EXHIBIT 12.1
NV ENERGY, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Year Ended December 31, | |||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||
EARNINGS AS DEFINED: | |||||||||||||||||||||
Income (Loss) From Continuing Operations | |||||||||||||||||||||
After Interest Charges | $ | 208,887 | $ | 197,295 | $ | 279,792 | $ | 86,137 | $ | 30,842 | |||||||||||
Income Taxes | 95,354 | 87,555 | 145,605 | 43,118 | 18,050 | ||||||||||||||||
Income (Loss) From Continuing Operations | |||||||||||||||||||||
before Income Taxes | 304,241 | 284,850 | 425,397 | 129,255 | 48,892 | ||||||||||||||||
Fixed Charges | 335,868 | 310,876 | 336,024 | 319,654 | 324,969 | ||||||||||||||||
Capitalized Interest (allowance for borrowed funds used during construction) | (29,527 | ) | (25,967 | ) | (17,119 | ) | (24,691 | ) | (8,587 | ) | |||||||||||
Preferred Stock Dividend Requirement | - | - | (3,602 | ) | (6,000 | ) | (6,000 | ) | |||||||||||||
Total | $ | 610,582 | $ | 569,759 | $ | 740,700 | $ | 418,218 | $ | 359,274 | |||||||||||
FIXED CHARGES AS DEFINED: | |||||||||||||||||||||
Interest Expensed and Capitalized (1) | $ | 335,868 | $ | 310,876 | $ | 332,422 | $ | 313,654 | $ | 318,969 | |||||||||||
Preferred Stock Dividend Requirement | - | - | 3,602 | 6,000 | 6,000 | ||||||||||||||||
Total | $ | 335,868 | $ | 310,876 | $ | 336,024 | $ | 319,654 | $ | 324,969 | |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.82 | 1.83 | 2.20 | 1.31 | 1.11 | ||||||||||||||||
(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, solely with respect to the years ended December 31, 2006, 2005 and 2004, pre-tax preferred stock dividend requirement of SPPC plus fixed charges (excluding capitalized interest and the pre-tax preferred stock dividend requirement of SPPC for the years ended December 31, 2006, 2005 and 2004).