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 ---------------------------------------------------
September 30, 1996 1995 1994 1993 1992 1991
---------------- ---------------------------------------------------
EARNINGS AVAILABLE FOR FIXED CHARGES
Pre-tax income:
Net income per statement of income $133,263 $135,720 $120,059 $138,327 $135,720 $132,777
Federal income taxes 85,815 84,545 80,259 83,970 72,449 56,180
Federal income taxes charged to
other income - net 551 (488) 1,556 (382) (2,106) (2,267)
Undistributed (earnings) or losses
of less-than-fifty-percent-owned
entities -- -- -- -- (567) (16)
------- ---------------------------------------------------
Total $219,629 $219,777 $201,874 $221,915 $205,496 $186,674
Fixed charges:
Interest on long-term debt $ 73,807 $ 81,115 $ 84,144 $ 86,030 $ 89,509 $ 84,791
Other interest 8,936 10,049 6,249 3,542 10,477 6,384
Portion of rentals representative
of the interest factor 3,360 3,798 4,218 3,937 4,474 4,463
------- ---------------------------------------------------
Total $ 86,103 $ 94,962 $ 94,611 $ 93,509 $104,460 $ 95,638
Earnings available for
fixed charges $305,732 $314,739 $296,485 $315,424 $309,956 $282,312
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RATIO OF EARNINGS TO FIXED CHARGES 3.55x 3.31x 3.13x 3.37x 2.97x 2.95x
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 ----------------------------------------------------
September 30, 1996 1995 1994 1993 1992 1991
---------------- ----------------------------------------------------
EARNINGS AVAILABLE FOR COMBINED FIXED
CHARGES AND PREFERRED DIVIDEND REQUIREMENTS
Pretax Income:
Net Income per statement
of income $133,263 $135,720 $120,059 $138,327 $135,720 $132,777
Federal income taxes 85,815 84,545 80,259 83,970 72,449 56,180
Federal income taxes charged to
other income - net 551 (488) 1,556 (382) (2,106) (2,267)
------- ---------------------------------------------------
Subtotal $219,629 $219,777 $201,874 $221,915 $206,063 $186,690
Undistributed (earnings) or losses
of less-than-fifty-percent-owned
entities -- -- -- -- (567) (16)
------- ---------------------------------------------------
Total $219,629 $219,777 $201,874 $221,915 $205,496 $186,674
Fixed charges:
Interest on long-term debt $ 73,807 $ 81,115 $ 84,144 $ 86,030 $ 89,509 $ 84,791
Other interest 8,936 10,049 6,249 3,542 10,477 6,384
Portion of rentals representative
of the interest factor 3,360 3,798 4,218 3,937 4,474 4,463
------- ---------------------------------------------------
Total $ 86,103 $ 94,962 $ 94,611 $ 93,509 $104,460 $ 95,638
Earnings available for combined
fixed charges and preferred
dividend requirements $305,732 $314,739 $296,485 $315,424 $309,956 $282,312
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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 ----------------------------------------------------
September 30, 1996 1995 1994 1993 1992 1991
---------------- ----------------------------------------------------
DIVIDEND REQUIREMENT:
Fixed charges above $ 86,103 $ 94,962 $ 94,611 $ 93,509 $104,460 $ 95,638
Preferred dividend requirements 24,950 25,144 26,451 26,377 21,080 14,115
------- ---------------------------------------------------
Total $111,053 $120,106 $121,062 $119,886 $125,540 $109,753
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RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS 2.75x 2.62x 2.45x 2.63x 2.47x 2.57x
COMPUTATION OF PREFERRED DIVIDEND
REQUIREMENTS:
(a) Pre-tax income $219,629 $219,777 $201,874 $221,915 $206,063 $186,690
(b) Net income $133,263 $135,720 $120,059 $138,327 $135,720 $132,777
(c) Ratio of (a) to (b) 1.6481 1.6193 1.6815 1.6043 1.5183 1.4060
(d) Preferred dividends $ 15,139 $ 15,527 $ 15,731 $ 16,442 $ 13,884 $ 10,039
Preferred dividend requirements
[(d) multiplied by (c)] $ 24,950 $ 25,144 $ 26,451 $ 26,377 $ 21,080 $ 14,115
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