Exhibit 12.1 | |||||||||||||||||||
PUGET 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 | $ | 172,539 | $ | 167,224 | $ | 146,282 | $ | 125,411 | $ | 119,750 | $ | 108,429 | |||||||
Income taxes | 86,362 | 96,270 | 88,608 | 76,756 | 70,775 | 52,557 | |||||||||||||
Income taxes charged to other income - net | 502 | (3,784 | ) | 2,142 | (17 | ) | (162 | ) | 2,082 | ||||||||||
Capitalized interest | (6,637 | ) | (7,978 | ) | (3,800 | ) | (2,796 | ) | (2,272 | ) | (1,397 | ) | |||||||
Total | $ | 252,766 | $ | 251,732 | $ | 233,232 | $ | 199,354 | $ | 188,091 | $ | 161,671 | |||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 191,561 | $ | 184,013 | $ | 174,682 | $ | 172,050 | $ | 182,902 | $ | 192,830 | |||||||
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 | $ | 207,215 | $ | 201,142 | $ | 183,716 | $ | 180,270 | $ | 189,843 | $ | 199,621 | |||||||
Earnings available for combined fixed charges | $ | 459,981 | $ | 452,874 | $ | 416,948 | $ | 379,624 | $ | 377,934 | $ | 361,292 | |||||||
Ratio of Earnings to Fixed Charges | 2.22x | 2.25x | 2.27x | 2.11x | 1.99x | 1.81x | |||||||||||||
PUGET ENERGY | |||||||||||||||||||
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 | $ | 172,539 | $ | 167,224 | $ | 146,282 | $ | 125,411 | $ | 119,750 | $ | 108,429 | |||||||
Income taxes | 86,362 | 96,270 | 88,608 | 76,756 | 70,775 | 52,557 | |||||||||||||
Income taxes charged to other income - net | 502 | (3,784 | ) | 2,142 | (17 | ) | (162 | ) | 2,082 | ||||||||||
Subtotal | 259,403 | 259,710 | 237,032 | 202,150 | 190,363 | 163,068 | |||||||||||||
Capitalized interest | (6,637 | ) | (7,978 | ) | (3,800 | ) | (2,796 | ) | (2,272 | ) | (1,397 | ) | |||||||
Total | $ | 252,766 | $ | 251,732 | $ | 233,232 | $ | 199,354 | $ | 188,091 | $ | 161,671 | |||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 191,561 | $ | 184,013 | $ | 174,682 | $ | 172,050 | $ | 182,902 | $ | 192,830 | |||||||
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 | $ | 207,215 | $ | 201,142 | $ | 183,716 | $ | 180,270 | $ | 189,843 | $ | 199,621 | |||||||
Earnings Available for Combined Fixed Charges and | |||||||||||||||||||
Preferred Dividend Requirements | $ | 459,981 | $ | 452,874 | $ | 416,948 | $ | 379,624 | $ | 377,934 | $ | 361,292 | |||||||
Dividend Requirement: | |||||||||||||||||||
Fixed charges above | $ | 207,215 | $ | 201,142 | $ | 183,716 | $ | 180,270 | $ | 189,843 | $ | 199,621 | |||||||
Preferred dividend requirements below | -- | -- | -- | -- | 8,189 | 11,777 | |||||||||||||
Total | $ | 207,215 | $ | 201,142 | $ | 183,716 | $ | 180,270 | $ | 198,032 | $ | 211,398 | |||||||
Ratio of Earnings to Combined Fixed Charges and | |||||||||||||||||||
Preferred Dividends Requirement | 2.22x | 2.25x | 2.27x | 2.11x | 1.91x | 1.71x | |||||||||||||
Computation of Preferred Dividend Requirements: | |||||||||||||||||||
(a) Pre-tax income | $ | 259,403 | $ | 259,710 | $ | 237,032 | $ | 202,150 | $ | 190,363 | $ | 163,068 | |||||||
(b) Income from continuing operations | $ | 172,539 | $ | 167,224 | $ | 146,282 | $ | 125,411 | $ | 119,750 | $ | 108,429 | |||||||
(c) Ratio of (a) to (b) | 1.5034 | 1.5531 | 1.6204 | 1.6119 | 1.5897 | 1.5039 | |||||||||||||
(d) Preferred dividends | $ | -- | $ | -- | $ | -- | $ | -- | $ | 5,151 | $ | 7,831 | |||||||
Preferred dividend requirements [(d) multiplied by (c)] | $ | -- | $ | -- | $ | -- | $ | -- | $ | 8,189 | $ | 11,777 |
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10-Q Filing
Puget Energy (PSD) 10-Q2007 Q2 Quarterly report
Filed: 4 May 07, 12:00am