Exhibit 12.1
SIERRA PACIFIC RESOURCES
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 | $ | 41,361 | $ | 31,419 | $ | 279,792 | $ | 86,137 | $ | 30,842 | $ | (117,286 | ) | $ | (297,733 | ) | |||||||||||||
Income Taxes | 22,547 | 15,349 | 145,605 | 43,118 | 18,050 | (51,275 | ) | (162,134 | ) | ||||||||||||||||||||
Income (Loss) From Continuing Operations | |||||||||||||||||||||||||||||
before Income Taxes | 63,908 | 46,768 | 425,397 | 129,255 | 48,892 | (168,561 | ) | (459,867 | ) | ||||||||||||||||||||
Fixed Charges | 154,177 | 167,318 | 336,024 | 319,654 | 324,969 | 384,565 | 295,877 | ||||||||||||||||||||||
Capitalized Interest - (allowance for | |||||||||||||||||||||||||||||
borrowed funds used during construction) | (10,708 | ) | (10,009 | ) | (17,119 | ) | (24,691 | ) | (8,587 | ) | (5,976 | ) | (5,270 | ) | |||||||||||||||
Preferred Stock Dividend Requirement | - | (3,602 | ) | (3,602 | ) | (6,000 | ) | (6,000 | ) | (6,000 | ) | (6,000 | ) | ||||||||||||||||
Total | $ | 207,377 | $ | 200,475 | $ | 740,700 | $ | 418,218 | $ | 359,274 | $ | 204,028 | $ | (175,260 | ) | ||||||||||||||
FIXED CHARGES AS DEFINED: | |||||||||||||||||||||||||||||
Interest Expensed and Capitalized (1) | $ | 154,177 | $ | 163,716 | $ | 332,422 | $ | 313,654 | $ | 318,969 | $ | 378,565 | $ | 289,877 | |||||||||||||||
Preferred Stock Dividend Requirement | - | 3,602 | 3,602 | 6,000 | 6,000 | 6,000 | 6,000 | ||||||||||||||||||||||
Total | $ | 154,177 | $ | 167,318 | $ | 336,024 | $ | 319,654 | $ | 324,969 | $ | 384,565 | $ | 295,877 | |||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.35 | 1.20 | 2.20 | 1.31 | 1.11 | ||||||||||||||||||||||||
DEFICIENCY | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 180,537 | $ | 471,137 | |||||||||||||||
(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).