Exhibit 12.1
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
| 12 Months Ended | Years Ended December 31, | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||
| Earnings Available For Fixed Charges: | ||||||||||||||||||||
| Pre-tax income | ||||||||||||||||||||
| Income from continuing operations | $ | 114,553 | $ | 121,694 | $ | 118,750 | $ | 121,588 | $ | 193,831 | $ | 185,567 | ||||||||
| Income taxes | 80,318 | 72,369 | 59,260 | 79,838 | 129,823 | 109,164 | ||||||||||||||
| Income taxes charged to other income - net | (767 | ) | (150 | ) | 2,212 | 4,590 | 1,411 | 2,909 | ||||||||||||
| Capitalized interest | (2,506 | ) | (2,272 | ) | (1,397 | ) | (833 | ) | (1,264 | ) | (3,692 | ) | ||||||||
| Total | $ | 191,598 | $ | 191,641 | $ | 178,825 | $ | 205,133 | $ | 323,801 | $ | 293,948 | ||||||||
| Fixed charges: | ||||||||||||||||||||
| Interest expense | $ | 179,875 | $ | 188,387 | $ | 198,346 | $ | 194,505 | $ | 184,405 | $ | 160,966 | ||||||||
| Other interest | 2,506 | 2,272 | 1,397 | 883 | 1,264 | 3,692 | ||||||||||||||
| Portion of rentals representative of the interest factor | 7,618 | 7,183 | 7,458 | 7,379 | 5,002 | 4,575 | ||||||||||||||
| Total | $ | 189,999 | $ | 197,842 | $ | 207,201 | $ | 202,767 | $ | 190,671 | $ | 169,233 | ||||||||
| Earnings available for combined fixed charges | $ | 381,597 | $ | 389,483 | $ | 386,026 | $ | 407,900 | $ | 514,472 | $ | 463,181 | ||||||||
| Ratio of Earnings to Fixed Charges | 2.01x | 1.97x | 1.86x | 2.01x | 2.70x | 2.74x | ||||||||||||||
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
| 12 Months Ended | Years Ended December 31, | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||
| Earnings Available for Combined Fixed Charges and | ||||||||||||||||||||
| Preferred Dividend Requirements: | ||||||||||||||||||||
| Pre-tax income: | ||||||||||||||||||||
| Income from continuing operations | $ | 114,553 | $ | 121,694 | $ | 118,750 | $ | 121,588 | $ | 193,831 | $ | 185,567 | ||||||||
| Income taxes | 80,318 | 72,369 | 59,260 | 79,838 | 129,823 | 109,164 | ||||||||||||||
| Income taxes charged to other income - net | (767 | ) | (150 | ) | 2,212 | 4,590 | 1,411 | 2,909 | ||||||||||||
| Subtotal | 194,104 | 193,913 | 180,222 | 206,016 | 325,065 | 297,640 | ||||||||||||||
| Capitalized interest | (2,506 | ) | (2,272 | ) | (1,397 | ) | (883 | ) | (1,264 | ) | (3,692 | ) | ||||||||
| Total | $ | 191,598 | $ | 191,641 | $ | 178,825 | $ | 205,133 | $ | 323,801 | $ | 293,948 | ||||||||
| Fixed charges: | ||||||||||||||||||||
| Interest expense | $ | 179,875 | $ | 188,387 | $ | 198,346 | $ | 194,505 | $ | 184,405 | $ | 160,966 | ||||||||
| Other interest | 2,506 | 2,272 | 1,397 | 883 | 1,264 | 3,692 | ||||||||||||||
| Portion of rentals representative of the interest factor | 7,618 | 7,183 | 7,458 | 7,379 | 5,002 | 4,575 | ||||||||||||||
| Total | $ | 189,999 | $ | 197,842 | $ | 207,201 | $ | 202,767 | $ | 190,671 | $ | 169,233 | ||||||||
| Earnings Available for Combined Fixed Charges and | ||||||||||||||||||||
| Preferred Dividend Requirements | $ | 381,597 | $ | 389,483 | $ | 386,026 | $ | 407,900 | $ | 514,472 | $ | 463,181 | ||||||||
| Dividend Requirement: | ||||||||||||||||||||
| Fixed charges above | $ | 189,999 | $ | 197,842 | $ | 207,201 | $ | 202,767 | $ | 190,671 | $ | 169,233 | ||||||||
| Preferred dividend requirements below | 632 | 8,208 | 11,885 | 14,255 | 15,084 | 17,747 | ||||||||||||||
| Total | $ | 190,631 | $ | 206,050 | $ | 219,086 | $ | 217,022 | $ | 205,755 | $ | 186,980 | ||||||||
| Ratio of Earnings to Combined Fixed Charges and | ||||||||||||||||||||
| Preferred Dividends Requirement | 2.00x | 1.89x | 1.76x | 1.88x | 2.50x | 2.48x | ||||||||||||||
| Computation of Preferred Dividend Requirements: | ||||||||||||||||||||
| (a) Pre-tax income | $ | 194,104 | $ | 193,913 | $ | 180,222 | $ | 206,016 | $ | 325,065 | $ | 297,640 | ||||||||
| (b) Income from continuing operations | $ | 114,553 | $ | 121,694 | $ | 118,750 | $ | 121,588 | $ | 193,831 | $ | 185,567 | ||||||||
| (c) Ratio of (a) to (b) | 1.6944 | 1.5934 | 1.5177 | 1.6944 | 1.6771 | 1.6039 | ||||||||||||||
| (d) Preferred dividends | $ | 373 | $ | 5,151 | $ | 7,831 | $ | 8,413 | $ | 8,994 | $ | 11,065 | ||||||||
| Preferred dividend requirements [(d) multiplied by (c)] | $ | 632 | $ | 8,208 | $ | 11,885 | $ | 14,255 | $ | 15,084 | $ | 17,747 | ||||||||