EXHIBIT 12.1
NV ENERGY, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Year Ended December 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
EARNINGS AS DEFINED: | ||||||||||||||||||||
Income From Continuing Operations | ||||||||||||||||||||
After Interest Charges | $ | 182,936 | $ | 208,887 | $ | 197,295 | $ | 279,792 | $ | 86,137 | ||||||||||
Income Taxes | 75,451 | 95,354 | 87,555 | 145,605 | 43,118 | |||||||||||||||
Income From Continuing Operations | ||||||||||||||||||||
before Income Taxes | 258,387 | 304,241 | 284,850 | 425,397 | 129,255 | |||||||||||||||
Fixed Charges | 360,896 | 335,868 | 310,876 | 336,024 | 319,654 | |||||||||||||||
Capitalized Interest (AFUDC-debt) | (20,229 | ) | (29,527 | ) | (25,967 | ) | (17,119 | ) | (24,691 | ) | ||||||||||
Preferred Stock Dividend Requirement | - | - | - | (3,602 | ) | (6,000 | ) | |||||||||||||
Total | $ | 599,054 | $ | 610,582 | $ | 569,759 | $ | 740,700 | $ | 418,218 | ||||||||||
FIXED CHARGES AS DEFINED: | ||||||||||||||||||||
Interest Expensed and Capitalized (1) | $ | 360,896 | $ | 335,868 | $ | 310,876 | $ | 332,422 | $ | 313,654 | ||||||||||
Preferred Stock Dividend Requirement | - | - | - | 3,602 | 6,000 | |||||||||||||||
Total | 360,896 | 335,868 | 310,876 | 336,024 | 319,654 | |||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.66 | 1.82 | 1.83 | 2.20 | 1.31 |
(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 from continuing operations before, solely with respect to the years ended December 31, 2006 and 2005, 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 and 2005).