EXHIBIT 12.1
NV ENERGY, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2009 | 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||
EARNINGS AS DEFINED: | ||||||||||||||||||||||||||||
Income From Continuing Operations | ||||||||||||||||||||||||||||
After Interest Charges | $ | 178,785 | $ | 210,975 | $ | 208,887 | $ | 197,295 | $ | 279,792 | $ | 86,137 | $ | 30,842 | ||||||||||||||
Income Taxes | 80,704 | 99,146 | 95,354 | 87,555 | 145,605 | 43,118 | 18,050 | |||||||||||||||||||||
Income From Continuing Operations | ||||||||||||||||||||||||||||
before Income Taxes | 259,489 | 310,121 | 304,241 | 284,850 | 425,397 | 129,255 | 48,892 | |||||||||||||||||||||
Fixed Charges | 272,448 | 243,549 | 335,868 | 310,876 | 336,024 | 319,654 | 324,969 | |||||||||||||||||||||
Capitalized Interest (allowance for borrowed funds used during construction) | (15,847 | ) | (25,418 | ) | (29,527 | ) | (25,967 | ) | (17,119 | ) | (24,691 | ) | (8,587 | ) | ||||||||||||||
Preferred Stock Dividend Requirement | - | - | - | - | (3,602 | ) | (6,000 | ) | (6,000 | ) | ||||||||||||||||||
Total | $ | 516,090 | $ | 528,252 | $ | 610,582 | $ | 569,759 | $ | 740,700 | $ | 418,218 | $ | 359,274 | ||||||||||||||
FIXED CHARGES AS DEFINED: | ||||||||||||||||||||||||||||
Interest Expensed and Capitalized (1) | $ | 272,448 | $ | 243,549 | $ | 335,868 | $ | 310,876 | $ | 332,422 | $ | 313,654 | $ | 318,969 | ||||||||||||||
Preferred Stock Dividend Requirement | - | - | - | - | 3,602 | 6,000 | 6,000 | |||||||||||||||||||||
Total | $ | 272,448 | $ | 243,549 | $ | 335,868 | $ | 310,876 | $ | 336,024 | $ | 319,654 | $ | 324,969 | ||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.89 | 2.17 | 1.82 | 1.83 | 2.20 | 1.31 | 1.11 | |||||||||||||||||||||
(1) | Includes amortization of premiums, discounts, 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, solely with respect to the years ended December 31, 2006, 2005 and 2004, pre-tax preferred stock dividend requirement of SPPC plus fixed charges (excluding capitalized interest and the pre-tax preferred stock dividend requirement of SPPC for the years ended December 31, 2006, 2005 and 2004).