EX-12.2 3 pe201710k-exhibit122.htm EXHIBIT 12.2 Exhibit


 
 
 
 
 
 
 
 
 
 Exhibit 12.2
PUGET SOUND 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
$
532,040

 
$
555,928

 
$
430,089

 
$
325,955

 
$
517,015

 
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
506,187

 
534,048

 
413,189

 
313,342

 
489,824

 
Fixed charges:
 
 
 
 
 
 
 

 
 

 
Interest expense
229,317

 
242,983

 
247,571

 
264,926

 
261,377

 
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
252,406

 
263,620

 
265,876

 
282,660

 
287,564

 
Earnings available for combined fixed charges
$
758,593

 
$
797,668

 
$
679,065

 
$
596,002

 
$
777,388

 
Ratio of Earnings to Fixed Charges
$
3.01

x
$
3.03

x
$
2.55

x
$
2.11

x
$
2.70

x

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