EX-12.2 3 pe-ex122_2016930xq3.htm PSE RATIO OF EARNINGS TO FIXED CHARGES Exhibit


 
 
 
 
 
Exhibit 12.2
 
PUGET SOUND 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
$
545,733

$
430,089

$
325,955

$
517,015

$
505,478

$
282,237

   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
$
522,153

$
413,189

$
313,342

$
489,824

$
457,793

$
219,858

Fixed charges:
 
 
 
 
 
 
   Interest expense
$
243,297

$
247,571

$
264,926

$
261,377

$
247,013

$
231,416

   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
$
265,126

$
265,876

$
282,660

$
287,564

$
282,733

$
272,613

Earnings available for combined fixed charges
$
787,279

$
679,065

$
596,002

$
777,388

$
740,526

$
492,471

 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
2.97x

2.55x

2.11x

2.70x

2.62x

1.81x


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