Exhibit 12.1
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
12 Months Ending | Years Ended December 31, | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
September 30, 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||
EARNINGS AVAILABLE FOR | |||||||||||||||||||||||
FIXED CHARGES | |||||||||||||||||||||||
Pre-tax income: | |||||||||||||||||||||||
Income from continuing operations | $ | 129,971 | $ | 118,750 | $ | 121,588 | $ | 193,831 | $ | 185,567 | $ | 169,612 | |||||||||||
Income taxes | 62,460 | 59,260 | 79,838 | 129,823 | 109,164 | 105,814 | |||||||||||||||||
Income taxes charged to other income - net | 3,042 | 2,212 | 4,590 | 1,411 | 2,909 | 3,986 | |||||||||||||||||
Capitalized interest | (1,955 | ) | (1,397 | ) | (833 | ) | (1,264 | ) | (3,692 | ) | (1,782 | ) | |||||||||||
Undistributed (earnings) or losses | |||||||||||||||||||||||
of less-than-fifty-percent-owned entities | -- | -- | -- | -- | -- | -- | |||||||||||||||||
Total | $ | 193,518 | $ | 178,825 | $ | 205,133 | $ | 323,801 | $ | 293,948 | $ | 277,630 | |||||||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense | $ | 191,302 | $ | 198,346 | $ | 194,505 | $ | 184,405 | $ | 160,966 | $ | 146,248 | |||||||||||
Other interest | 1,955 | 1,397 | 883 | 1,264 | 3,692 | 1,782 | |||||||||||||||||
Portion of rentals representative of | |||||||||||||||||||||||
the interest factor | 7,194 | 7,458 | 7,379 | 5,002 | 4,575 | 2,878 | |||||||||||||||||
Total | $ | 200,451 | $ | 207,201 | $ | 202,767 | $ | 190,671 | $ | 169,233 | $ | 150,908 | |||||||||||
Earnings available for combined fixed charges | $ | 393,969 | $ | 386,026 | $ | 407,900 | $ | 514,472 | $ | 463,181 | $ | 428,538 | |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.97 | x | 1.86 | x | 2.01 | x | 2.69 | x | 2.74 | x | 2.84 | x | |||||||||||
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
12 Months Ending | Years Ended December 31, | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
September 30, 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||
EARNINGS AVAILABLE FOR COMBINED | |||||||||||||||||||||||
FIXED CHARGES AND PREFERRED | |||||||||||||||||||||||
DIVIDEND REQUIREMENTS | |||||||||||||||||||||||
Pre-tax income: | |||||||||||||||||||||||
Income from continuing operations | $ | 129,971 | $ | 118,750 | $ | 121,588 | $ | 193,831 | $ | 185,567 | $ | 169,612 | |||||||||||
Income taxes | 62,460 | 59,260 | 79,838 | 129,823 | 109,164 | 105,814 | |||||||||||||||||
Income taxes charged to | |||||||||||||||||||||||
other income - net | 3,042 | 2,212 | 4,590 | 1,411 | 2,909 | 3,986 | |||||||||||||||||
Subtotal | 195,473 | 180,222 | 206,016 | 325,065 | 297,640 | 279,412 | |||||||||||||||||
Capitalized interest | (1,955 | ) | (1,397 | ) | (883 | ) | (1,264 | ) | (3,692 | ) | (1,782 | ) | |||||||||||
Undistributed (earnings) or losses | |||||||||||||||||||||||
of less-than-fifty-percent-owned entities | -- | -- | -- | -- | -- | -- | |||||||||||||||||
Total | $ | 193,518 | $ | 178,825 | $ | 205,133 | $ | 323,801 | $ | 293,948 | $ | 277,630 | |||||||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense | $ | 191,302 | $ | 198,346 | $ | 194,505 | $ | 184,405 | $ | 160,966 | $ | 146,248 | |||||||||||
Other interest | 1,955 | 1,397 | 883 | 1,264 | 3,692 | 1,782 | |||||||||||||||||
Portion of rentals representative of | |||||||||||||||||||||||
the interest factor | 7,194 | 7,458 | 7,379 | 5,002 | 4,575 | 2,878 | |||||||||||||||||
Total | $ | 200,451 | $ | 207,201 | $ | 202,767 | $ | 190,671 | $ | 169,233 | $ | 150,908 | |||||||||||
Earnings available for combined fixed charges | |||||||||||||||||||||||
and preferred dividend requirements | $ | 393,969 | $ | 386,026 | $ | 407,900 | $ | 514,472 | $ | 463,181 | $ | 428,538 | |||||||||||
DIVIDEND REQUIREMENT | |||||||||||||||||||||||
Fixed charges above | 200,451 | 207,201 | 202,767 | 190,671 | 169,233 | 150,908 | |||||||||||||||||
Preferred dividend requirements below | 10,104 | 11,885 | 14,255 | 15,084 | 17,747 | 21,421 | |||||||||||||||||
Total | $ | 210,555 | $ | 219,086 | $ | 217,022 | $ | 205,755 | $ | 186,980 | $ | 172,329 | |||||||||||
12 Months Ending | Years Ended December 31, | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
September 30, 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED | ||||||||||||||||||||
DIVIDEND REQUIREMENTS | 1.87 | x | 1.76 | x | 1.88 | x | 2.50 | x | 2.48 | x | 2.49 | x | ||||||||
COMPUTATION OF PREFERRED DIVIDEND | ||||||||||||||||||||
REQUIREMENTS: | ||||||||||||||||||||
(a) Pre-tax income | $ | 195,473 | $ | 180,222 | $ | 206,016 | $ | 325,065 | $ | 297,640 | $ | 279,412 | ||||||||
(b) Income from continuing operations | $ | 129,971 | $ | 118,750 | $ | 121,588 | $ | 193,831 | $ | 185,567 | $ | 169,612 | ||||||||
(c) Ratio of (a) to (b) | 1.5040 | 1.5177 | 1.6944 | 1.6771 | 1.6039 | 1.6474 | ||||||||||||||
(d) Preferred dividends | $ | 6,718 | $ | 7,831 | $ | 8,413 | $ | 8,994 | $ | 11,065 | $ | 13,003 | ||||||||
Preferred dividend requirements | ||||||||||||||||||||
[(d) multiplied by (c)] | $ | 10,104 | $ | 11,885 | $ | 14,255 | $ | 15,084 | $ | 17,747 | $ | 21,421 | ||||||||