Exhibit 12.1 | ||||||||||||||||
PUGET ENERGY | ||||||||||||||||
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF | ||||||||||||||||
EARNINGS TO FIXED CHARGES | ||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Years Ended December 31, | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||
Earnings Available For Fixed Charges: | ||||||||||||||||
Pre-tax income: | ||||||||||||||||
Income from continuing operations | $ | 167,224 | $ | 146,282 | $ | 125,411 | $ | 119,750 | $ | 108,429 | ||||||
Income taxes | 96,270 | 88,608 | 76,756 | 70,775 | 52,557 | |||||||||||
Income taxes charged to other income - net | (3,784 | ) | 2,142 | (17 | ) | (162 | ) | 2,082 | ||||||||
Capitalized interest | (7,978 | ) | (3,800 | ) | (2,796 | ) | (2,272 | ) | (1,397 | ) | ||||||
Total | $ | 251,732 | $ | 233,232 | $ | 199,354 | $ | 188,091 | $ | 161,671 | ||||||
Fixed charges: | ||||||||||||||||
Interest expense | $ | 184,013 | $ | 174,682 | $ | 172,050 | $ | 182,902 | $ | 192,830 | ||||||
Other interest | 7,978 | 3,800 | 2,796 | 2,272 | 1,397 | |||||||||||
Portion of rentals representative of the interest factor | 9,151 | 5,234 | 5,424 | 4,669 | 5,394 | |||||||||||
Total | $ | 201,142 | $ | 183,716 | $ | 180,270 | $ | 189,843 | $ | 199,621 | ||||||
Earnings available for combined fixed charges | $ | 452,874 | $ | 416,948 | $ | 379,624 | $ | 377,934 | $ | 361,292 | ||||||
Ratio of Earnings to Fixed Charges | 2.25x | 2.27x | 2.11x | 1.99x | 1.81x | |||||||||||
PUGET ENERGY | ||||||||||||||||
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF | ||||||||||||||||
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | ||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Years Ended December 31, | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||
Earnings Available for Combined Fixed Charges and | ||||||||||||||||
Preferred Dividend Requirements: | ||||||||||||||||
Pre-tax income: | ||||||||||||||||
Income from continuing operations | $ | 167,224 | $ | 146,282 | $ | 125,411 | $ | 119,750 | $ | 108,429 | ||||||
Income taxes | 96,270 | 88,608 | 76,756 | 70,775 | 52,557 | |||||||||||
Income taxes charged to other income - net | (3,784 | ) | 2,142 | (17 | ) | (162 | ) | 2,082 | ||||||||
Subtotal | 259,710 | 237,032 | 202,150 | 190,363 | 163,068 | |||||||||||
Capitalized interest | (7,978 | ) | (3,800 | ) | (2,796 | ) | (2,272 | ) | (1,397 | ) | ||||||
Total | $ | 251,732 | $ | 233,232 | $ | 199,354 | $ | 188,091 | $ | 161,671 | ||||||
Fixed charges: | ||||||||||||||||
Interest expense | $ | 184,013 | $ | 174,682 | $ | 172,050 | $ | 182,902 | $ | 192,830 | ||||||
Other interest | 7,978 | 3,800 | 2,796 | 2,272 | 1,397 | |||||||||||
Portion of rentals representative of the interest factor | 9,151 | 5,234 | 5,424 | 4,669 | 5,394 | |||||||||||
Total | $ | 201,142 | $ | 183,716 | $ | 180,270 | $ | 189,843 | $ | 199,621 | ||||||
Earnings Available for Combined Fixed Charges and | ||||||||||||||||
Preferred Dividend Requirements | $ | 452,874 | $ | 416,948 | $ | 379,624 | $ | 377,934 | $ | 361,292 | ||||||
Dividend Requirement: | ||||||||||||||||
Fixed charges above | $ | 201,142 | $ | 183,716 | $ | 180,270 | $ | 189,843 | $ | 199,621 | ||||||
Preferred dividend requirements below | - | - | - | 8,189 | 11,777 | |||||||||||
Total | $ | 201,142 | $ | 183,716 | $ | 180,270 | $ | 198,032 | $ | 211,398 | ||||||
Ratio of Earnings to Combined Fixed Charges and | ||||||||||||||||
Preferred Dividends Requirement | 2.25x | 2.27x | 2.11x | 1.91x | 1.71x | |||||||||||
Computation of Preferred Dividend Requirements: | ||||||||||||||||
(a) Pre-tax income | $ | 259,710 | $ | 237,032 | $ | 202,150 | $ | 190,363 | $ | 163,068 | ||||||
(b) Income from continuing operations | $ | 167,224 | $ | 146,282 | $ | 125,411 | $ | 119,750 | $ | 108,429 | ||||||
(c) Ratio of (a) to (b) | 1.5531 | 1.6204 | 1.6119 | 1.5897 | 1.5039 | |||||||||||
(d) Preferred dividends | $ | - | $ | - | $ | - | $ | 5,151 | $ | 7,831 | ||||||
Preferred dividend requirements [(d) multiplied by (c)] | $ | - | $ | - | $ | - | $ | 8,189 | $ | 11,777 |
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10-K Filing
Puget Sound Energy 10-K2007 FY Annual report
Filed: 1 Mar 07, 12:00am