Exhibit 12.3
SIERRA PACIFIC POWER COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Six Months Ended June 30, | Year ended December 31, | ||||||||||||||||||||||||||||
2007 | 2006 | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||||||||||
EARNINGS AS DEFINED: | |||||||||||||||||||||||||||||
Income (Loss) From Continuing Operations | |||||||||||||||||||||||||||||
After Interest Charges | $ | 31,976 | $ | 22,271 | $ | 57,709 | $ | 52,074 | $ | 18,577 | $ | (23,275 | ) | $ | (13,968 | ) | |||||||||||||
Income Taxes | 13,539 | 11,749 | 27,829 | 28,379 | 325 | (12,237 | ) | (4,491 | ) | ||||||||||||||||||||
Income (Loss) From Continuing | |||||||||||||||||||||||||||||
Operations before Income | |||||||||||||||||||||||||||||
Taxes | 45,515 | 34,020 | 85,538 | 80,453 | 18,902 | (35,512 | ) | (18,459 | ) | ||||||||||||||||||||
Fixed Charges | 37,482 | 39,912 | 79,093 | 72,652 | 67,685 | 101,514 | 79,303 | ||||||||||||||||||||||
Capitalized Interest - (allowance for | |||||||||||||||||||||||||||||
borrowed funds used during construction) | (5,455 | ) | (1,937 | ) | (5,505 | ) | (1,504 | ) | (2,849 | ) | (3,276 | ) | (1,858 | ) | |||||||||||||||
$ | 77,542 | $ | 71,995 | $ | 159,126 | $ | 151,601 | $ | 83,738 | $ | 62,726 | $ | 58,986 | ||||||||||||||||
Total | |||||||||||||||||||||||||||||
FIXED CHARGES AS DEFINED: | $ | 37,482 | $ | 39,912 | $ | 79,093 | $ | 72,652 | $ | 67,685 | $ | 101,514 | $ | 79,303 | |||||||||||||||
Interest Expensed and Capitalized (1) | - | - | - | - | - | - | - | ||||||||||||||||||||||
Total | $ | 37,482 | $ | 39,912 | $ | 79,093 | $ | 72,652 | $ | 67,685 | $ | 101,514 | $ | 79,303 | |||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 2.07 | 1.80 | 2.01 | 2.09 | 1.24 | ||||||||||||||||||||||||
DEFICIENCY | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 38,788 | $ | 20,317 | |||||||||||||||
(1) | Includes amortization of premiums, discounts, and capitalized debt expense and interest component of | ||||||||||||||||||||||||||||
rent expense. |
For the purpose of calculating the ratios of earnings to fixed charges, “Fixed charges” represent the aggregate of interest charges on short-term and long-term debt (whether expensed or capitalized) and the portion of rental expense deemed attributable to interest. “Earnings” represents pre-tax income (or loss) from continuing operations before pre-tax preferred stock dividend requirement and fixed charges (excluding capitalized interest).