Exhibit 12.2 | ||||||||||||||||
PUGET SOUND ENERGY | ||||||||||||||||
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF | ||||||||||||||||
EARNINGS TO FIXED CHARGES | ||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Years Ended December 31, | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||
Earnings Available For Fixed Charges: | ||||||||||||||||
Pre-tax income: | ||||||||||||||||
Income from continuing operations | $ | 176,739 | $ | 146,769 | $ | 126,192 | $ | 120,055 | $ | 108,948 | ||||||
Income taxes | 97,227 | 89,628 | 77,176 | 70,939 | 52,836 | |||||||||||
Income taxes charged to other income - net | 1,462 | 2,141 | (17 | ) | (162 | ) | 2,082 | |||||||||
Capitalized interest | (7,978 | ) | (3,800 | ) | (2,796 | ) | (2,272 | ) | (1,397 | ) | ||||||
Total | $ | 267,450 | $ | 234,738 | $ | 200,555 | $ | 188,560 | $ | 162,469 | ||||||
Fixed charges: | ||||||||||||||||
Interest expense | $ | 184,859 | $ | 174,458 | $ | 171,831 | $ | 182,779 | $ | 192,829 | ||||||
Other interest | 7,978 | 3,800 | 2,796 | 2,272 | 1,397 | |||||||||||
Portion of rentals representative of the interest factor | 9,151 | 5,234 | 5,424 | 4,669 | 5,394 | |||||||||||
Total | $ | 201,988 | $ | 183,492 | $ | 180,051 | $ | 189,720 | $ | 199,620 | ||||||
Earnings available for combined fixed charges | $ | 469,438 | $ | 418,230 | $ | 380,606 | $ | 378,280 | $ | 362,089 | ||||||
Ratio of Earnings to Fixed Charges | 2.32x | 2.28x | 2.11x | 1.99x | 1.81x | |||||||||||
PUGET SOUND ENERGY | ||||||||||||||||
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF | ||||||||||||||||
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | ||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Years Ended December 31, | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||
Earnings Available for Combined Fixed Charges and | ||||||||||||||||
Preferred Dividend Requirements: | ||||||||||||||||
Pre-tax income: | ||||||||||||||||
Income from continuing operations | $ | 176,739 | $ | 146,769 | $ | 126,192 | $ | 120,055 | $ | 108,948 | ||||||
Income taxes | 97,227 | 89,628 | 77,176 | 70,939 | 52,836 | |||||||||||
Income taxes charged to other income - net | 1,462 | 2,141 | (17 | ) | (162 | ) | 2,082 | |||||||||
Subtotal | 275,428 | 238,538 | 203,351 | 190,832 | 163,866 | |||||||||||
Capitalized interest | (7,978 | ) | (3,800 | ) | (2,796 | ) | (2,272 | ) | (1,397 | ) | ||||||
Total | $ | 267,450 | $ | 234,738 | $ | 200,555 | $ | 188,560 | $ | 162,469 | ||||||
Fixed charges: | ||||||||||||||||
Interest expense | $ | 184,859 | $ | 174,458 | $ | 171,831 | $ | 182,779 | $ | 192,829 | ||||||
Other interest | 7,978 | 3,800 | 2,796 | 2,272 | 1,397 | |||||||||||
Portion of rentals representative of the interest factor | 9,151 | 5,234 | 5,424 | 4,669 | 5,394 | |||||||||||
Total | $ | 201,988 | $ | 183,492 | $ | 180,051 | $ | 189,720 | $ | 199,620 | ||||||
Earnings Available for Combined Fixed Charges and | ||||||||||||||||
Preferred Dividend Requirements | $ | 469,438 | $ | 418,230 | $ | 380,606 | $ | 378,280 | $ | 362,089 | ||||||
Dividend Requirement: | ||||||||||||||||
Fixed charges above | $ | 201,988 | $ | 183,492 | $ | 180,051 | $ | 189,720 | $ | 199,620 | ||||||
Preferred dividend requirements below | - | - | 8,188 | 11,779 | ||||||||||||
Total | $ | 201,988 | $ | 183,492 | $ | 180,051 | $ | 197,908 | $ | 211,399 | ||||||
Ratio of Earnings to Combined Fixed Charges and | ||||||||||||||||
Preferred Dividends Requirement | 2.32x | 2.28x | 2.11x | 1.91x | 1.71x | |||||||||||
Computation of Preferred Dividend Requirements: | ||||||||||||||||
(a) Pre-tax income | $ | 275,428 | $ | 238,538 | $ | 203,351 | $ | 190,832 | $ | 163,866 | ||||||
(b) Income from continuing operations | $ | 176,739 | $ | 146,769 | $ | 126,192 | $ | 120,055 | $ | 108,948 | ||||||
(c) Ratio of (a) to (b) | 1.5584 | 1.6253 | 1.6114 | 1.5895 | 1.5041 | |||||||||||
(d) Preferred dividends | $ | - | $ | - | $ | - | $ | 5,151 | $ | 7,831 | ||||||
Preferred dividend requirements [(d) multiplied by (c)] | $ | - | $ | - | $ | - | $ | 8,188 | $ | 11,779 |
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10-K Filing
Puget Energy (PSD) 10-K2007 FY Annual report
Filed: 1 Mar 07, 12:00am