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Puget Sound Energy Inc, et al. – ‘10-Q’ for 11/1/07 – ‘EX-12.1’

On:  Thursday, 11/1/07, at 7:38pm ET   ·   As of:  11/2/07   ·   For:  11/1/07   ·   Accession #:  1085392-7-93   ·   File #s:  1-04393, 1-16305

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

11/02/07  Puget Sound Energy Inc            10-Q       11/01/07   12:2.8M                                   Puget Energy Inc/WA
          Puget Energy Inc/WA

Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Puget Energy 3rd Quarter 2007 Form 10-Q             HTML    947K 
12: 10-Q        Puget Energy 3rd Quarter 2007 Form 10-Q --           PDF    334K 
                          f10q110107                                             
 2: EX-3.I      Articles of Amendment of Puget Energy               HTML     12K 
 3: EX-3.II     Amended and Restated Bylaws of Puget Energy         HTML    149K 
 4: EX-12.1     Puget Energy Computation of Ratios                  HTML    119K 
 5: EX-12.2     Puget Sound Energy Computation of Ratios            HTML    107K 
 6: EX-31.1     Puget Energy CEO Certification                      HTML     13K 
 7: EX-31.2     Puget Energy CFO Cerification                       HTML     12K 
 8: EX-31.3     Puget Sound Energy CEO Certification                HTML     13K 
 9: EX-31.4     Puget Sound Energy CFO Certification                HTML     13K 
10: EX-32.1     CEO Certification                                   HTML     11K 
11: EX-32.2     CFO Certification                                   HTML     10K

EX-12.1   —   Puget Energy Computation of Ratios

This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]

 C:   C:   C:   C: 
Exhibit 12.1       
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
                                     
   
12 Months
                                
   
Ended
                                
   
September 30,
    
Years Ended December 31,      
  
   
2007
    
2006
    
2005
    
2004
    
2003
    
2002
  
Earnings Available For Fixed Charges:
                                
 
  
Pre-tax income:
                                    
   Income from continuing operations
  
$
186,435
    
$
167,224
    
$
146,282
    
$
125,411
    
$
119,750
    
$
108,429
  
   Income taxes
    
81,701
      
96,270
      
88,608
      
76,756
      
70,775
      
52,557
  
   Income taxes charged to other income - net
    
1,204
       (3,784 )    
2,142
       (17 )     (162 )    
2,082
  
   Capitalized interest
     (4,270 )     (7,978 )     (3,800 )     (2,796 )     (2,272 )     (1,397 )
Total
  
$
265,070
    
$
251,732
    
$
233,232
    
$
199,354
    
$
188,091
    
$
161,671
  
Fixed charges:
                                                
   Interest expense
  
$
207,949
    
$
184,013
    
$
174,682
    
$
172,050
    
$
182,902
    
$
192,830
  
   Other interest
    
4,270
      
7,978
      
3,800
      
2,796
      
2,272
      
1,397
  
   Portion of rentals representative of the interest factor
    
8,877
      
9,151
      
5,234
      
5,424
      
4,669
      
5,394
  
Total
  
$
221,096
    
$
201,142
    
$
183,716
    
$
180,270
    
$
189,843
    
$
199,621
  
Earnings available for combined fixed charges
  
$
486,166
    
$
452,874
    
$
416,948
    
$
379,624
    
$
377,934
    
$
361,292
  
Ratio of Earnings to Fixed Charges
    
2.20x
      
2.25x
      
2.27x
      
2.11x
      
1.99x
      
1.81x
  
                                                 
PUGET ENERGY
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
                                                 
   
12 Months
                                          
   
Ended
                                          
   
September 30,
    
Years Ended December 31,
                  
   
2007
    
2006
    
2005
    
2004
    
2003
    
2002
  
Earnings Available for Combined Fixed Charges and
                                          
   Preferred Dividend Requirements:
                                                
Pre-tax income:
                                                
   Income from continuing operations
  
$
186,435
    
$
167,224
    
$
146,282
    
$
125,411
    
$
119,750
    
$
108,429
  
   Income taxes
    
81,701
      
96,270
      
88,608
      
76,756
      
70,775
      
52,557
  
   Income taxes charged to other income - net
    
1,204
       (3,784 )    
2,142
       (17 )     (162 )    
2,082
  
Subtotal
    
269,340
      
259,710
      
237,032
      
202,150
      
190,363
      
163,068
  
   Capitalized interest
     (4,270 )     (7,978 )     (3,800 )     (2,796 )     (2,272 )     (1,397 )
Total
  
$
265,070
    
$
251,732
    
$
233,232
    
$
199,354
    
$
188,091
    
$
161,671
  
Fixed charges:
                                                
   Interest expense
  
$
207,949
    
$
184,013
    
$
174,682
    
$
172,050
    
$
182,902
    
$
192,830
  
   Other interest
    
4,270
      
7,978
      
3,800
      
2,796
      
2,272
      
1,397
  
   Portion of rentals representative of the interest factor
    
8,877
      
9,151
      
5,234
      
5,424
      
4,669
      
5,394
  
Total
  
$
221,096
    
$
201,142
    
$
183,716
    
$
180,270
    
$
189,843
    
$
199,621
  
Earnings Available for Combined Fixed Charges and
                                                
   Preferred Dividend Requirements
  
$
486,166
    
$
452,874
    
$
416,948
    
$
379,624
    
$
377,934
    
$
361,292
  
Dividend Requirement:
                                                
   Fixed charges above
  
$
221,096
    
$
201,142
    
$
183,716
    
$
180,270
    
$
189,843
    
$
199,621
  
   Preferred dividend requirements below
    
-
      
-
      
-
      
-
      
8,189
      
11,777
  
Total
  
$
221,096
    
$
201,142
    
$
183,716
    
$
180,270
    
$
198,032
    
$
211,398
  
Ratio of Earnings to Combined Fixed Charges and
                                                
   Preferred Dividends Requirement
    
2.20x
      
2.25x
      
2.27x
      
2.11x
      
1.91x
      
1.71x
  
Computation of Preferred Dividend Requirements:
                                                
    (a) Pre-tax income
  
$
269,340
    
$
259,710
    
$
237,032
    
$
202,150
    
$
190,363
    
$
163,068
  
    (b) Income from continuing operations
  
$
186,435
    
$
167,224
    
$
146,282
    
$
125,411
    
$
119,750
    
$
108,429
  
    (c) Ratio of (a) to (b)
    
1.4447
      
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
  

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
12/31/074
Filed as of:11/2/078-K,  DEFA14A
Filed on / For Period End:11/1/078-K
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Filing Submission 0001085392-07-000093   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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