EXHIBIT 12.3
SIERRA PACIFIC POWER COMPANY
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 | $ 24,284 | $ 21,968 | $ 65,667 | $ 57,709 | $ 52,074 | $ 18,577 | $ (23,275) | |||||||||
Income Taxes | 13,233 | 9,571 | 26,009 | 27,829 | 28,379 | 325 | (12,237) | |||||||||
Income (Loss) From Continuing Operations | ||||||||||||||||
before Income Taxes | 37,517 | 31,539 | 91,676 | 85,538 | 80,453 | 18,902 | (35,512) | |||||||||
Fixed Charges | 21,445 | 18,486 | 75,655 | 79,093 | 72,652 | 67,685 | 101,514 | |||||||||
Capitalized Interest (allowance for borrowed funds used during construction) | (3,797) | (2,784) | (12,771) | (5,505) | (1,504) | (2,849) | (3,276) | |||||||||
Total | $ 55,165 | $ 47,241 | $154,560 | $159,126 | $151,601 | $ 83,738 | $ 62,726 | |||||||||
FIXED CHARGES AS DEFINED: | $ 21,445 | $ 18,486 | $ 75,655 | $ 79,093 | $ 72,652 | $ 67,685 | $ 101,514 | |||||||||
Interest Expensed and Capitalized (1) | - | - | - | - | - | - | - | |||||||||
Total | $ 21,445 | 18,486 | 75,655 | 79,093 | 72,652 | $ 67,685 | $ 101,514 | |||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 2.57 | 2.56 | 2.04 | 2.01 | 2.09 | 1.24 | ||||||||||
DEFICIENCY | $ - | $ - | $ - | $ - | $ - | $ - | $ 38,788 | |||||||||
(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) and the portion of rental expense deemed attributable to interest. “Earnings” represents pre-tax income (or loss) from continuing operations before pre-tax preferred stock dividend requirement and fixed charges (excluding capitalized interest).