SIERRA PACIFIC POWER COMPANY
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 | $ 68,052 | $ 57,528 | $ 65,667 | $ 57,709 | $ 52,074 | $ 18,577 | $ (23,275) | ||||||||
| Income Taxes | 29,423 | 24,468 | 26,009 | 27,829 | 28,379 | 325 | (12,237) | ||||||||
| Income (Loss) From Continuing Operations | |||||||||||||||
| before Income Taxes | 97,475 | 81,996 | 91,676 | 85,538 | 80,453 | 18,902 | (35,512) | ||||||||
| Fixed Charges | 62,553 | 56,261 | 75,655 | 79,093 | 72,652 | 67,685 | 101,514 | ||||||||
| Capitalized Interest (allowance for borrowed funds used during construction) | (8,915) | (9,080) | (12,771) | (5,505) | (1,504) | (2,849) | (3,276) | ||||||||
| $ 151,113 | $ 129,177 | $ 154,560 | $ 159,126 | $ 151,601 | $ 83,738 | $ 62,726 | |||||||||
| Total | |||||||||||||||
| FIXED CHARGES AS DEFINED: | $ 62,553 | $ 56,261 | $ 75,655 | $ 79,093 | $ 72,652 | $ 67,685 | $ 101,514 | ||||||||
| Interest Expensed and Capitalized (1) | - | - | - | - | - | - | - | ||||||||
| Total | $ 62,553 | 56,261 | 75,655 | 79,093 | 72,652 | $ 67,685 | $ 101,514 | ||||||||
| RATIO OF EARNINGS TO FIXED CHARGES | 2.42 | 2.30 | 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).