Exhibit 12.2 | |||||||||||||||
PUGET SOUND ENERGY | |||||||||||||||
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF | |||||||||||||||
EARNINGS TO FIXED CHARGES | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||
12 Months | |||||||||||||||
Ended | Years Ended | ||||||||||||||
June 30, | December 31, | ||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||
Earnings Available For Fixed Charges: | |||||||||||||||
Pre-tax income: | |||||||||||||||
Income from continuing operations before income taxes | $ | 462,217 | $ | 532,040 | $ | 555,928 | $ | 430,089 | $ | 325,955 | |||||
AFUDC - equity | (15,407 | ) | (15,027 | ) | (12,576 | ) | (9,325 | ) | (7,002 | ) | |||||
AFUDC - debt | (12,297 | ) | (10,826 | ) | (9,304 | ) | (7,575 | ) | (5,611 | ) | |||||
Total | $ | 434,513 | $ | 506,187 | $ | 534,048 | $ | 413,189 | $ | 313,342 | |||||
Fixed charges: | |||||||||||||||
Interest expense (a) | $ | 236,266 | $ | 240,144 | $ | 242,983 | $ | 247,571 | $ | 264,926 | |||||
Other interest | 15,407 | 15,027 | 12,576 | 9,325 | 7,002 | ||||||||||
Portion of rentals representative of the interest factor (b) | 7,648 | 8,062 | 8,061 | 8,980 | 10,732 | ||||||||||
Total | $ | 259,321 | $ | 263,233 | $ | 263,620 | $ | 265,876 | $ | 282,660 | |||||
Earnings available for combined fixed charges | $ | 693,834 | $ | 769,420 | $ | 797,668 | $ | 679,065 | $ | 596,002 | |||||
Ratio of Earnings to Fixed Charges | 2.68x | 2.92x | 3.03x | 2.55x | 2.11x |
(a) Interest expense for the year ended December 31, 2017 has been restated from the previously reported $229.3M.
(b) Represents interest portion of rents estimated at 33 1/3 percent.