Exhibit 12.2 | |||||||||||||||||||
PUGET SOUND ENERGY | |||||||||||||||||||
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF | |||||||||||||||||||
EARNINGS TO FIXED CHARGES | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||
12 Months | |||||||||||||||||||
Ended | |||||||||||||||||||
December 31, | Years Ended December 31, | ||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||
Earnings Available For Fixed Charges: | |||||||||||||||||||
Pre-tax income: | |||||||||||||||||||
Income from continuing operations | $ | 126,192 | $ | 120,055 | $ | 108,948 | $ | 119,130 | $ | 193,831 | $ | 185,567 | |||||||
Income taxes | 77,176 | 70,939 | 52,836 | 76,915 | 129,823 | 109,164 | |||||||||||||
Income taxes charged to other income - net | (17 | ) | (162 | ) | 2,082 | 4,590 | 1,411 | 2,909 | |||||||||||
Capitalized interest | (2,796 | ) | (2,272 | ) | (1,397 | ) | (883 | ) | (1,264 | ) | (3,692 | ) | |||||||
Total | $ | 200,555 | $ | 188,560 | $ | 162,469 | $ | 199,752 | $ | 323,801 | $ | 293,948 | |||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 171,831 | $ | 182,779 | $ | 192,829 | $ | 190,849 | $ | 184,405 | $ | 160,966 | |||||||
Other interest | 2,796 | 2,272 | 1,397 | 883 | 1,264 | 3,692 | |||||||||||||
Portion of rentals representative of the interest factor | 5,424 | 4,669 | 5,394 | 5,633 | 5,002 | 4,575 | |||||||||||||
Total | $ | 180,051 | $ | 189,720 | $ | 199,620 | $ | 197,365 | $ | 190,671 | $ | 169,233 | |||||||
Earnings available for combined fixed charges | $ | 380,606 | $ | 378,280 | $ | 362,089 | $ | 397,117 | $ | 514,472 | $ | 463,181 | |||||||
Ratio of Earnings to Fixed Charges | 2.11x | 1.99x | 1.81x | 2.01x | 2.69x | 2.74x |
PUGET SOUND ENERGY | |||||||||||||||||||
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF | |||||||||||||||||||
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||
12 Months | |||||||||||||||||||
Ended | |||||||||||||||||||
December 31, | Years Ended December 31, | ||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||
Earnings Available for Combined Fixed Charges and | |||||||||||||||||||
Preferred Dividend Requirements: | |||||||||||||||||||
Pre-tax income: | |||||||||||||||||||
Income from continuing operations | $ | 126,192 | $ | 120,055 | $ | 108,948 | $ | 119,130 | $ | 193,831 | $ | 185,567 | |||||||
Income taxes | 77,176 | 70,939 | 52,836 | 76,915 | 129,823 | 109,164 | |||||||||||||
Income taxes charged to other income - net | (17 | ) | (162 | ) | 2,082 | 4,590 | 1,411 | 2,909 | |||||||||||
Subtotal | 203,351 | 190,832 | 163,866 | 200,635 | 325,065 | 297,640 | |||||||||||||
Capitalized interest | (2,796 | ) | (2,272 | ) | (1,397 | ) | (883 | ) | (1,264 | ) | (3,692 | ) | |||||||
Total | $ | 200,555 | $ | 188,560 | $ | 162,469 | $ | 199,752 | $ | 323,801 | $ | 293,948 | |||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 171,831 | $ | 182,779 | $ | 192,829 | $ | 190,849 | $ | 184,405 | $ | 160,966 | |||||||
Other interest | 2,796 | 2,272 | 1,397 | 883 | 1,264 | 3,692 | |||||||||||||
Portion of rentals representative of the interest factor | 5,424 | 4,669 | 5,394 | 5,633 | 5,002 | 4,575 | |||||||||||||
Total | $ | 180,051 | $ | 189,720 | $ | 199,620 | $ | 197,365 | $ | 190,671 | $ | 169,233 | |||||||
Earnings Available for Combined Fixed Charges and | |||||||||||||||||||
Preferred Dividend Requirements | $ | 380,606 | $ | 378,280 | $ | 362,089 | $ | 397,117 | $ | 514,472 | $ | 463,181 | |||||||
Dividend Requirement: | |||||||||||||||||||
Fixed charges above | $ | 180,051 | $ | 189,720 | $ | 199,620 | $ | 197,365 | $ | 190,671 | $ | 169,233 | |||||||
Preferred dividend requirements below | - | 8,188 | 11,779 | 14,169 | 15,084 | 17,747 | |||||||||||||
Total | $ | 180,051 | $ | 197,908 | $ | 211,399 | $ | 211,534 | $ | 205,755 | $ | 186,980 | |||||||
Ratio of Earnings to Combined Fixed Charges and | |||||||||||||||||||
Preferred Dividends Requirement | 2.11x | 1.91x | 1.71x | 1.88x | 2.50x | 2.48x | |||||||||||||
Computation of Preferred Dividend Requirements: | |||||||||||||||||||
(a) Pre-tax income | $ | 203,351 | $ | 190,832 | $ | 163,866 | $ | 200,635 | $ | 325,065 | $ | 297,640 | |||||||
(b) Income from continuing operations | $ | 126,192 | $ | 120,055 | $ | 108,948 | $ | 119,130 | $ | 193,831 | $ | 185,567 | |||||||
(c) Ratio of (a) to (b) | 1.6114 | 1.5895 | 1.5041 | 1.6842 | 1.6771 | 1.6039 | |||||||||||||
(d) Preferred dividends | $ | - | $ | 5,151 | $ | 7,831 | $ | 8,413 | $ | 8,994 | $ | 11,065 | |||||||
Preferred dividend requirements [(d) multiplied by (c)] | $ | - | $ | 8,188 | $ | 11,779 | $ | 14,169 | $ | 15,084 | $ | 17,747 |