EX-12.1 2 pe201710k-exhibit121.htm EXHIBIT 12.1 Exhibit


 
 
 
 
 
 
 
 
 
 Exhibit 12.1
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
 
Earnings Available For Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Pre-tax income:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
430,337

 
$
453,103

 
$
332,954

 
$
228,820

 
$
408,136

 
AFUDC - equity
(15,027
)
 
(12,576
)
 
(9,325
)
 
(7,002
)
 
(15,930
)
 
AFUDC - debt
(10,826
)
 
(9,304
)
 
(7,575
)
 
(5,611
)
 
(11,261
)
 
Total
404,484

 
431,223

 
316,054

 
216,207

 
380,945

 
Fixed charges:
 
 
 
 
 
 
 

 
 

 
Interest expense
343,976

 
355,139

 
356,696

 
367,308

 
392,264

 
Other interest
15,027

 
12,576

 
9,325

 
7,002

 
15,930

 
Portion of rentals representative of the interest factor (a)
8,062

 
8,061

 
8,980

 
10,732

 
10,257

 
Total
367,065

 
375,776

 
375,001

 
385,042

 
418,451

 
Earnings available for combined fixed changes
$
771,549

 
$
806,999

 
$
691,055

 
$
601,249

 
$
799,396

 
Ratio of Earnings to Fixed Changes
$
2.10

x
$
2.15

x
$
1.84

x
$
1.56

x
$
1.91

x

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