Exhibit 12.2 | |||||||||||||||||||
PUGET SOUND ENERGY | |||||||||||||||||||
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF | |||||||||||||||||||
EARNINGS TO FIXED CHARGES | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||
12 Months | |||||||||||||||||||
Ended | |||||||||||||||||||
March 31, | Years Ended December 31, | ||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||
Earnings Available For Fixed Charges: | |||||||||||||||||||
Pre-tax income: | |||||||||||||||||||
Income from continuing operations | $ | 181,677 | $ | 176,739 | $ | 146,769 | $ | 126,192 | $ | 120,055 | $ | 108,948 | |||||||
Income taxes | 92,644 | 97,227 | 89,628 | 77,176 | 70,939 | 52,836 | |||||||||||||
Income taxes charged to other income - net | 502 | 1,462 | 2,141 | (17 | ) | (162 | ) | 2,082 | |||||||||||
Capitalized interest | (6,637 | ) | (7,978 | ) | (3,800 | ) | (2,796 | ) | (2,272 | ) | (1,397 | ) | |||||||
Total | $ | 268,186 | $ | 267,450 | $ | 234,738 | $ | 200,555 | $ | 188,560 | 162,469 | ||||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 192,743 | $ | 184,859 | $ | 174,458 | $ | 171,831 | $ | 182,779 | 192,829 | ||||||||
Other interest | 6,637 | 7,978 | 3,800 | 2,796 | 2,272 | 1,397 | |||||||||||||
Portion of rentals representative of the interest factor | 9,017 | 9,151 | 5,234 | 5,424 | 4,669 | 5,394 | |||||||||||||
Total | $ | 208,397 | $ | 201,988 | $ | 183,492 | $ | 180,051 | $ | 189,720 | 199,620 | ||||||||
Earnings available for combined fixed charges | $ | 476,583 | $ | 469,438 | $ | 418,230 | $ | 380,606 | $ | 378,280 | 362,089 | ||||||||
Ratio of Earnings to Fixed Charges | 2.29x | 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) | |||||||||||||||||||
12 Months | |||||||||||||||||||
Ended | |||||||||||||||||||
March 31, | Years Ended December 31, | ||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||
Earnings Available for Combined Fixed Charges and | |||||||||||||||||||
Preferred Dividend Requirements: | |||||||||||||||||||
Pre-tax income: | |||||||||||||||||||
Income from continuing operations | $ | 181,677 | $ | 176,739 | $ | 146,769 | $ | 126,192 | $ | 120,055 | $ | 108,948 | |||||||
Income taxes | 92,644 | 97,227 | 89,628 | 77,176 | 70,939 | 52,836 | |||||||||||||
Income taxes charged to other income - net | 502 | 1,462 | 2,141 | (17 | ) | (162 | ) | 2,082 | |||||||||||
Subtotal | 274,823 | 275,428 | 238,538 | 203,351 | 190,832 | 163,866 | |||||||||||||
Capitalized interest | (6,637 | ) | (7,978 | ) | (3,800 | ) | (2,796 | ) | (2,272 | ) | (1,397 | ) | |||||||
Total | $ | 268,186 | $ | 267,450 | $ | 234,738 | $ | 200,555 | $ | 188,560 | $ | 162,469 | |||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 192,743 | $ | 184,859 | $ | 174,458 | $ | 171,831 | $ | 182,779 | $ | 192,829 | |||||||
Other interest | 6,637 | 7,978 | 3,800 | 2,796 | 2,272 | 1,397 | |||||||||||||
Portion of rentals representative of the interest factor | 9,017 | 9,151 | 5,234 | 5,424 | 4,669 | 5,394 | |||||||||||||
Total | $ | 208,397 | $ | 201,988 | $ | 183,492 | $ | 180,051 | $ | 189,720 | $ | 199,620 | |||||||
Earnings Available for Combined Fixed Charges and | |||||||||||||||||||
Preferred Dividend Requirements | $ | 476,583 | $ | 469,438 | $ | 418,230 | $ | 380,606 | $ | 378,280 | $ | 362,089 | |||||||
Dividend Requirement: | |||||||||||||||||||
Fixed charges above | $ | 208,397 | $ | 201,988 | $ | 183,492 | $ | 180,051 | $ | 189,720 | $ | 199,620 | |||||||
Preferred dividend requirements below | -- | -- | -- | -- | 8,188 | 11,779 | |||||||||||||
Total | $ | 208,397 | $ | 201,988 | $ | 183,492 | $ | 180,051 | $ | 197,908 | $ | 211,399 | |||||||
Ratio of Earnings to Combined Fixed Charges and | |||||||||||||||||||
Preferred Dividends Requirement | 2.29x | 2.32x | 2.28x | 2.11x | 1.91x | 1.71x | |||||||||||||
Computation of Preferred Dividend Requirements: | |||||||||||||||||||
(a) Pre-tax income | $ | 274,823 | $ | 275,428 | $ | 238,538 | $ | 203,351 | $ | 190,832 | $ | 163,866 | |||||||
(b) Income from continuing operations | $ | 181,677 | $ | 176,739 | $ | 146,769 | $ | 126,192 | $ | 120,055 | $ | 108,948 | |||||||
(c) Ratio of (a) to (b) | 1.5127 | 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-Q Filing
Puget Energy (PSD) 10-Q2007 Q2 Quarterly report
Filed: 4 May 07, 12:00am