Exhibit 12.1
PUGET ENERGY, INC.
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND DIVIDEND REQUIREMENTS
(Dollars in Thousands)
EARNINGS AVAILABLE FOR COMBINED FIXED | 12 Months Ending June | Year Ended December 31 |
CHARGES AND PREFERRED DIVIDEND REQUIREMENTS | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
Pre-tax Income: |
Net income per statement of income | 72,923 | 121,587 | 193,831 | 185,567 | 169,612 | 125,698 |
Federal income taxes | 45,214 | 78,006 | 128,973 | 109,164 | 105,814 | 44,916 |
Federal income taxes charged to other income-net | 5,116 | 4,590 | 1,411 | 2,909 | 3,986 | 14,807 |
Subtotal | 123,253 | 204,183 | 324,215 | 297,640 | 279,412 | 185,421 |
Capitalized Interest | (1,198) | (883) | (1,264) | (3,692) | (1,782) | (360) |
Undistributed (earnings) or losses of less-than-fify-percent-owned entities | 0 | 0 | 0 | 0 | 0 | (680) |
Total | 122,055 | 203,300 | 322,951 | 293,948 | 277,630 | 184,453 |
Fixed Charges: |
Interest on long-term debt | 197,926 | 194,505 | 184,405 | 160,966 | 146,248 | 123,543 |
Other interest | 1,198 | 883 | 1,264 | 3,692 | 1,782 | 360 |
Portion of rentals representative of the interest factor | 8,207 | 7,379 | 5,002 | 4,575 | 2,878 | 3,143 |
Total | 207,331 | 202,767 | 190,671 | 169,233 | 150,908 | 127,046 |
Earnings Available for combined Fixed Charges and Preferred Dividend requirements | 329,386 | 406,067 | 513,622 | 463,181 | 428,538 | 311,499 |
Ratio of earnings to fixed charges | 1.59 | 2.00 | 2.69 | 2.74 | 2.84 | 2.45 |
COMBINED FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS: |
Fixed charges above | 207,311 | 202,767 | 190,671 | 160,233 | 150,908 | 127,046 |
Preferred dividend requirements below | 13,728 | 14,128 | 15,044 | 17,747 | 21,421 | 26,266 |
Total | 221,059 | 216,895 | 205,715 | 186,980 | 172,329 | 153,312 |
Ratio of earnings to combined fixed charges and preferred dividend requirements | 1.49 | 1.87 | 2.50 | 2.48 | 2.49 | 2.03 |
COMPUTATION OF PREFERRED DIVIDEND REQUIREMENTS: |
(a) Pre-tax income | 123,253 | 204,183 | 324,215 | 297,640 | 279,412 | 185,421 |
(b) Net income | 72,923 | 121,587 | 193,831 | 185,567 | 169,612 | 125,698 |
(c) Ratio of (a) to (b) | 1.6902 | 1.6793 | 1.6727 | 1.6039 | 1.6474 | 1.4751 |
(d) Preferred dividends | 8,122 | 8,413 | 8,994 | 11,065 | 13,003 | 17,806 |
Preferred dividend requirements |
[(d) multiplied by (c)] | 13,728 | 14,128 | 15,044 | 17,747 | 21,421 | 26,266 |