Exhibit 12.2
PUGET SOUND ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
12 Months Ended | Years Ended December 31, | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
March 31, 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||
Earnings Available For Fixed Charges: | ||||||||||||||||||||
Pre-tax income: | ||||||||||||||||||||
Income from continuing operations | $ | 138,683 | $ | 120,055 | $ | 108,948 | $ | 119,130 | $ | 193,831 | $ | 185,567 | ||||||||
Income taxes | 75,617 | 70,939 | 52,836 | 76,915 | 129,823 | 109,164 | ||||||||||||||
Income taxes charged to other income - net | (346 | ) | (162 | ) | 2,082 | 4,590 | 1,411 | 2,909 | ||||||||||||
Capitalized interest | (2,270 | ) | (2,272 | ) | (1,397 | ) | (883 | ) | (1,264 | ) | (3,692 | ) | ||||||||
Total | $ | 211,684 | $ | 188,560 | $ | 162,469 | $ | 199,752 | $ | 323,801 | $ | 293,948 | ||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 178,900 | $ | 182,779 | $ | 192,829 | $ | 190,849 | $ | 184,405 | $ | 160,966 | ||||||||
Other interest | 2,270 | 2,272 | 1,397 | 883 | 1,264 | 3,692 | ||||||||||||||
Portion of rentals representative of the interest factor | 4,356 | 4,669 | 5,394 | 5,633 | 5,002 | 4,575 | ||||||||||||||
Total | $ | 185,526 | $ | 189,720 | $ | 199,620 | $ | 197,365 | $ | 190,671 | $ | 169,233 | ||||||||
Earnings available for combined fixed charges | $ | 397,210 | $ | 378,280 | $ | 362,089 | $ | 397,117 | $ | 514,472 | $ | 463,181 | ||||||||
Ratio of Earnings to Fixed Charges | 2.14x | 1.99x | 1.81x | 2.01x | 2.70x | 2.74x | ||||||||||||||
PUGET SOUND ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
12 Months Ended | Years Ended December 31, | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
March 31, 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||
Earnings Available for Combined Fixed Charges and | ||||||||||||||||||||
Preferred Dividend Requirements: | ||||||||||||||||||||
Pre-tax income: | ||||||||||||||||||||
Income from continuing operations | $ | 138,683 | $ | 120,055 | $ | 108,948 | $ | 119,130 | $ | 193,831 | $ | 185,567 | ||||||||
Income taxes | 75,617 | 70,939 | 52,836 | 76,915 | 129,823 | 109,164 | ||||||||||||||
Income taxes charged to other income - net | (346 | ) | (162 | ) | 2,082 | 4,590 | 1,411 | 2,909 | ||||||||||||
Subtotal | 213,954 | 190,832 | 163,866 | 200,635 | 325,065 | 297,640 | ||||||||||||||
Capitalized interest | (2,270 | ) | (2,272 | ) | (1,397 | ) | (883 | ) | (1,264 | ) | (3,692 | ) | ||||||||
Total | $ | 211,684 | $ | 188,560 | $ | 162,469 | $ | 199,752 | $ | 323,801 | $ | 293,948 | ||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 178,900 | $ | 182,779 | $ | 192,829 | $ | 190,849 | $ | 184,405 | $ | 160,966 | ||||||||
Other interest | 2,270 | 2,272 | 1,397 | 883 | 1,264 | 3,692 | ||||||||||||||
Portion of rentals representative of the interest factor | 4,356 | 4,669 | 5,394 | 5,633 | 5,002 | 4,575 | ||||||||||||||
Total | $ | 185,526 | $ | 189,720 | $ | 199,620 | $ | 197,365 | $ | 190,671 | $ | 169,233 | ||||||||
Earnings Available for Combined Fixed Charges and | ||||||||||||||||||||
Preferred Dividend Requirements | $ | 397,210 | $ | 378,280 | $ | 362,089 | $ | 397,117 | $ | 514,472 | $ | 463,181 | ||||||||
Dividend Requirement: | ||||||||||||||||||||
Fixed charges above | $ | 185,526 | $ | 189,720 | $ | 199,620 | $ | 197,365 | $ | 190,671 | $ | 169,233 | ||||||||
Preferred dividend requirements below | 5,067 | 8,188 | 11,779 | 14,169 | 15,084 | 17,747 | ||||||||||||||
Total | $ | 190,593 | $ | 197,908 | $ | 211,399 | $ | 211,534 | $ | 205,755 | $ | 186,980 | ||||||||
Ratio of Earnings to Combined Fixed Charges and | ||||||||||||||||||||
Preferred Dividends Requirement | 2.08x | 1.91x | 1.71x | 1.88x | 2.50x | 2.48x | ||||||||||||||
Computation of Preferred Dividend Requirements: | ||||||||||||||||||||
(a) Pre-tax income | $ | 213,955 | $ | 190,832 | $ | 163,866 | $ | 200,635 | $ | 325,065 | $ | 297,640 | ||||||||
(b) Income from continuing operations | $ | 138,683 | $ | 120,055 | $ | 108,948 | $ | 119,130 | $ | 193,831 | $ | 185,567 | ||||||||
(c) Ratio of (a) to (b) | 1.5428 | 1.5895 | 1.5041 | 1.6842 | 1.677 | 1.6039 | ||||||||||||||
(d) Preferred dividends | $ | 3,284 | $ | 5,151 | $ | 7,831 | $ | 8,413 | $ | 8,994 | $ | 11,065 | ||||||||
Preferred dividend requirements [(d) multiplied by (c)] | $ | 5,067 | $ | 8,188 | $ | 11,779 | $ | 14,169 | $ | 15,084 | $ | 17,747 | ||||||||