EX-12.1 2 ex121.htm 12.1 WebFilings | EDGAR view
 

EXHIBIT 12.1
PORTLAND GENERAL ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
2010
 
2009
 
2008
 
2007
 
2006
 
(Dollars in thousands)
Income from continuing operations before income taxes
$
178,158
 
 
$
131,636
 
 
$
121,825
 
 
$
220,123
 
 
$
107,240
 
Total fixed charges
131,486
 
 
129,948
 
 
111,589
 
 
98,682
 
 
91,846
 
Total earnings
$
309,644
 
 
$
261,584
 
 
$
233,414
 
 
$
318,805
 
 
$
199,086
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
110,240
 
 
$
103,389
 
 
$
90,257
 
 
$
74,362
 
 
$
68,932
 
Capitalized interest
9,097
 
 
11,816
 
 
6,184
 
 
9,596
 
 
8,482
 
Interest on certain long-term power contracts
8,068
 
 
10,038
 
 
10,010
 
 
9,552
 
 
9,927
 
Estimated interest factor in rental expense
4,081
 
 
4,705
 
 
5,138
 
 
5,172
 
 
4,505
 
Total fixed charges
$
131,486
 
 
$
129,948
 
 
$
111,589
 
 
$
98,682
 
 
$
91,846
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.35
 
 
2.01
 
 
2.09
 
 
3.23
 
 
2.17