARNINGS TO FIXED CHARGES PE-EX12.2_2014.3.31-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,
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings Available For Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income:
 
 
 
 
 
 
 
 
 
 
 
 
   Income from continuing operations before
       income taxes
$
429,942

$
517,015

$
505,478

$
282,237

$
26,217

$
226,896

   AFUDC - equity
 
(10,842
)
 
(15,930
)
 
(25,469
)
 
(32,430
)
 
(12,677
)
 
(4,177
)
   AFUDC - debt
 
(7,766
)
 
(11,261
)
 
(22,216
)
 
(29,949
)
 
(14,157
)
 
(9,215
)
Total
$
411,334

$
489,824

$
457,793

$
219,858

$
(617
)
$
213,504

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
   Interest expense
$
259,534

$
261,377

$
247,013

$
231,416

$
235,011

$
211,742

   Other interest
 
10,842

 
15,930

 
25,469

 
32,430

 
12,677

 
4,177

Portion of rentals representative of the interest factor
 
10,153

 
10,257

 
10,251

 
8,767

 
5,391

 
10,212

Total
$
280,529

$
287,564

$
282,733

$
272,613

$
253,079

$
226,131

Earnings available for combined fixed charges
$
691,863

$
777,388

$
740,526

$
492,471

$
252,462

$
439,635

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.47x

 
2.70x

 
2.62x

 
1.81x

 
1.00x

 
1.94x