EX-12.1 2 pe-ex121_2017630xq2.htm EXHIBIT 12.1 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
 
June 30,
December 31,
 
2017
2016
2015
2014
2013
2012
Earnings Available For Fixed Charges:
 
 
 
 
 
 
Pre-tax income:
 
 
 
 
 
 
Income from continuing operations before income taxes
$
395,285

$
453,103

$
332,954

$
228,820

$
408,136

$
378,546

   AFUDC - equity
(12,295
)
(12,576
)
(9,325
)
(7,002
)
(15,930
)
(25,469
)
   AFUDC - debt
(9,073
)
(9,304
)
(7,575
)
(5,611
)
(11,261
)
(22,216
)
Total
$
373,917

$
431,223

$
316,054

$
216,207

$
380,945

$
330,861

Fixed charges:
 
 
 
 
 
 
   Interest expense
$
345,568

$
355,139

$
356,696

$
367,308

$
392,264

$
392,216

   Other interest
12,295

12,576

9,325

7,002

15,930

25,469

Portion of rentals representative of the interest factor (a)
8,359

8,061

8,980

10,732

10,257

10,251

Total
$
366,222

$
375,776

$
375,001

$
385,042

$
418,451

$
427,936

Earnings available for combined fixed charges
$
740,139

$
806,999

$
691,055

$
601,249

$
799,396

$
758,797

 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
2.02x

2.15x

1.84x

1.56x

1.91x

1.77x


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