EX-12.1 3 ex12110k2014.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX 12.1 10K 2014


EXHIBIT 12.1
PORTLAND GENERAL ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
236,679

 
$
125,758

 
$
205,406

 
$
204,714

 
$
178,158

Total fixed charges
128,515

 
118,189

 
122,851

 
126,766

 
131,486

Total earnings
$
365,194

 
$
243,947

 
$
328,257

 
$
331,480

 
$
309,644

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
96,068

 
$
100,818

 
$
107,992

 
$
110,413

 
$
110,240

Capitalized interest
22,441

 
6,892

 
3,699

 
3,059

 
9,097

Interest on certain long-term power contracts
5,137

 
5,996

 
6,643

 
8,764

 
8,068

Estimated interest factor in rental expense
4,869

 
4,483

 
4,517

 
4,530

 
4,081

Total fixed charges
$
128,515

 
$
118,189

 
$
122,851

 
$
126,766

 
$
131,486

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.84

 
2.06

 
2.67

 
2.61

 
2.35