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, | ||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||
Earnings Available For Fixed Charges: | |||||||||||||||||||
Pre-tax income: | |||||||||||||||||||
Income from continuing operations | $ | 156,368 | $ | 146,282 | $ | 125,411 | $ | 119,750 | $ | 108,429 | $ | 119,069 | |||||||
Income taxes | 92,114 | 88,608 | 76,756 | 70,775 | 52,557 | 76,882 | |||||||||||||
Income taxes charged to other income - net | (3,366 | ) | 2,142 | (17 | ) | (162 | ) | 2,082 | 4,590 | ||||||||||
Capitalized interest | (5,065 | ) | (3,800 | ) | (2,796 | ) | (2,272 | ) | (1,397 | ) | (883 | ) | |||||||
Total | $ | 240,051 | $ | 233,232 | $ | 199,354 | $ | 188,091 | $ | 161,671 | $ | 199,658 | |||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 178,299 | $ | 174,682 | $ | 172,050 | $ | 182,902 | $ | 192,830 | $ | 190,849 | |||||||
Other interest | 5,065 | 3,800 | 2,796 | 2,272 | 1,397 | 883 | |||||||||||||
Portion of rentals representative of the interest factor | 7,615 | 5,234 | 5,424 | 4,669 | 5,394 | 5,633 | |||||||||||||
Total | $ | 190,979 | $ | 183,716 | $ | 180,270 | $ | 189,843 | $ | 199,621 | $ | 197,365 | |||||||
Earnings available for combined fixed charges | $ | 431,030 | $ | 416,948 | $ | 379,624 | $ | 377,934 | $ | 361,292 | $ | 397,023 | |||||||
Ratio of Earnings to Fixed Charges | 2.26 | x | 2.27 | x | 2.11 | x | 1.99 | x | 1.81 | x | 2.01 | x | |||||||
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, | ||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||
Earnings Available for Combined Fixed Charges and | |||||||||||||||||||
Preferred Dividend Requirements: | |||||||||||||||||||
Pre-tax income: | |||||||||||||||||||
Income from continuing operations | $ | 156,368 | $ | 146,282 | $ | 125,411 | $ | 119,750 | $ | 108,429 | $ | 119,069 | |||||||
Income taxes | 92,114 | 88,608 | 76,756 | 70,775 | 52,557 | 76,882 | |||||||||||||
Income taxes charged to other income - net | (3,366 | ) | 2,142 | (17 | ) | (162 | ) | 2,082 | 4,590 | ||||||||||
Subtotal | 245,116 | 237,032 | 202,150 | 190,363 | 163,068 | 200,541 | |||||||||||||
Capitalized interest | (5,065 | ) | (3,800 | ) | (2,796 | ) | (2,272 | ) | (1,397 | ) | (883 | ) | |||||||
Total | $ | 240,051 | $ | 233,232 | $ | 199,354 | $ | 188,091 | $ | 161,671 | $ | 199,658 | |||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 178,299 | $ | 174,682 | $ | 172,050 | $ | 182,902 | $ | 192,830 | $ | 190,849 | |||||||
Other interest | 5,065 | 3,800 | 2,796 | 2,272 | 1,397 | 883 | |||||||||||||
Portion of rentals representative of the interest factor | 7,615 | 5,234 | 5,424 | 4,669 | 5,394 | 5,633 | |||||||||||||
Total | $ | 190,979 | $ | 183,716 | $ | 180,270 | $ | 189,843 | $ | 199,621 | $ | 197,365 | |||||||
Earnings Available for Combined Fixed Charges and | |||||||||||||||||||
Preferred Dividend Requirements | $ | 431,030 | $ | 416,948 | $ | 379,624 | $ | 377,934 | $ | 361,292 | $ | 397,023 | |||||||
Dividend Requirement: | |||||||||||||||||||
Fixed charges above | $ | 190,979 | $ | 183,716 | $ | 180,270 | $ | 189,843 | $ | 199,621 | $ | 197,365 | |||||||
Preferred dividend requirements below | -- | -- | -- | 8,189 | 11,777 | 14,169 | |||||||||||||
Total | $ | 190,979 | $ | 183,716 | $ | 180,270 | $ | 198,032 | $ | 211,398 | $ | 211,534 | |||||||
Ratio of Earnings to Combined Fixed Charges and | |||||||||||||||||||
Preferred Dividends Requirement | 2.28 | x | 2.27 | x | 2.11 | x | 1.91 | x | 1.71 | x | 1.88 | x | |||||||
Computation of Preferred Dividend Requirements: | |||||||||||||||||||
(a) Pre-tax income | $ | 245,116 | $ | 237,032 | $ | 202,150 | $ | 190,363 | $ | 163,068 | $ | 200,541 | |||||||
(b) Income from continuing operations | $ | 156,368 | $ | 146,282 | $ | 125,411 | $ | 119,750 | $ | 108,429 | $ | 119,069 | |||||||
(c) Ratio of (a) to (b) | 1.5676 | 1.6204 | 1.6119 | 1.5897 | 1.5039 | 1.6842 | |||||||||||||
(d) Preferred dividends | $ | -- | $ | -- | $ | -- | $ | 5,151 | $ | 7,831 | $ | 8,413 | |||||||
Preferred dividend requirements [(d) multiplied by (c)] | $ | -- | $ | -- | $ | -- | $ | 8,189 | $ | 11,777 | $ | 14,169 |
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10-Q Filing
Puget Energy (PSD) 10-Q2006 Q3 Quarterly report
Filed: 4 Aug 06, 12:00am