EXHIBIT 12.1
SIERRA PACIFIC RESOURCES
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Three Months Ended | ||||||||||||||||||||||||
March 31, | Year Ended December 31, | |||||||||||||||||||||||
2008 | 2007 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||
EARNINGS AS DEFINED: | ||||||||||||||||||||||||
Income (Loss) From Continuing Operations After Interest Charges | $ 24,058 | $15,607 | $ 197,295 | $ 279,792 | $ 86,137 | $ 30,842 | $(117,286) | |||||||||||||||||
Income Taxes | 16,708 | 10,628 | 87,555 | 145,605 | 43,118 | 18,050 | (51,275) | |||||||||||||||||
Income (Loss) From Continuing Operations before Income Taxes | 40,766 | 26,235 | 284,850 | 425,397 | 129,255 | 48,892 | (168,561) | |||||||||||||||||
Fixed Charges | 79,460 | 76,519 | 310,876 | 336,024 | 319,654 | 324,969 | 384,565 | |||||||||||||||||
Capitalized Interest (allowance for borrowed funds used during construction) | (9,152) | (5,334) | (25,967) | (17,119) | (24,691) | (8,587) | (5,976) | |||||||||||||||||
Preferred Stock Dividend Requirement | - | - | - | (3,602) | (6,000) | (6,000) | (6,000) | |||||||||||||||||
Total | $111,074 | $ 97,420 | $ 569,759 | $ 740,700 | $ 418,218 | $359,274 | $ 204,028 | |||||||||||||||||
FIXED CHARGES AS DEFINED: | ||||||||||||||||||||||||
Interest Expensed and Capitalized (1) | $ 79,460 | $ 76,519 | $ 310,876 | $ 332,422 | $ 313,654 | $ 318,969 | $ 378,565 | |||||||||||||||||
Preferred Stock Dividend Requirement | - | - | - | 3,602 | 6,000 | 6,000 | 6,000 | |||||||||||||||||
Total | $ 79,460 | 76,519 | 310,876 | 336,024 | 319,654 | $ 324,969 | $ 384,565 | |||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.40 | 1.27 | 1.83 | 2.20 | 1.31 | 1.11 | ||||||||||||||||||
DEFICIENCY | $ - | $ - | $ - | $ - | $ - | $ - | $ 180,537 | |||||||||||||||||
(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), the portion of rental expense deemed to be attributable to interest, and the pre-tax preferred stock dividend requirement of SPPC. “Earnings” represents pre-tax income (or Loss) from continuing operations before pre-tax preferred stock dividend requirement of SPPC and fixed charges (excluding capitalized interest).