Exhibit 12.1 | ||||||||||||||||||
PUGET 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 | $ | 47,954 | $ | 121,694 | $ | 118,750 | $ | 121,588 | $ | 193,831 | $ | 185,567 | ||||||
Income taxes | 74,963 | 72,369 | 59,260 | 79,838 | 129,823 | 109,164 | ||||||||||||
Income taxes charged to other income - net | (55 | ) | (150 | ) | 2,212 | 4,590 | 1,411 | 2,909 | ||||||||||
Capitalized interest | (2,796 | ) | (2,272 | ) | (1,397 | ) | (833 | ) | (1,264 | ) | (3,692 | ) | ||||||
Total | $ | 120,066 | $ | 191,641 | $ | 178,825 | $ | 205,133 | $ | 323,801 | $ | 293,948 | ||||||
Fixed charges: | ||||||||||||||||||
Interest expense | $ | 178,510 | $ | 188,387 | $ | 198,346 | $ | 194,505 | $ | 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 | 8,135 | 7,183 | 7,458 | 7,379 | 5,002 | 4,575 | ||||||||||||
Total | $ | 189,441 | $ | 197,842 | $ | 207,201 | $ | 202,767 | $ | 190,671 | $ | 169,233 | ||||||
Earnings available for combined fixed charges | $ | 309,507 | $ | 389,483 | $ | 386,026 | $ | 407,900 | $ | 514,472 | $ | 463,181 | ||||||
Ratio of Earnings to Fixed Charges | 1.63x | 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 | ||||||||||||||||||
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 | $ | 47,954 | $ | 121,694 | $ | 118,750 | $ | 121,588 | $ | 193,831 | $ | 185,567 | ||||||
Income taxes | 74,963 | 72,369 | 59,260 | 79,838 | 129,823 | 109,164 | ||||||||||||
Income taxes charged to other income - net | (55 | ) | (150 | ) | 2,212 | 4,590 | 1,411 | 2,909 | ||||||||||
Subtotal | 122,862 | 193,913 | 180,222 | 206,016 | 325,065 | 297,640 | ||||||||||||
Capitalized interest | (2,796 | ) | (2,272 | ) | (1,397 | ) | (883 | ) | (1,264 | ) | (3,692 | ) | ||||||
Total | $ | 120,066 | $ | 191,641 | $ | 178,825 | $ | 205,133 | $ | 323,801 | $ | 293,948 | ||||||
Fixed charges: | ||||||||||||||||||
Interest expense | $ | 178,510 | $ | 188,387 | $ | 198,346 | $ | 194,505 | $ | 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 | 8,135 | 7,183 | 7,458 | 7,379 | 5,002 | 4,575 | ||||||||||||
Total | $ | 189,441 | $ | 197,842 | $ | 207,201 | $ | 202,767 | $ | 190,671 | $ | 169,233 | ||||||
Earnings Available for Combined Fixed Charges and | ||||||||||||||||||
Preferred Dividend Requirements | $ | 309,507 | $ | 389,483 | $ | 386,026 | $ | 407,900 | $ | 514,472 | $ | 463,181 | ||||||
Dividend Requirement: | ||||||||||||||||||
Fixed charges above | $ | 189,441 | $ | 197,842 | $ | 207,201 | $ | 202,767 | $ | 190,671 | $ | 169,233 | ||||||
Preferred dividend requirements below | - | 8,208 | 11,885 | 14,255 | 15,084 | 17,747 | ||||||||||||
Total | $ | 189,441 | $ | 206,050 | $ | 219,086 | $ | 217,022 | $ | 205,755 | $ | 186,980 | ||||||
Ratio of Earnings to Combined Fixed Charges and | ||||||||||||||||||
Preferred Dividends Requirement | 1.63x | 1.89x | 1.76x | 1.88x | 2.50x | 2.48x | ||||||||||||
Computation of Preferred Dividend Requirements: | ||||||||||||||||||
(a) Pre-tax income | $ | 122,862 | $ | 193,913 | $ | 180,222 | $ | 206,016 | $ | 325,065 | $ | 297,640 | ||||||
(b) Income from continuing operations | $ | 47,954 | $ | 121,694 | $ | 118,750 | $ | 121,588 | $ | 193,831 | $ | 185,567 | ||||||
(c) Ratio of (a) to (b) | 2.5621 | 1.5934 | 1.5177 | 1.6944 | 1.6771 | 1.6039 | ||||||||||||
(d) Preferred dividends | $ | - | $ | 5,151 | $ | 7,831 | $ | 8,413 | $ | 8,994 | $ | 11,065 | ||||||
Preferred dividend requirements [(d) multiplied by (c)] | $ | - | $ | 8,208 | $ | 11,885 | $ | 14,255 | $ | 15,084 | $ | 17,747 |