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, | ||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||
Earnings Available For Fixed Charges: | |||||||||||||||||||
Pre-tax income: | |||||||||||||||||||
Income from continuing operations | $ | 166,360 | $ | 146,769 | $ | 126,192 | $ | 120,055 | $ | 108,948 | $ | 119,130 | |||||||
Income taxes | 93,037 | 89,628 | 77,176 | 70,939 | 52,836 | 76,915 | |||||||||||||
Income taxes charged to other income - net | 1,880 | 2,141 | (17 | ) | (162 | ) | 2,082 | 4,590 | |||||||||||
Capitalized interest | (5,065 | ) | (3,800 | ) | (2,796 | ) | (2,272 | ) | (1,397 | ) | (883 | ) | |||||||
Total | $ | 256,212 | $ | 234,738 | $ | 200,555 | $ | 188,560 | $ | 162,469 | $ | 199,752 | |||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 178,339 | $ | 174,458 | $ | 171,831 | $ | 182,779 | $ | 192,829 | $ | 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 | $ | 191,019 | $ | 183,492 | $ | 180,051 | $ | 189,720 | $ | 199,620 | $ | 197,365 | |||||||
Earnings available for combined fixed charges | $ | 447,231 | $ | 418,230 | $ | 380,606 | $ | 378,280 | $ | 362,089 | $ | 397,117 | |||||||
Ratio of Earnings to Fixed Charges | 2.34 | x | 2.28 | x | 2.11 | x | 1.99 | x | 1.81 | x | 2.01 | x | |||||||
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 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 | $ | 166,360 | $ | 146,769 | $ | 126,192 | $ | 120,055 | $ | 108,948 | $ | 119,130 | |||||||
Income taxes | 93,037 | 89,628 | 77,176 | 70,939 | 52,836 | 76,915 | |||||||||||||
Income taxes charged to other income - net | 1,880 | 2,141 | (17 | ) | (162 | ) | 2,082 | 4,590 | |||||||||||
Subtotal | 261,277 | 238,538 | 203,351 | 190,832 | 163,866 | 200,635 | |||||||||||||
Capitalized interest | (5,065 | ) | (3,800 | ) | (2,796 | ) | (2,272 | ) | (1,397 | ) | (883 | ) | |||||||
Total | $ | 256,212 | $ | 234,738 | $ | 200,555 | $ | 188,560 | $ | 162,469 | $ | 199,752 | |||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 178,339 | $ | 174,458 | $ | 171,831 | $ | 182,779 | $ | 192,829 | $ | 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 | $ | 191,019 | $ | 183,492 | $ | 180,051 | $ | 189,720 | $ | 199,620 | $ | 197,365 | |||||||
Earnings Available for Combined Fixed Charges and | |||||||||||||||||||
Preferred Dividend Requirements | $ | 447,231 | $ | 418,230 | $ | 380,606 | $ | 378,280 | $ | 362,089 | $ | 397,117 | |||||||
Dividend Requirement: | |||||||||||||||||||
Fixed charges above | $ | 191,019 | $ | 183,492 | $ | 180,051 | $ | 189,720 | $ | 199,620 | $ | 197,365 | |||||||
Preferred dividend requirements below | -- | -- | -- | 8,188 | 11,779 | 14,169 | |||||||||||||
Total | $ | 191,019 | $ | 183,492 | $ | 180,051 | $ | 197,908 | $ | 211,399 | $ | 211,534 | |||||||
Ratio of Earnings to Combined Fixed Charges and | |||||||||||||||||||
Preferred Dividends Requirement | 2.34 | x | 2.28 | x | 2.11 | x | 1.91 | x | 1.71 | x | 1.88 | x | |||||||
Computation of Preferred Dividend Requirements: | |||||||||||||||||||
(a) Pre-tax income | $ | 261,277 | $ | 238,538 | $ | 203,351 | $ | 190,832 | $ | 163,866 | $ | 200,635 | |||||||
(b) Income from continuing operations | $ | 166,360 | $ | 146,769 | $ | 126,192 | $ | 120,055 | $ | 108,948 | $ | 119,130 | |||||||
(c) Ratio of (a) to (b) | 1.5706 | 1.6253 | 1.6114 | 1.5895 | 1.5041 | 1.6842 | |||||||||||||
(d) Preferred dividends | $ | -- | $ | -- | $ | -- | $ | 5,151 | $ | 7,831 | $ | 8,413 | |||||||
Preferred dividend requirements [(d) multiplied by (c)] | $ | -- | $ | -- | $ | -- | $ | 8,188 | $ | 11,779 | $ | 14,169 |
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10-Q Filing
Puget Energy (PSD) 10-Q2006 Q3 Quarterly report
Filed: 4 Aug 06, 12:00am