SIERRA PACIFIC RESOURCES
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Nine Months Ended September 30, 2008 | Year Ended December 31, | ||||||||||||||
| 2008 | 2007 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||
| EARNINGS AS DEFINED: | |||||||||||||||
| Income (Loss) From Continuing Operations | |||||||||||||||
| After Interest Charges | $ 210,975 | $ 193,583 | $ 197,295 | $ 279,792 | $ 86,137 | $ 30,842 | $ (117,286) | ||||||||
| Income Taxes | 99,146 | 96,796 | 87,555 | 145,605 | 43,118 | 18,050 | (51,275) | ||||||||
| Income (Loss) From Continuing Operations | |||||||||||||||
| before Income Taxes | 310,121 | 290,379 | 284,850 | 425,397 | 129,255 | 48,892 | (168,561) | ||||||||
| Fixed Charges | 243,549 | 232,442 | 310,057 | 336,024 | 319,654 | 324,969 | 384,565 | ||||||||
| Capitalized Interest (allowance for borrowed funds used during construction) | (25,418) | (18,269) | (25,967) | (17,119) | (24,691) | (8,587) | (5,976) | ||||||||
| Preferred Stock Dividend Requirement | - | - | - | (3,602) | (6,000) | (6,000) | (6,000) | ||||||||
| Total | $ 528,252 | $ 504,552 | $ 568,940 | $ 740,700 | $ 418,218 | $ 359,274 | $ 204,028 | ||||||||
| FIXED CHARGES AS DEFINED: | |||||||||||||||
| Interest Expensed and Capitalized (1) | $ 243,549 | $ 232,442 | $ 310,057 | $ 332,422 | $ 313,654 | $ 318,969 | $ 378,565 | ||||||||
| Preferred Stock Dividend Requirement | - | - | - | 3,602 | 6,000 | 6,000 | 6,000 | ||||||||
| Total | $ 243,549 | 232,442 | 310,057 | 336,024 | 319,654 | $ 324,969 | $ 384,565 | ||||||||
| RATIO OF EARNINGS TO FIXED CHARGES | 2.17 | 2.17 | 1.83 | 2.20 | 1.31 | 1.11 | |||||||||
| DEFICIENCY | $ - | $ - | $ - | $ - | $ - | $ - | $ 180,537 | ||||||||
| (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).