EX-12.1 2 ex12110k2015.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1
PORTLAND GENERAL ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
216,818

 
$
236,679

 
$
125,758

 
$
205,406

 
$
204,714

Total fixed charges
135,956

 
128,515

 
118,189

 
122,851

 
126,766

Total earnings
$
352,774

 
$
365,194

 
$
243,947

 
$
328,257

 
$
331,480

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
113,861

 
$
96,068

 
$
100,818

 
$
107,992

 
$
110,413

Capitalized interest
12,520

 
22,441

 
6,892

 
3,699

 
3,059

Interest on certain long-term power contracts
5,140

 
5,137

 
5,996

 
6,643

 
8,764

Estimated interest factor in rental expense
4,435

 
4,869

 
4,483

 
4,517

 
4,530

Total fixed charges
$
135,956

 
$
128,515

 
$
118,189

 
$
122,851

 
$
126,766

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.59

 
2.84

 
2.06

 
2.67

 
2.61