Exhibit 12.2
PUGET SOUND ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
12 Months Ending | Years Ended December 31, | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
September 30, 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||
EARNINGS AVAILABLE FOR | ||||||||||||||||||||
FIXED CHARGES | ||||||||||||||||||||
Pre-tax income: | ||||||||||||||||||||
Income from continuing operations | $ | 127,078 | $ | 108,948 | $ | 119,130 | $ | 193,831 | $ | 185,567 | $ | 169,612 | ||||||||
Income taxes | 60,341 | 52,836 | 76,915 | 129,823 | 109,164 | 105,814 | ||||||||||||||
Income taxes charged to other income - net | 2,957 | 2,082 | 4,590 | 1,411 | 2,909 | 3,986 | ||||||||||||||
Capitalized interest | (1,955 | ) | (1,397 | ) | (883 | ) | (1,264 | ) | (3,692 | ) | (1,782 | ) | ||||||||
Undistributed (earnings) or losses | ||||||||||||||||||||
of less-than-fifty-percent-owned entities | -- | -- | -- | -- | -- | -- | ||||||||||||||
Total | $ | 188,421 | $ | 162,469 | $ | 199,752 | $ | 323,801 | $ | 293,948 | $ | 277,630 | ||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 185,556 | $ | 192,829 | $ | 190,849 | $ | 184,405 | $ | 160,966 | $ | 146,248 | ||||||||
Other interest | 1,955 | 1,397 | 883 | 1,264 | 3,692 | 1,782 | ||||||||||||||
Portion of rentals representative of | ||||||||||||||||||||
the interest factor | 4,821 | 5,394 | 5,633 | 5,002 | 4,575 | 2,878 | ||||||||||||||
Total | $ | 192,332 | $ | 199,620 | $ | 197,365 | $ | 190,671 | $ | 169,233 | $ | 150,908 | ||||||||
Earnings available for combined fixed charges | $ | 380,753 | $ | 362,089 | $ | 397,117 | $ | 514,472 | $ | 463,181 | $ | 428,538 | ||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.98 | 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 Ending | Years Ended December 31, | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
September 30, 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||
EARNINGS AVAILABLE FOR COMBINED | ||||||||||||||||||||
FIXED CHARGES AND PREFERRED | ||||||||||||||||||||
DIVIDEND REQUIREMENTS | ||||||||||||||||||||
Pre-tax income: | ||||||||||||||||||||
Income from continuing operations | $ | 127,078 | $ | 108,948 | $ | 119,130 | $ | 193,831 | $ | 185,567 | $ | 169,612 | ||||||||
Income taxes | 60,341 | 52,836 | 76,915 | 129,823 | 109,164 | 105,814 | ||||||||||||||
Income taxes charged to | ||||||||||||||||||||
other income - net | 2,957 | 2,082 | 4,590 | 1,411 | 2,909 | 3,986 | ||||||||||||||
Subtotal | 190,376 | 163,866 | 200,635 | 325,065 | 297,640 | 279,412 | ||||||||||||||
Capitalized interest | (1,955 | ) | (1,397 | ) | (883 | ) | (1,264 | ) | (3,692 | ) | (1,782 | ) | ||||||||
Undistributed (earnings) or losses | ||||||||||||||||||||
of less-than-fifty-percent-owned entities | -- | -- | -- | -- | -- | -- | ||||||||||||||
Total | $ | 188,421 | $ | 162,469 | $ | 199,752 | $ | 323,801 | $ | 293,948 | $ | 277,630 | ||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 185,556 | $ | 192,829 | $ | 190,849 | $ | 184,405 | $ | 160,966 | $ | 146,248 | ||||||||
Other interest | 1,955 | 1,397 | 883 | 1,264 | 3,692 | 1,782 | ||||||||||||||
Portion of rentals representative of | ||||||||||||||||||||
the interest factor | 4,821 | 5,394 | 5,633 | 5,002 | 4,575 | 2,878 | ||||||||||||||
Total | $ | 192,332 | $ | 199,620 | $ | 197,365 | $ | 190,671 | $ | 169,233 | $ | 150,908 | ||||||||
Earnings available for combined fixed charges | ||||||||||||||||||||
and preferred dividend requirements | $ | 380,753 | $ | 362,089 | $ | 397,117 | $ | 514,472 | $ | 463,181 | $ | 428,538 | ||||||||
DIVIDEND REQUIREMENT | ||||||||||||||||||||
Fixed charges above | 192,332 | 199,620 | 197,365 | 190,671 | 169,233 | 150,908 | ||||||||||||||
Preferred dividend requirements below | 10,064 | 11,779 | 14,169 | 15,084 | 17,747 | 21,421 | ||||||||||||||
Total | $ | 202,396 | $ | 211,399 | $ | 211,534 | $ | 205,755 | $ | 186,980 | $ | 172,329 | ||||||||
12 Months Ending | Years Ended December 31, | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
September 30, 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED | |||||||||||||||||||||||
DIVIDEND REQUIREMENTS | 1.88x | 1.71x | 1.88x | 2.50x | 2.48x | 2.49x | |||||||||||||||||
COMPUTATION OF PREFERRED DIVIDEND | |||||||||||||||||||||||
REQUIREMENTS: | |||||||||||||||||||||||
(a) Pre-tax income | $ | 190,376 | $ | 163,866 | $ | 200,635 | $ | 325,065 | $ | 297,640 | $ | 279,412 | |||||||||||
(b) Income from continuing operations | $ | 127,078 | $ | 108,948 | $ | 119,130 | $ | 193,831 | $ | 185,567 | $ | 169,612 | |||||||||||
(c) Ratio of (a) to (b) | 1.4981 | 1.5041 | 1.6842 | 1.6771 | 1.6039 | 1.6474 | |||||||||||||||||
(d) Preferred dividends | $ | 6,718 | $ | 7,831 | $ | 8,413 | $ | 8,994 | $ | 11,065 | $ | 13,003 | |||||||||||
Preferred dividend requirements | |||||||||||||||||||||||
[(d) multiplied by (c)] | $ | 10,064 | $ | 11,779 | $ | 14,169 | $ | 15,084 | $ | 17,747 | $ | 21,421 | |||||||||||