EX-12.1 3 ex12110k2013.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX 12.1 10K 2013


EXHIBIT 12.1
PORTLAND GENERAL ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
125,758

 
$
205,406

 
$
204,714

 
$
178,158

 
$
131,636

Total fixed charges
118,189

 
122,851

 
126,766

 
131,486

 
129,948

Total earnings
$
243,947

 
$
328,257

 
$
331,480

 
$
309,644

 
$
261,584

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
100,818

 
$
107,992

 
$
110,413

 
$
110,240

 
$
103,389

Capitalized interest
6,892

 
3,699

 
3,059

 
9,097

 
11,816

Interest on certain long-term power contracts
5,996

 
6,643

 
8,764

 
8,068

 
10,038

Estimated interest factor in rental expense
4,483

 
4,517

 
4,530

 
4,081

 
4,705

Total fixed charges
$
118,189

 
$
122,851

 
$
126,766

 
$
131,486

 
$
129,948

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.06

 
2.67

 
2.61

 
2.35

 
2.01