EXHIBIT 12 (A)
SIERRA PACIFIC RESOURCES
RATIOS OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | ||||||||||||||||||||
Dollars in thousands | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||
EARNINGS AS DEFINED: | ||||||||||||||||||||
Income (Loss) From Continuing Operations After Interest Charges | $ | 35,635 | $ | (104,160 | ) | $ | (294,979 | ) | $ | 35,818 | $ | (45,264 | ) | |||||||
Income Taxes | 20,631 | (44,207 | ) | (161,191 | ) | 14,218 | (30,193 | ) | ||||||||||||
Income (Loss) From Continuing Operations before Income Taxes | 56,266 | (148,367 | ) | (456,170 | ) | 50,036 | (75,457 | ) | ||||||||||||
Fixed Charges | 333,556 | 388,565 | 299,824 | 243,874 | 209,937 | |||||||||||||||
Capitalized Interest | (8,587 | ) | (5,976 | ) | (5,270 | ) | (2,801 | ) | (10,634 | ) | ||||||||||
Preferred Stock Dividend Requirement | (6,000 | ) | (6,000 | ) | (6,000 | ) | (5,692 | ) | (5,383 | ) | ||||||||||
Total | $ | 375,235 | $ | 228,222 | $ | (167,616 | ) | $ | 285,417 | $ | 118,463 | |||||||||
FIXED CHARGES AS DEFINED: | ||||||||||||||||||||
Interest Expensed and Capitalized (1) | $ | 327,556 | $ | 382,565 | $ | 293,824 | $ | 238,182 | $ | 204,554 | ||||||||||
Preferred Stock Dividend Requirement | 6,000 | 6,000 | 6,000 | 5,692 | 5,383 | |||||||||||||||
Total | $ | 333,556 | $ | 388,565 | $ | 299,824 | $ | 243,874 | $ | 209,937 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.12 | 1.17 | ||||||||||||||||||
DEFICIENCY | $ | — | $ | 160,343 | $ | 467,440 | $ | — | $ | 91,474 |
(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, allowance for borrowed funds used during construction (AFUDC) and capitalized interest, the portion of rental expense deemed to be attributable to interest, and the pre-tax preferred stock dividend requirement of SPPC. “Earnings” represent pre-tax income (or Loss) from continuing operations before pre-tax preferred stock dividend requirement of SPPC, fixed charges and capitalized interest.