Exhibit 12.1 | ||||||||||||||||||||
PUGET ENERGY | ||||||||||||||||||||
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF | ||||||||||||||||||||
EARNINGS TO FIXED CHARGES | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Years Ended December 31, | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||
Earnings Available For Fixed Charges: | ||||||||||||||||||||
Pre-tax income: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 257,258 | $ | 259,710 | $ | 232,323 | $ | 199,331 | $ | 185,427 | ||||||||||
Capitalized interest | (1,351 | ) | (7,978 | ) | (3,800 | ) | (2,796 | ) | (2,272 | ) | ||||||||||
AFUDC - debt | (12,614 | ) | (15,874 | ) | (9,493 | ) | (5,420 | ) | (3,343 | ) | ||||||||||
Total | $ | 243,293 | $ | 235,858 | $ | 219,030 | $ | 191,115 | $ | 179,812 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 217,823 | $ | 184,013 | $ | 174,682 | $ | 172,050 | $ | 182,902 | ||||||||||
Other interest | 1,351 | 7,978 | 3,800 | 2,796 | 2,272 | |||||||||||||||
Portion of rentals representative of the interest factor | 9,199 | 9,151 | 5,234 | 5,424 | 4,669 | |||||||||||||||
Total | $ | 228,373 | $ | 201,142 | $ | 183,716 | $ | 180,270 | $ | 189,843 | ||||||||||
Earnings available for combined fixed charges | $ | 471,666 | $ | 437,000 | $ | 402,746 | $ | 371,385 | $ | 369,655 | ||||||||||
Ratio of Earnings to Fixed Charges | 2.07 | x | 2.17 | x | 2.19 | x | 2.06 | x | 1.95 | x |
PUGET ENERGY | ||||||||||||||||||||
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Years Ended December 31, | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||
Earnings Available for Combined Fixed Charges and | ||||||||||||||||||||
Preferred Dividend Requirements: | ||||||||||||||||||||
Pre-tax income: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 257,258 | $ | 259,710 | $ | 232,323 | $ | 199,331 | $ | 185,427 | ||||||||||
Capitalized interest | (1,351 | ) | (7,978 | ) | (3,800 | ) | (2,796 | ) | (2,272 | ) | ||||||||||
AFUDC - debt | (12,614 | ) | (15,874 | ) | (9,493 | ) | (5,420 | ) | (3,343 | ) | ||||||||||
Total | $ | 243,293 | $ | 235,858 | $ | 219,030 | $ | 191,115 | $ | 179,812 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 217,823 | $ | 184,013 | $ | 174,682 | $ | 172,050 | $ | 182,902 | ||||||||||
Other interest | 1,351 | 7,978 | 3,800 | 2,796 | 2,272 | |||||||||||||||
Portion of rentals representative of the interest factor | 9,199 | 9,151 | 5,234 | 5,424 | 4,669 | |||||||||||||||
Total | $ | 228,373 | $ | 201,142 | $ | 183,716 | $ | 180,270 | $ | 189,843 | ||||||||||
Earnings Available for Combined Fixed Charges and | ||||||||||||||||||||
Preferred Dividend Requirements | $ | 471,666 | $ | 437,000 | $ | 402,746 | $ | 371,385 | $ | 369,655 | ||||||||||
Dividend Requirement: | ||||||||||||||||||||
Fixed charges above | $ | 228,373 | $ | 201,142 | $ | 183,716 | $ | 180,270 | $ | 189,843 | ||||||||||
Preferred dividend requirements below | - | - | - | - | 8,335 | |||||||||||||||
Total | $ | 228,373 | $ | 201,142 | $ | 183,716 | $ | 180,270 | $ | 198,178 | ||||||||||
Ratio of Earnings to Combined Fixed Charges and | ||||||||||||||||||||
Preferred Dividends Requirement | 2.07 | x | 2.17 | x | 2.19 | x | 2.06 | x | 1.95 | x | ||||||||||
Computation of Preferred Dividend Requirements: | ||||||||||||||||||||
(a) Income from continuing operations before income taxes | $ | 257,258 | $ | 259,710 | $ | 232,323 | $ | 199,331 | $ | 185,427 | ||||||||||
(b) Net income before extraordinary items | $ | 184,676 | $ | 167,224 | $ | 146,282 | $ | 125,411 | $ | 114,599 | ||||||||||
(c) Ratio of (a) to (b) | 1.3930 | 1.5531 | 1.5882 | 1.5894 | 1.6181 | |||||||||||||||
(d) Preferred dividends | $ | - | $ | - | $ | - | $ | - | $ | 5,151 | ||||||||||
Preferred dividend requirements [(d) multiplied by (c)] | $ | - | $ | - | $ | - | $ | - | $ | 8,335 |