Exhibit 12.1
PUGET SOUND ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
12 Months September 30, | 12 Months September 30, | Years Ended December 31, | ||||||||||||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||||||||
EARNINGS AVAILABLE FOR FIXED CHARGES | ||||||||||||||||||||||||||||
Pre-tax income: | ||||||||||||||||||||||||||||
Income from continuing operations | $ | 127,078 | $ | 67,994 | $ | 108,948 | $ | 119,130 | $ | 193,831 | $ | 185,567 | $ | 169,612 | ||||||||||||||
Income taxes | 60,341 | 33,076 | 52,836 | 76,915 | 129,823 | 109,164 | 105,814 | |||||||||||||||||||||
Income taxes charged to other income—net | 2,957 | 121 | 2,082 | 4,590 | 1,411 | 2,909 | 3,986 | |||||||||||||||||||||
Capitalized interest | (1,955 | ) | (1,379 | ) | (1,397 | ) | (883 | ) | (1,264 | ) | (3,692 | ) | (1,782 | ) | ||||||||||||||
Undistributed (earnings) or losses of less-than-fifty-percent-owned entities | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 188,421 | $ | 99,812 | $ | 162,469 | $ | 199,752 | $ | 323,801 | $ | 293,948 | $ | 277,630 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 185,556 | $ | 194,059 | $ | 192,829 | $ | 190,849 | $ | 184,405 | $ | 160,966 | $ | 146,248 | ||||||||||||||
Other interest | 1,955 | 1,379 | 1,397 | 883 | 1,264 | 3,692 | 1,782 | |||||||||||||||||||||
Portion of rentals representative of the interest factor | 4,821 | 6,013 | 5,394 | 5,633 | 5,002 | 4,575 | 2,878 | |||||||||||||||||||||
Total | $ | 192,332 | $ | 201,451 | $ | 199,620 | $ | 197,365 | $ | 190,671 | $ | 169,233 | $ | 150,908 | ||||||||||||||
Earnings available for combined fixed charges | $ | 380,753 | $ | 301,263 | $ | 362,089 | $ | 397,117 | $ | 514,472 | $ | 463,181 | $ | 428,538 | ||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.98 | x | 1.50 | x | 1.81 | x | 2.01 | x | 2.69 | x | 2.74 | x | 2.84 | 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 September 30, | 12 Months September 30, | Years Ended December 31, | ||||||||||||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||||||||
EARNINGS AVAILABLE FOR COMBINED FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS | ||||||||||||||||||||||||||||
Pre-tax income: | ||||||||||||||||||||||||||||
Income from continuing operations | $ | 127,078 | $ | 67,994 | $ | 108,948 | $ | 119,130 | $ | 193,831 | $ | 185,567 | $ | 169,612 | ||||||||||||||
Income taxes | 60,341 | 33,076 | 52,836 | 76,915 | 129,823 | 109,164 | 105,814 | |||||||||||||||||||||
Income taxes charged to other income—net | 2,957 | 121 | 2,082 | 4,590 | 1,411 | 2,909 | 3,986 | |||||||||||||||||||||
Subtotal | 190,376 | 101,191 | 163,866 | 200,635 | 325,065 | 297,640 | 279,412 | |||||||||||||||||||||
Capitalized interest | (1,955 | ) | (1,379 | ) | (1,397 | ) | (883 | ) | (1,264 | ) | (3,692 | ) | (1,782 | ) | ||||||||||||||
Undistributed (earnings) or losses of less-than-fifty-percent-owned entities | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 188,421 | $ | 99,812 | $ | 162,469 | $ | 199,752 | $ | 323,801 | $ | 293,948 | $ | 277,630 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 185,556 | $ | 194,059 | $ | 192,829 | $ | 190,849 | $ | 184,405 | $ | 160,966 | $ | 146,248 | ||||||||||||||
Other interest | 1,955 | 1,379 | 1,397 | 883 | 1,264 | 3,692 | 1,782 | �� | ||||||||||||||||||||
Portion of rentals representative of the interest factor | 4,821 | 6,013 | 5,394 | 5,633 | 5,002 | 4,575 | 2,878 | |||||||||||||||||||||
Total | $ | 192,332 | $ | 201,451 | $ | 199,620 | $ | 197,365 | $ | 190,671 | $ | 169,233 | $ | 150,908 | ||||||||||||||
Earnings available for combined fixed charges and preferred dividend requirements | $ | 380,753 | $ | 301,263 | $ | 362,089 | $ | 397,117 | $ | 514,472 | $ | 463,181 | $ | 428,538 | ||||||||||||||
DIVIDEND REQUIREMENT | ||||||||||||||||||||||||||||
Fixed charges above | 192,332 | 201,451 | 199,620 | 197,365 | 190,671 | 169,233 | 150,908 | |||||||||||||||||||||
Preferred dividend requirements below | 10,064 | 11,871 | 11,779 | 14,169 | 15,084 | 17,747 | 21,421 | |||||||||||||||||||||
Total | $ | 202,396 | $ | 213,322 | $ | 211,399 | $ | 211,534 | $ | 205,755 | $ | 186,980 | $ | 172,329 | ||||||||||||||
12 Months Ending September 30, 2003 | 12 Months Ending September 30, 2002 | Years Ended December 31, | |||||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS | 1.88x | 1.41x | 1.71x | 1.88x | 2.50x | 2.48x | 2.49x | ||||||||||||||
COMPUTATION OF PREFERRED DIVIDEND REQUIREMENTS: | |||||||||||||||||||||
(a) Pre-tax income | $ | 190,376 | $ | 101,191 | $ | 163,866 | $ | 200,635 | $ | 325,065 | $ | 297,640 | $ | 279,412 | |||||||
(b) Income from continuing operations | $ | 127,078 | $ | 67,994 | $ | 108,948 | $ | 119,130 | $ | 193,831 | $ | 185,567 | $ | 169,612 | |||||||
(c) Ratio of (a) to (b) | 1.4981 | 1.4882 | 1.5041 | 1.6842 | 1.6771 | 1.6039 | 1.6474 | ||||||||||||||
(d) Preferred dividends | $ | 6,718 | $ | 7,977 | $ | 7,831 | $ | 8,413 | $ | 8,994 | $ | 11,065 | $ | 13,003 | |||||||
Preferred dividend requirements | |||||||||||||||||||||
[(d) multiplied by (c)] | $ | 10,064 | $ | 11,871 | $ | 11,779 | $ | 14,169 | $ | 15,084 | $ | 17,747 | $ | 21,421 | |||||||