Exhibit 12.2
PUGET SOUND ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Years Ended December 31, | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||
EARNINGS AVAILABLE FOR FIXED CHARGES Pre-tax income: Income from continuing operations | $ | 108,948 | $ | 119,130 | $ | 193,831 | $ | 185,567 | $ | 169,612 | |
Income taxes | 52,836 | 76,915 | 129,823 | 109,164 | 105,814 | ||||||
Income taxes charged to other income - net | 2,082 | 4,590 | 1,411 | 2,909 | 3,986 | ||||||
Capitalized interest | (1,397 | ) | (883 | ) | (1,264 | ) | (3,692 | ) | (1,782 | ) | |
Undistributed (earnings) or losses | |||||||||||
of less-than-fifty-percent-owned entities | -- | -- | -- | -- | -- | ||||||
Total | $ | 162,469 | $ | 199,752 | $ | 323,801 | $ | 293,948 | $ | 277,630 | |
Fixed charges: | |||||||||||
Interest expense | $ | 192,829 | $ | 190,849 | $ | 184,405 | $ | 160,966 | $ | 146,248 | |
Other interest | 1,397 | 883 | 1,264 | 3,692 | 1,782 | ||||||
Portion of rentals representative of | |||||||||||
the interest factor | 5,394 | 5,633 | 5,002 | 4,575 | 2,878 | ||||||
Total | $ | 199,620 | $ | 197,365 | $ | 190,671 | $ | 169,233 | $ | 150,908 | |
Earnings available for combined fixed charges | $ | 362,089 | $ | 397,117 | $ | 514,472 | $ | 463,181 | $ | 428,538 | |
RATIO OF EARNINGS TO FIXED CHARGES | 1.81x | 2.01x | 2.69x | 2.74x | 2.84x |
PUGET SOUND ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
Years Ended December 31, | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||
EARNINGS AVAILABLE FOR COMBINED FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS | |||||||||||
Pre-tax income: | |||||||||||
Income from continuing operations | $ | 108,948 | $ | 119,130 | $ | 193,831 | $ | 185,567 | $ | 169,612 | |
Income taxes | 52,836 | 76,915 | 129,823 | 109,164 | 105,814 | ||||||
Income taxes charged to | |||||||||||
other income - net | 2,082 | 4,590 | 1,411 | 2,909 | 3,986 | ||||||
Subtotal | 163,866 | 200,635 | 325,065 | 297,640 | 279,412 | ||||||
Capitalized interest | (1,397 | ) | (883 | ) | (1,264 | ) | (3,692 | ) | (1,782 | ) | |
Undistributed (earnings) or losses | |||||||||||
of less-than-fifty-percent-owned entities | -- | -- | -- | -- | -- | ||||||
Total | $ | 162,469 | $ | 199,752 | $ | 323,801 | $ | 293,948 | $ | 277,630 | |
Fixed charges: | |||||||||||
Interest expense | $ | 192,829 | $ | 190,849 | $ | 184,405 | $ | 160,966 | $ | 146,248 | |
Other interest | 1,397 | 883 | 1,264 | 3,692 | 1,782 | ||||||
Portion of rentals representative of | |||||||||||
the interest factor | 5,394 | 5,633 | 5,002 | 4,575 | 2,878 | ||||||
Total | $ | 199,620 | $ | 197,365 | $ | 190,671 | $ | 169,233 | $ | 150,908 | |
Earnings available for combined fixed charges | |||||||||||
and preferred dividend requirements | $ | 362,089 | $ | 397,117 | $ | 514,472 | $ | 463,181 | $ | 428,538 | |
DIVIDEND REQUIREMENT | |||||||||||
Fixed charges above | 199,620 | 197,365 | 190,671 | 169,233 | 150,908 | ||||||
Preferred dividend requirements below | 11,779 | 14,169 | 15,084 | 17,747 | 21,421 | ||||||
Total | $ | 211,399 | $ | 211,534 | $ | 205,755 | $ | 186,980 | $ | 172,329 | |
Years Ended December 31, | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES | |||||||||||||||||
AND PREFERRED DIVIDEND REQUIREMENTS | 1.71x | 1.88x | 2.50x | 2.48x | 2.49x | ||||||||||||
COMPUTATION OF PREFERRED DIVIDEND | |||||||||||||||||
REQUIREMENTS: | |||||||||||||||||
(a) Pre-tax income | $ | 163,866 | $ | 200,635 | $ | 325,065 | $ | 297,640 | $ | 279,412 | |||||||
(b) Income from continuing operations | $ | 108,948 | $ | 119,130 | $ | 193,831 | $ | 185,567 | $ | 169,612 | |||||||
(c) Ratio of (a) to (b) | 1.5041 | 1.6842 | 1.6771 | 1.6039 | 1.6474 | ||||||||||||
(d) Preferred dividends | $ | 7,831 | $ | 8,413 | $ | 8,994 | $ | 11,065 | $ | 13,003 | |||||||
Preferred dividend requirements | |||||||||||||||||
[(d) multiplied by (c)] | $ | 11,779 | $ | 14,169 | $ | 15,084 | $ | 17,747 | $ | 21,421 | |||||||