Exhibit 12-1
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Rsstated
12 Months
Ending Year Ended December 31,
June 30, 2001 2000 1999 1998 1997 1996
------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
EARNINGS AVAILABLE FOR
FIXED CHARGES
Pre-tax income:
Income from continuing
operations per statement
of income $194,782 $193,831 $185,567 $169,612 $125,698 $167,351
Federal income taxes 128,857 128,973 109,164 105,814 44,916 106,876
Federal income taxes charged
to other income - net 9,115 1,411 2,909 3,986 14,807 (784)
Capitalized interest (620) (1,264) (3,692) (1,782) (360) (600)
Undistributed (earnings) or
losses of less-than-
fifty-percent-owned
entities -- -- -- -- (608) 460
------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
Total $332,134 $322,951 $293,948 $277,630 $184,453 $273,303
------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
Fixed charges:
Interest expense $190,505 $184,405 $160,966 $146,248 $123,543 $122,635
Other interest 620 1,264 3,692 1,782 360 600
Portion of rentals
representative of the
interest factor 5,703 5,002 4,575 2,878 3,143 4,187
------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
Total $196,828 $190,671 $169,233 $150,908 $127,046 $127,422
------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
Earnings available for
combined fixed charges $528,962 $513,622 $463,181 $428,538 $311,499 $400,725
RATIO OF EARNINGS TO
FIXED CHARGES 2.69x 2.69x 2.74x 2.84x 2.45x 3.14x
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
Restated
12 Months
Ending Year Ended December 31,
June 30, 2001 2000 1999 1998 1997 1996
-------------------------------------------------- ---------------------- ------------ ------------ ------------ ------------ ------------
EARNINGS AVAILABLE FOR COMBINED
FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS
Pretax income:
Income from continuing
operations per statement
of income $194,782 $193,831 $185,567 $169,612 $125,698 $167,351
Federal income taxes 128,875 128,973 109,164 105,814 44,916 106,876
Federal income taxes charged
to other income - net 9,115 1,411 2,909 3,986 14,807 (784)
-------------------------------------------------- ---------------------- ------------ ------------ ------------ ------------ ------------
Subtotal 332,754 324,215 297,640 279,412 185,421 273,443
Capitalized interest (620) (1,264) (3,692) (1,782) (360) (600)
Undistributed (earnings) or
losses of less-than-fifty-
percent-owned entities -- -- -- -- (608) 460
-------------------------------------------------- ---------------------- ------------ ------------ ------------ ------------ ------------
Total $332,134 $322,951 $293,948 $277,630 $184,453 $273,303
-------------------------------------------------- ---------------------- ------------ ------------ ------------ ------------ ------------
Fixed charges:
Interest expense $190,505 $184,405 $160,966 $146,248 $123,543 $122,635
Other interest 620 1,264 3,692 1,782 360 600
Portion of rentals
representative of the
interest factor 5,703 5,002 4,575 2,878 3,143 4,187
-------------------------------------------------- ---------------------- ------------ ------------ ------------ ------------ ------------
Total $196,828 $190,671 $169,233 $150,908 $127,046 $127,422
-------------------------------------------------- ---------------------- ------------ ------------ ------------ ------------ ------------
Earnings available for
combined fixed charges
and preferred dividend
requirements $528,962 $513,622 $463,181 $428,538 $311,499 $400,725
DIVIDEND REQUIREMENT:
Fixed charges above $196,828 $190,671 $169,233 $150,908 $127,046 $127,422
Preferred dividend
requirements below 14,867 15,044 17,747 21,421 26,266 36,242
-------------------------------------------------- ---------------------- ------------ ------------ ------------ ------------ ------------
Total $211,695 $205,715 $186,980 $172,329 $153,312 $163,664
-------------------------------------------------- ---------------------- ------------ ------------ ------------ ------------ ------------
Restated
12 Months
Ending Year Ended December 31,
June 30, 2001 2000 1999 1998 1997 1996
---------------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS 2.50 2.50 2.48 2.49 2.03 2.45
COMPUTATION OF PREFERRED
DIVIDEND REQUIREMENTS:
(a) Pre-tax income $332,754 $324,215 $297,640 $279,412 $185, 421 $273,443
(b) Income from continuing
operations $194,782 $193,831 $185,567 $169,612 $125,698 $167,351
(c) Ratio of (a) to (b) 1.7083 1.6727 1.6039 1.6474 1.4751 1.6339
(d) Preferred dividends $ 8,703 $ 8,994 $ 11,065 $ 13,003 $ 17,806 $ 22,181
Preferred dividend
requirements
[(d) multiplied by (c)] $14,867 $ 15,044 $ 17,747 $ 21,421 $ 26,266 $ 36,242
