Exhibit 12.1
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
| 12 Months Ending | Years Ended December 31, | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||
| EARNINGS AVAILABLE FOR | ||||||||||||||||||||
| FIXED CHARGES | ||||||||||||||||||||
| Pre-tax income: | ||||||||||||||||||||
| Income from continuing operations | $ | 127,531 | $ | 118,750 | $ | 121,588 | $ | 193,831 | $ | 185,567 | $ | 169,612 | ||||||||
| Income taxes | 61,094 | 59,260 | 79,838 | 129,823 | 109,164 | 105,814 | ||||||||||||||
| Income taxes charged to other income - net | 4,336 | 2,212 | 4,590 | 1,411 | 2,909 | 3,986 | ||||||||||||||
| Capitalized interest | (1,713 | ) | (1,397 | ) | (833 | ) | (1,264 | ) | (3,692 | ) | (1,782 | ) | ||||||||
| Undistributed (earnings) or losses | ||||||||||||||||||||
| of less-than-fifty-percent-owned entities | -- | -- | -- | -- | -- | -- | ||||||||||||||
| Total | $ | 191,248 | $ | 178,825 | $ | 205,133 | $ | 323,801 | $ | 293,948 | $ | 277,630 | ||||||||
| Fixed charges: | ||||||||||||||||||||
| Interest expense | $ | 193,383 | $ | 198,346 | $ | 194,505 | $ | 184,405 | $ | 160,966 | $ | 146,248 | ||||||||
| Other interest | 1,713 | 1,397 | 883 | 1,264 | 3,692 | 1,782 | ||||||||||||||
| Portion of rentals representative of the interest factor | 7,157 | 7,458 | 7,379 | 5,002 | 4,575 | 2,878 | ||||||||||||||
| Total | $ | 202,253 | $ | 207,201 | $ | 202,767 | $ | 190,671 | $ | 169,233 | $ | 150,908 | ||||||||
| Earnings available for combined fixed charges | $ | 393,501 | $ | 386,026 | $ | 407,900 | $ | 514,472 | $ | 463,181 | $ | 428,538 | ||||||||
| RATIO OF EARNINGS TO FIXED CHARGES | 1.95 | x | 1.86 | x | 2.01 | x | 2.69 | x | 2.74 | x | 2.84 | x | ||||||||
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
| 12 Months Ending | Years Ended December 31, | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||
| EARNINGS AVAILABLE FOR COMBINED FIXED CHARGES | ||||||||||||||||||||
| AND PREFERRED DIVIDEND REQUIREMENTS | ||||||||||||||||||||
| Pre-tax income: | ||||||||||||||||||||
| Income from continuing operations | $ | 127,531 | $ | 118,750 | $ | 121,588 | $ | 193,831 | $ | 185,567 | $ | 169,612 | ||||||||
| Income taxes | 61,094 | 59,260 | 79,838 | 129,823 | 109,164 | 105,814 | ||||||||||||||
| Income taxes charged to other income - net | 4,336 | 2,212 | 4,590 | 1,411 | 2,909 | 3,986 | ||||||||||||||
| Subtotal | 192,961 | 180,222 | 206,016 | 325,065 | 297,640 | 279,412 | ||||||||||||||
| Capitalized interest | (1,713 | ) | (1,397 | ) | (883 | ) | (1,264 | ) | (3,692 | ) | (1,782 | ) | ||||||||
| Undistributed (earnings) or losses of | ||||||||||||||||||||
| less-than-fifty-percent-owned entities | -- | -- | -- | -- | -- | -- | ||||||||||||||
| Total | $ | 191,248 | $ | 178,825 | $ | 205,133 | $ | 323,801 | $ | 293,948 | $ | 277,630 | ||||||||
| Fixed charges: | ||||||||||||||||||||
| Interest expense | $ | 193,383 | $ | 198,346 | $ | 194,505 | $ | 184,405 | $ | 160,966 | $ | 146,248 | ||||||||
| Other interest | 1,713 | 1,397 | 883 | 1,264 | 3,692 | 1,782 | ||||||||||||||
| Portion of rentals representative of the interest factor | 7,157 | 7,458 | 7,379 | 5,002 | 4,575 | 2,878 | ||||||||||||||
| Total | $ | 202,253 | $ | 207,201 | $ | 202,767 | $ | 190,671 | $ | 169,233 | $ | 150,908 | ||||||||
| Earnings available for combined fixed charges and | ||||||||||||||||||||
| preferred dividend requirements | $ | 393,501 | $ | 386,026 | $ | 407,900 | $ | 514,472 | $ | 463,181 | $ | 428,538 | ||||||||
| DIVIDEND REQUIREMENT | ||||||||||||||||||||
| Fixed charges above | 202,253 | 207,201 | 202,767 | 190,671 | 169,233 | 150,908 | ||||||||||||||
| Preferred dividend requirements below | 11,410 | 11,885 | 14,255 | 15,084 | 17,747 | 21,421 | ||||||||||||||
| Total | $ | 213,663 | $ | 219,086 | $ | 217,022 | $ | 205,755 | $ | 186,980 | $ | 172,329 | ||||||||
| 12 Months Ending | Years Ended December 31, | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||
| RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND | ||||||||||||||||||||
| PREFERRED DIVIDEND REQUIREMENTS | 1.84 | x | 1.76 | x | 1.88 | x | 2.50 | x | 2.48 | x | 2.49 | x | ||||||||
| COMPUTATION OF PREFERRED DIVIDEND REQUIREMENTS: | ||||||||||||||||||||
| (a) Pre-tax income | $ | 192,961 | $ | 180,222 | $ | 206,016 | $ | 325,065 | $ | 297,640 | $ | 279,412 | ||||||||
| (b) Income from continuing operations | $ | 127,531 | $ | 118,750 | $ | 121,588 | $ | 193,831 | $ | 185,567 | $ | 169,612 | ||||||||
| (c) Ratio of (a) to (b) | 1.5131 | 1.5177 | 1.6944 | 1.6771 | 1.6039 | 1.6474 | ||||||||||||||
| (d) Preferred dividends | $ | 7,541 | $ | 7,831 | $ | 8,413 | $ | 8,994 | $ | 11,065 | $ | 13,003 | ||||||||
| Preferred dividend requirements | ||||||||||||||||||||
| [(d) multiplied by (c)] | $ | 11,410 | $ | 11,885 | $ | 14,255 | $ | 15,084 | $ | 17,747 | $ | 21,421 | ||||||||