Exhibit 12.1 | |||||||||||||||||||
PUGET ENERGY | |||||||||||||||||||
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF | |||||||||||||||||||
EARNINGS TO FIXED CHARGES | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||
12 Months | |||||||||||||||||||
Ended | |||||||||||||||||||
June 30, | Years Ended December 31, | ||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||
Earnings Available For Fixed Charges: | |||||||||||||||||||
Pre-tax income: | |||||||||||||||||||
Income from continuing operations | $ | 152,448 | $ | 125,411 | $ | 119,750 | $ | 108,429 | $ | 119,069 | $ | 194,374 | |||||||
Income taxes | 95,266 | 76,756 | 70,775 | 52,557 | 76,882 | 129,407 | |||||||||||||
Income taxes charged to other income - net | 1,074 | (17 | ) | (162 | ) | 2,082 | 4,590 | 1,411 | |||||||||||
Capitalized interest | (3,337 | ) | (2,796 | ) | (2,272 | ) | (1,397 | ) | (883 | ) | (1,264 | ) | |||||||
Total | $ | 245,451 | $ | 199,354 | $ | 188,091 | $ | 161,671 | $ | 199,658 | $ | 323,928 | |||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 170,620 | $ | 172,050 | $ | 182,902 | $ | 192,830 | $ | 190,849 | $ | 184,217 | |||||||
Other interest | 3,337 | 2,796 | 2,272 | 1,397 | 883 | 1,264 | |||||||||||||
Portion of rentals representative of the interest factor | 5,824 | 5,424 | 4,669 | 5,394 | 5,633 | 5,002 | |||||||||||||
Total | $ | 179,781 | $ | 180,270 | $ | 189,843 | $ | 199,621 | $ | 197,365 | $ | 190,483 | |||||||
Earnings available for combined fixed charges | $ | 425,232 | $ | 379,624 | $ | 377,934 | $ | 361,292 | $ | 397,023 | $ | 514,411 | |||||||
Ratio of Earnings to Fixed Charges | 2.37x | 2.11x | 1.99x | 1.81x | 2.01x | 2.70x |
PUGET ENERGY | |||||||||||||||||||
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF | |||||||||||||||||||
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||
12 Months | |||||||||||||||||||
Ended | |||||||||||||||||||
June 30, | Years Ended December 31, | ||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||
Earnings Available for Combined Fixed Charges and | |||||||||||||||||||
Preferred Dividend Requirements: | |||||||||||||||||||
Pre-tax income: | |||||||||||||||||||
Income from continuing operations | $ | 152,448 | $ | 125,411 | $ | 119,750 | $ | 108,429 | $ | 119,069 | $ | 194,374 | |||||||
Income taxes | 95,266 | 76,756 | 70,775 | 52,557 | 76,882 | 129,407 | |||||||||||||
Income taxes charged to other income - net | 1,074 | (17 | ) | (162 | ) | 2,082 | 4,590 | 1,411 | |||||||||||
Subtotal | 248,788 | 202,150 | 190,363 | 163,068 | 200,541 | 325,192 | |||||||||||||
Capitalized interest | (3,337 | ) | (2,796 | ) | (2,272 | ) | (1,397 | ) | (883 | ) | (1,264 | ) | |||||||
Total | $ | 245,451 | $ | 199,354 | $ | 188,091 | $ | 161,671 | $ | 199,658 | $ | 323,928 | |||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 170,620 | $ | 172,050 | $ | 182,902 | $ | 192,830 | $ | 190,849 | $ | 184,217 | |||||||
Other interest | 3,337 | 2,796 | 2,272 | 1,397 | 883 | 1,264 | |||||||||||||
Portion of rentals representative of the interest factor | 5,824 | 5,424 | 4,669 | 5,394 | 5,633 | 5,002 | |||||||||||||
Total | $ | 179,781 | $ | 180,270 | $ | 189,843 | $ | 199,621 | $ | 197,365 | $ | 190,483 | |||||||
Earnings Available for Combined Fixed Charges and | |||||||||||||||||||
Preferred Dividend Requirements | $ | 425,232 | $ | 379,624 | $ | 377,934 | $ | 361,292 | $ | 397,023 | $ | 514,411 | |||||||
Dividend Requirement: | |||||||||||||||||||
Fixed charges above | $ | 179,781 | $ | 180,270 | $ | 189,843 | $ | 199,621 | $ | 197,365 | $ | 190,483 | |||||||
Preferred dividend requirements below | - | - | 8,189 | 11,777 | 14,169 | 15,047 | |||||||||||||
Total | $ | 179,781 | $ | 180,270 | $ | 198,032 | $ | 211,398 | $ | 211,534 | $ | 205,530 | |||||||
Ratio of Earnings to Combined Fixed Charges and | |||||||||||||||||||
Preferred Dividends Requirement | 2.37x | 2.11x | 1.91x | 1.71x | 1.88x | 2.50x | |||||||||||||
Computation of Preferred Dividend Requirements: | |||||||||||||||||||
(a) Pre-tax income | $ | 248,788 | $ | 202,150 | $ | 190,363 | $ | 163,068 | $ | 200,541 | $ | 325,192 | |||||||
(b) Income from continuing operations | $ | 152,448 | $ | 125,411 | $ | 119,750 | $ | 108,429 | $ | 119,069 | $ | 194,374 | |||||||
(c) Ratio of (a) to (b) | 1.6320 | 1.6119 | 1.5897 | 1.5039 | 1.6842 | 1.6730 | |||||||||||||
(d) Preferred dividends | $ | - | $ | - | $ | 5,151 | $ | 7,831 | $ | 8,413 | $ | 8,994 | |||||||
Preferred dividend requirements [(d) multiplied by (c)] | $ | - | $ | - | $ | 8,189 | $ | 11,777 | $ | 14,169 | $ | 15,047 |