EXHIBIT 12.3
SIERRA PACIFIC POWER COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2009 | 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||
EARNINGS AS DEFINED: | ||||||||||||||||||||||||||||
Income From Continuing Operations | ||||||||||||||||||||||||||||
after Interest Charges | $ | 58,206 | $ | 68,052 | $ | 90,582 | $ | 65,667 | $ | 57,709 | $ | 52,074 | $ | 18,577 | ||||||||||||||
Income Taxes | 25,926 | 29,423 | 37,603 | 26,009 | 27,829 | 28,379 | 325 | |||||||||||||||||||||
Income From Continuing Operations | ||||||||||||||||||||||||||||
before Income Taxes | 84,132 | 97,475 | 128,175 | 91,676 | 85,538 | 80,453 | 18,902 | |||||||||||||||||||||
Fixed Charges | 56,248 | 62,553 | 84,478 | 75,655 | 79,093 | 72,652 | 67,685 | |||||||||||||||||||||
Capitalized Interest (allowance for borrowed funds used during construction) | (2,364 | ) | (8,915 | ) | (9,464 | ) | (12,771 | ) | (5,505 | ) | (1,504 | ) | (2,849 | ) | ||||||||||||||
Total | $ | 138,016 | $ | 151,113 | $ | 203,199 | $ | 154,560 | $ | 159,126 | $ | 151,601 | $ | 83,738 | ||||||||||||||
FIXED CHARGES AS DEFINED: | ||||||||||||||||||||||||||||
Interest Expensed and Capitalized (1) | $ | 56,248 | $ | 62,553 | $ | 84,478 | $ | 75,655 | $ | 79,093 | $ | 72,652 | $ | 67,685 | ||||||||||||||
Total | $ | 56,248 | $ | 62,553 | $ | 84,478 | $ | 75,655 | $ | 79,093 | $ | 72,652 | $ | 67,685 | ||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 2.45 | 2.42 | 2.41 | 2.04 | 2.01 | 2.09 | 1.24 | |||||||||||||||||||||
(1) | Includes amortization of premiums, discounts, 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, solely with respect to the years ended December 31, 2006, 2005 and 2004, pre-tax preferred stock dividend requirement plus fixed charges (excluding capitalized interest).