EX-12.1 2 pe-ex121_2016930xq3.htm PUGET ENERGY RATIO OF EARNINGS TO FIXED CHARGES Exhibit


 
 
 
 
 
Exhibit 12.1
 
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12 Months
 
 
 
 
 
 
Ended
Years Ended
 
September 30,
December 31,
 
2016
2015
2014
2013
2012
2011
Earnings Available For Fixed Charges:
 
 
 
 
 
 
Pre-tax income:
 
 
 
 
 
 
Income from continuing operations before income taxes
$
447,379

$
332,954

$
228,820

$
408,136

$
378,546

$
157,050

   AFUDC - equity
(13,604
)
(9,325
)
(7,002
)
(15,930
)
(25,469
)
(32,430
)
   AFUDC - debt
(9,976
)
(7,575
)
(5,611
)
(11,261
)
(22,216
)
(29,949
)
Total
$
423,799

$
316,054

$
216,207

$
380,945

$
330,861

$
94,671

Fixed charges:
 
 
 
 
 
 
   Interest expense
$
355,998

$
356,696

$
367,308

$
392,264

$
392,216

$
371,910

   Other interest
13,604

9,325

7,002

15,930

25,469

32,430

Portion of rentals representative of the interest factor (a)
8,225

8,980

10,732

10,257

10,251

8,767

Total
$
377,827

$
375,001

$
385,042

$
418,451

$
427,936

$
413,107

Earnings available for combined fixed charges
$
801,626

$
691,055

$
601,249

$
799,396

$
758,797

$
507,778

 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
2.12x

1.84x

1.56x

1.91x

1.77x

1.23x


(a) Represents interest portion of rents estimated at 33 1/3 percent.