EX-12.1 4 pe201510k-exhibit121.htm STATEMENT OF RATIOS OF EARNINGS TO FIXED CHARGES OF PUGET ENERGY, INC. Exhibit


 
 
 
 
 
 
 
 
 
 Exhibit 12.1
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
 
Earnings Available For Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Pre-tax income:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
332,954

 
$
228,820

 
$
408,136

 
$
378,546

 
$
157,050

 
AFUDC - equity
(9,325
)
 
(7,002
)
 
(15,930
)
 
(25,469
)
 
(32,430
)
 
AFUDC - debt
(7,575
)
 
(5,611
)
 
(11,261
)
 
(22,216
)
 
(29,949
)
 
Total
$
316,054

 
$
216,207

 
$
380,945

 
$
330,861

 
$
94,671

 
Fixed charges:
 
 
 
 
 
 
 

 
 

 
Interest expense
$
356,696

 
$
367,308

 
$
392,264

 
$
392,216

 
$
371,910

 
Other interest
9,325

 
7,002

 
15,930

 
25,469

 
32,430

 
Portion of rentals representative of the interest factor
8,980

 
10,732

 
10,257

 
10,251

 
8,767

 
Total
$
375,001

 
$
385,042

 
$
418,451

 
$
427,936

 
$
413,107

 
Earnings available for combined fixed changes
$
691,055

 
$
601,249

 
$
799,396

 
$
758,797

 
$
507,778

 
Ratio of Earnings to Fixed Changes
$
1.84

x
$
1.56

x
$
1.91

x
$
1.77

x
$
1.23

x