EX-12.1 4 ex12110k2017.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


EXHIBIT 12.1
PORTLAND GENERAL ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
273,085

 
$
243,108

 
$
216,818

 
$
236,679

 
$
125,758

Total fixed charges
137,124

 
132,654

 
135,956

 
128,515

 
118,189

Total earnings
$
410,209

 
$
375,762

 
$
352,774

 
$
365,194

 
$
243,947

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
119,636

 
$
111,539

 
$
113,861

 
$
96,068

 
$
100,818

Capitalized interest
6,001

 
10,820

 
12,520

 
22,441

 
6,892

Interest on certain long-term power contracts
5,311

 
4,946

 
5,140

 
5,137

 
5,996

Estimated interest factor in rental expense
6,176

 
5,349

 
4,435

 
4,869

 
4,483

Total fixed charges
$
137,124

 
$
132,654

 
$
135,956

 
$
128,515

 
$
118,189

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.99

 
2.83

 
2.59

 
2.84

 
2.06