PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
12 Months
Ending Year Ended December 31,
March 31, 2002 2001 2000 1999 1998 1997
- --------------------------------------------------- ----------- ------------ ------------ ----------- ------------
EARNINGS AVAILABLE FOR
FIXED CHARGES
Pre-tax income:
Income from continuing
operations per statement
of income $61,018 $121,587 $193,831 $185,567 $169,612 $125,698
Federal income taxes 44,236 78,006 128,973 109,164 105,814 44,916
Federal income taxes charged
to other income - net 5,868 4,590 1,411 2,909 3,986 14,807
Capitalized interest (1,100) (883) (1,264) (3,692) (1,782) (360)
Undistributed (earnings) or
losses of less-than-
fifty-percent-owned
entities -- -- -- -- -- (608)
- --------------------------------------------------- ----------- ------------ ------------ ----------- ------------
Total $110,022 $203,300 $322,951 $293,948 $277,630 $184,453
- --------------------------------------------------- ----------- ------------ ------------ ----------- ------------
Fixed charges:
Interest expense $198,175 $194,505 $184,405 $160,966 $146,248 $123,543
Other interest 1,100 883 1,264 3,692 1,782 360
Portion of rentals
representative of the
interest factor 6,823 7,379 5,002 4,575 2,878 3,143
- --------------------------------------------------- ----------- ------------ ------------ ----------- ------------
Total $206,098 $202,767 $190,671 $169,233 $150,908 $127,046
- --------------------------------------------------- ----------- ------------ ------------ ----------- ------------
Earnings available for
combined fixed charges $316,120 $406,067 $513,622 $463,181 $428,538 $311,499
RATIO OF EARNINGS TO
FIXED CHARGES 1.53x 2.00x 2.69x 2.74x 2.84x 2.45x
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
12 Months
Ending Year Ended December 31,
March 31, 2002 2001 2000 1999 1998 1997
- -------------------------------------------------------- ------------ ------------ ------------ ----------- ------------
EARNINGS AVAILABLE FOR COMBINED
FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS
Pretax income:
Income from continuing
operations per statement
of income $61,018 $121,587 $193,831 $185,567 $169,612 $125,698
Federal income taxes 44,236 78,006 128,973 109,164 105,814 44,916
Federal income taxes charged
to other income - net 5,868 4,590 1,411 2,909 3,986 14,807
- -------------------------------------------------------- ------------ ------------ ------------ ----------- ------------
Subtotal 111,122 204,183 324,215 297,640 279,412 185,421
Capitalized interest (1,100) (883) (1,264) (3,692) (1,782) (360)
Undistributed (earnings) or
losses of less-than-fifty-
percent-owned entities -- -- -- -- -- (608)
- -------------------------------------------------------- ------------ ------------ ------------ ----------- ------------
Total $110,022 $203,300 $322,951 $293,948 $277,630 $184,453
- -------------------------------------------------------- ------------ ------------ ------------ ----------- ------------
Fixed charges:
Interest expense $198,175 $194,505 $184,405 $160,966 $146,248 $123,543
Other interest 1,100 883 1,264 3,692 1,782 360
Portion of rentals
representative of the
interest factor 6,823 7,379 5,002 4,575 2,878 3,143
- -------------------------------------------------------- ------------ ------------ ------------ ----------- ------------
Total $206,098 $202,767 $190,671 $169,233 $150,908 $127,046
- -------------------------------------------------------- ------------ ------------ ------------ ----------- ------------
Earnings available for
combined fixed charges
and preferred dividend
requirements $316,120 $406,067 $513,622 $463,181 $428,538 $311,499
DIVIDEND REQUIREMENT:
Fixed charges above $206,098 $202,767 $190,671 $169,233 $150,908 $127,046
Preferred dividend
requirements below 15,055 14,128 15,044 17,747 21,421 26,266
- -------------------------------------------------------- ------------ ------------ ------------ ----------- ------------
Total $221,153 $216,895 $205,715 $186,980 $172,329 $153,312
- -------------------------------------------------------- ------------ ------------ ------------ ----------- ------------
12 Months
Ending Year Ended December 31,
March 31, 2002 2001 2000 1999 1998 1997
- -------------------------------------------------------- ----------- ------------ ------------ ----------- ------------
RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS 1.43x 1.87x 2.50x 2.48x 2.49x 2.03x
COMPUTATION OF PREFERRED
DIVIDEND REQUIREMENTS:
(a) Pre-tax income $111,122 $204,183 $324,215 $297,640 $279,412 $185, 421
(b) Income from continuing
operations $61,018 $121,587 $193,831 $185,567 $169,612 $125,698
(c) Ratio of (a) to (b) 1.8211 1.6793 1.6727 1.6039 1.6474 1.4751
(d) Preferred dividends $8,267 $8,413 $ 8,994 $ 11,065 $ 13,003 $ 17,806
Preferred dividend
requirements
[(d) multiplied by (c)] $15,055 $14,128 $ 15,044 $ 17,747 $ 21,421 $ 26,266
