Exhibit 12.2 | ||||||||||||||||||
PUGET SOUND 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 | $ | 153,181 | $ | 126,192 | $ | 120,055 | $ | 108,948 | $ | 119,130 | $ | 194,374 | ||||||
Income taxes | 96,163 | 77,176 | 70,939 | 52,836 | 76,915 | 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 | $ | 247,081 | $ | 200,555 | $ | 188,560 | $ | 162,469 | $ | 199,752 | $ | 323,928 | ||||||
Fixed charges: | ||||||||||||||||||
Interest expense | $ | 170,032 | $ | 171,831 | $ | 182,779 | $ | 192,829 | $ | 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 | $ | 179,193 | $ | 180,051 | $ | 189,720 | $ | 199,620 | $ | 197,365 | $ | 190,483 | ||||||
Earnings available for combined fixed charges | $ | 426,274 | $ | 380,606 | $ | 378,280 | $ | 362,089 | $ | 397,117 | $ | 514,411 | ||||||
Ratio of Earnings to Fixed Charges | 2.38x | 2.11x | 1.99x | 1.81x | 2.01x | 2.70x |
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 | ||||||||||||||||||
June 30, | Years Ended in 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 | $ | 153,181 | $ | 126,192 | $ | 120,055 | $ | 108,948 | $ | 119,130 | $ | 194,374 | ||||||
Income taxes | 96,163 | 77,176 | 70,939 | 52,836 | 76,915 | 129,407 | ||||||||||||
Income taxes charged to other income - net | 1,074 | (17 | ) | (162 | ) | 2,082 | 4,590 | 1,411 | ||||||||||
Subtotal | 250,418 | 203,351 | 190,832 | 163,866 | 200,635 | 325,192 | ||||||||||||
Capitalized interest | (3,337 | ) | (2,796 | ) | (2,272 | ) | (1,397 | ) | (883 | ) | (1,264 | ) | ||||||
Total | $ | 247,081 | $ | 200,555 | $ | 188,560 | $ | 162,469 | $ | 199,752 | $ | 323,928 | ||||||
Fixed charges: | ||||||||||||||||||
Interest expense | $ | 170,032 | $ | 171,831 | $ | 182,779 | $ | 192,829 | $ | 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 | $ | 179,193 | $ | 180,051 | $ | 189,720 | $ | 199,620 | $ | 197,365 | $ | 190,483 | ||||||
Earnings Available for Combined Fixed Charges and | ||||||||||||||||||
Preferred Dividend Requirements | $ | 426,274 | $ | 380,606 | $ | 378,280 | $ | 362,089 | $ | 397,117 | $ | 514,411 | ||||||
Dividend Requirement: | ||||||||||||||||||
Fixed charges above | $ | 179,193 | $ | 180,051 | $ | 189,720 | $ | 199,620 | $ | 197,365 | $ | 190,483 | ||||||
Preferred dividend requirements below | - | - | 8,188 | 11,779 | 14,169 | 15,047 | ||||||||||||
Total | $ | 179,193 | $ | 180,051 | $ | 197,908 | $ | 211,399 | $ | 211,534 | $ | 205,530 | ||||||
Ratio of Earnings to Combined Fixed Charges and | ||||||||||||||||||
Preferred Dividends Requirement | 2.38x | 2.11x | 1.91x | 1.71x | 1.88x | 2.50x | ||||||||||||
Computation of Preferred Dividend Requirements: | ||||||||||||||||||
(a) Pre-tax income | $ | 250,418 | $ | 203,351 | $ | 190,832 | $ | 163,866 | $ | 200,635 | $ | 325,192 | ||||||
(b) Income from continuing operations | $ | 153,181 | $ | 126,192 | $ | 120,055 | $ | 108,948 | $ | 119,130 | $ | 194,374 | ||||||
(c) Ratio of (a) to (b) | 1.6348 | 1.6114 | 1.5895 | 1.5041 | 1.6842 | 1.6730 | ||||||||||||
(d) Preferred dividends | $ | - | $ | - | $ | 5,151 | $ | 7,831 | $ | 8,413 | $ | 8,994 | ||||||
Preferred dividend requirements [(d) multiplied by (c)] | $ | - | $ | - | $ | 8,188 | $ | 11,779 | $ | 14,169 | $ | 15,047 |