Exhibit 12.2 | ||||||||||||||||||||
PUGET SOUND ENERGY | ||||||||||||||||||||
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF | ||||||||||||||||||||
EARNINGS TO FIXED CHARGES | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Years Ended December 31, | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||
Earnings Available For Fixed Charges: | ||||||||||||||||||||
Pre-tax income: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 265,308 | $ | 275,340 | $ | 233,900 | $ | 200,533 | $ | 185,894 | ||||||||||
Capitalized interest | (1,351 | ) | (7,978 | ) | (3,800 | ) | (2,796 | ) | (2,272 | ) | ||||||||||
AFUDC - debt | (12,614 | ) | (15,874 | ) | (9,493 | ) | (5,420 | ) | (3,343 | ) | ||||||||||
Total | $ | 251,342 | $ | 251,488 | $ | 220,607 | $ | 192,317 | $ | 180,279 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 219,120 | $ | 184,859 | $ | 174,458 | $ | 171,831 | $ | 182,779 | ||||||||||
Other interest | 1,351 | 7,978 | 3,800 | 2,796 | 2,272 | |||||||||||||||
Portion of rentals representative of the interest factor | 9,199 | 9,151 | 5,234 | 5,424 | 4,669 | |||||||||||||||
Total | $ | 229,670 | $ | 201,988 | $ | 183,492 | $ | 180,051 | $ | 189,721 | ||||||||||
Earnings available for combined fixed charges | $ | 481,012 | $ | 453,476 | $ | 404,099 | $ | 372,368 | $ | 370,000 | ||||||||||
Ratio of Earnings to Fixed Charges | 2.09 | x | 2.25 | x | 2.20 | x | 2.07 | x | 1.95 | x |
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, | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||
Earnings Available for Combined Fixed Charges and | ||||||||||||||||||||
Preferred Dividend Requirements: | ||||||||||||||||||||
Pre-tax income: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 265,308 | $ | 275,340 | $ | 233,900 | $ | 200,533 | $ | 185,894 | ||||||||||
Capitalized interest | (1,351 | ) | (7,978 | ) | (3,800 | ) | (2,796 | ) | (2,272 | ) | ||||||||||
AFUDC - debt | (12,614 | ) | (15,874 | ) | (9,493 | ) | (5,420 | ) | (3,343 | ) | ||||||||||
Total | $ | 251,342 | $ | 251,488 | $ | 220,607 | $ | 192,317 | $ | 180,279 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 219,120 | $ | 184,859 | $ | 174,458 | $ | 171,831 | $ | 182,779 | ||||||||||
Other interest | 1,351 | 7,978 | 3,800 | 2,796 | 2,272 | |||||||||||||||
Portion of rentals representative of the interest factor | 9,199 | 9,151 | 5,234 | 5,424 | 4,669 | |||||||||||||||
Total | $ | 229,670 | $ | 201,988 | $ | 183,492 | $ | 180,051 | $ | 189,721 | ||||||||||
Earnings Available for Combined Fixed Charges and | ||||||||||||||||||||
Preferred Dividend Requirements | $ | 481,012 | $ | 453,476 | $ | 404,099 | $ | 372,368 | $ | 370,000 | ||||||||||
Dividend Requirement: | ||||||||||||||||||||
Fixed charges above | $ | 229,670 | $ | 201,988 | $ | 183,492 | $ | 180,051 | $ | 189,722 | ||||||||||
Preferred dividend requirements below | - | - | - | - | 8,333 | |||||||||||||||
Total | $ | 229,670 | $ | 201,988 | $ | 183,492 | $ | 180,051 | $ | 198,055 | ||||||||||
Ratio of Earnings to Combined Fixed Charges and | ||||||||||||||||||||
Preferred Dividends Requirement | 2.09 | x | 2.25 | x | 2.20 | x | 2.07 | x | 1.95 | x | ||||||||||
Computation of Preferred Dividend Requirements: | ||||||||||||||||||||
(a) Income from continuing operations before income taxes | $ | 265,308 | $ | 275,340 | $ | 233,900 | $ | 200,533 | $ | 185,894 | ||||||||||
(b) Net income before extraordinary items | $ | 191,127 | $ | 176,650 | $ | 146,840 | $ | 126,192 | $ | 114,903 | ||||||||||
(c) Ratio of (a) to (b) | 1.3881 | 1.5587 | 1.5929 | 1.5891 | 1.6178 | |||||||||||||||
(d) Preferred dividends(1) | $ | - | $ | - | $ | - | $ | - | $ | 5,151 | ||||||||||
Preferred dividend requirements [(d) multiplied by (c)] | $ | - | $ | - | $ | - | $ | - | $ | 8,333 |
(1) PSE does not have preferred dividends since 2003 | ||||||||||
(2) PSE does not have any interest expense accrued on uncertain tax positions at December 31, 2007. | 1.5587 |