EXHIBIT 12.3 | ||||||||||||||||||||||
SIERRA PACIFIC POWER COMPANY | ||||||||||||||||||||||
RATIOS OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||
September 30, | Year Ended December 31, | |||||||||||||||||||||
2011 | 2010 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
EARNINGS AS DEFINED: | ||||||||||||||||||||||
Net Income (loss) | $ | 45,424 | $ | 52,897 | $ | 72,375 | $ | 73,085 | $ | 90,582 | $ | 65,667 | $ | 57,709 | ||||||||
Income tax expense (benefit) | 23,341 | 30,066 | 40,404 | 31,225 | 37,603 | 26,009 | 27,829 | |||||||||||||||
Fixed Charges | 52,927 | 55,034 | 72,815 | 74,955 | 84,478 | 75,655 | 79,093 | |||||||||||||||
Capitalized Interest (allowance for | ||||||||||||||||||||||
borrowed funds used during construction) | (1,409) | (1,586) | (1,912) | (3,044) | (9,464) | (12,771) | (5,505) | |||||||||||||||
Total | $ | 120,283 | $ | 136,411 | $ | 183,682 | $ | 176,221 | $ | 203,199 | $ | 154,560 | $ | 159,126 | ||||||||
FIXED CHARGES AS DEFINED: | ||||||||||||||||||||||
Interest Expensed and Capitalized (1) | $ | 52,927 | $ | 55,034 | $ | 72,815 | $ | 74,955 | $ | 84,478 | $ | 75,655 | $ | 79,093 | ||||||||
Total | $ | 52,927 | $ | 55,034 | $ | 72,815 | $ | 74,955 | $ | 84,478 | $ | 75,655 | $ | 79,093 | ||||||||
RATIO OF EARNINGS TO FIXED | ||||||||||||||||||||||
CHARGES | 2.27 | 2.48 | 2.52 | 2.35 | 2.41 | 2.04 | 2.01 | |||||||||||||||
(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, “Earnings” represent net income (loss) before, solely with respect to the year ended December 31, 2006, pre-tax preferred stock dividend requirement adjusted for income taxes and fixed charges excluding capitalized interest. “Fixed Charges” represent the aggregate of interest charges on long-term debt (whether expensed or capitalized) and the portion of rental expense deemed attributable to interest.