Exhibit 12a
PUGET SOUND POWER & LIGHT COMPANY
STATEMENT SETTING FORTH COMPUTATIONS OF
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Year Ended December 31
12 Months Ending ---------------------------------------------------
June 30, 1995 1994 1993 1992 1991 1990
---------------- ---------------------------------------------------
EARNINGS AVAILABLE FOR FIXED CHARGES
Pre-tax income:
Net income per statement of income $127,369 $120,059 $138,327 $135,720 $132,777 $132,343
Federal income taxes 87,561 80,259 83,970 72,449 56,180 64,094
Federal income taxes charged to
other income - net 495 1,556 (382) (2,106) (2,267) 12
Undistributed (earnings) or losses
of less-than-fifty-percent-owned
entities -- -- -- (567) (16) (114)
------- ---------------------------------------------------
Total $215,425 $201,874 $221,915 $205,496 $186,674 $196,335
Fixed charges:
Interest on long-term debt $ 84,600 $ 84,144 $ 86,030 $ 89,509 $ 84,791 $ 81,766
Other interest 10,027 6,249 3,542 10,477 6,384 8,368
Portion of rentals representative
of the interest factor 4,204 4,218 3,937 4,474 4,463 4,388
------- ---------------------------------------------------
Total $ 98,831 $ 94,611 $ 93,509 $104,460 $ 95,638 $ 94,522
Earnings available for
fixed charges $314,256 $296,485 $315,424 $309,956 $282,312 $290,857
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RATIO OF EARNINGS TO FIXED CHARGES 3.18x 3.13x 3.37x 2.97x 2.95x 3.08x
Exhibit 12b
Page 1
PUGET SOUND POWER & LIGHT COMPANY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
Year Ended December 31
12 Months Ending ----------------------------------------------------
June 30, 1995 1994 1993 1992 1991 1990
----------------- ----------------------------------------------------
EARNINGS AVAILABLE FOR COMBINED FIXED
CHARGES AND PREFERRED DIVIDEND REQUIREMENTS
Pretax Income:
Net Income per statement
of income $127,369 $120,059 $138,327 $135,720 $132,777 $132,343
Federal income taxes 87,561 80,259 83,970 72,449 56,180 64,094
Federal income taxes charged to
other income - net 495 1,556 (382) (2,106) (2,267) 12
------- ---------------------------------------------------
Subtotal $215,425 201,874 221,915 206,063 186,690 196,449
Undistributed (earnings) or losses
of less-than-fifty-percent-owned
entities -- -- -- (567) (16) (114)
------- ---------------------------------------------------
Total $215,425 $201,874 $221,915 $205,496 $186,674 $196,335
Fixed charges:
Interest on long-term debt $ 84,600 $ 84,144 $ 86,030 $ 89,509 $ 84,791 $ 81,766
Other interest 10,027 6,249 3,542 10,477 6,384 8,368
Portion of rentals representative
of the interest factor 4,204 4,218 3,937 4,474 4,463 4,388
------- ---------------------------------------------------
Total $ 98,831 $ 94,611 $ 93,509 $104,460 $ 95,638 $ 94,522
Earnings available for combined
fixed charges and preferred
dividend requirements $314,256 $296,485 $315,424 $309,956 $282,312 $290,857
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Exhibit 12b
Page 2
PUGET SOUND POWER & LIGHT COMPANY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
Year Ended December 31
12 Months Ending ----------------------------------------------------
June 30, 1995 1994 1993 1992 1991 1990
------------------ ----------------------------------------------------
DIVIDEND REQUIREMENT:
Fixed charges above $ 98,831 $ 94,611 $ 93,509 $104,460 $ 95,638 $ 94,522
Preferred dividend requirements 26,713 26,451 26,377 21,080 14,115 18,399
------- ---------------------------------------------------
Total $125,544 $121,062 $119,886 $125,540 $109,753 $112,921
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RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS 2.50x 2.45x 2.63x 2.47x 2.57x 2.58x
COMPUTATION OF PREFERRED DIVIDEND
REQUIREMENTS:
(a) Pre-tax income $215,425 $201,874 $221,915 $206,063 $186,690 $196,449
(b) Net income $127,369 $120,059 $138,327 $135,720 $132,777 $132,343
(c) Ratio of (a) to (b) 1.6913 1.6815 1.6043 1.5183 1.4060 1.4844
(d) Preferred dividends $ 15,794 $ 15,731 $ 16,442 $ 13,884 $ 10,039 $ 12,395
Preferred dividend requirements
[(d) multiplied by (c)] $ 26,713 $ 26,451 $ 26,377 $ 21,080 $ 14,115 $ 18,399
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