Exhibit 12.1
SIERRA PACIFIC RESOURCES
RATIOS OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | ||||||||||||||||||||||
| Amounts in 000’s | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||
| EARNINGS AS DEFINED: | ||||||||||||||||||||||
| Income (Loss) From Continuing Operations After Interest Charges | $ | (285,679 | ) | $ | 51,668 | $ | (27,339 | ) | $ | 66,771 | $ | 94,686 | ||||||||||
| Income Taxes | (163,877 | ) | 13,106 | (30,727 | ) | 26,364 | 45,471 | |||||||||||||||
| Income (Loss) From Continuing Operations before Income Taxes | (449,556 | ) | 64,774 | (58,066 | ) | 93,135 | 140,157 | |||||||||||||||
| Fixed Charges | 300,679 | 243,405 | 209,937 | 133,364 | 81,238 | |||||||||||||||||
| Capitalized Interest | (5,270 | ) | (2,801 | ) | (10,634 | ) | (8,000 | ) | (6,080 | ) | ||||||||||||
| Preference Security Dividend Requirements | (21,172 | ) | (24,462 | ) | (24,297 | ) | (20,127 | ) | (11,013 | ) | ||||||||||||
| Total | $ | (175,319 | ) | $ | 280,916 | $ | 116,940 | $ | 198,372 | $ | 204,302 | |||||||||||
| FIXED CHARGES AS DEFINED: | ||||||||||||||||||||||
| Interest Expensed and Capitalized (1) | $ | 279,507 | $ | 218,943 | $ | 185,640 | $ | 113,237 | $ | 70,225 | ||||||||||||
| Preference Security Dividend Requirements | 21,172 | 24,462 | 24,297 | 20,127 | 11,013 | |||||||||||||||||
| Total | $ | 300,679 | $ | 243,405 | $ | 209,937 | $ | 133,364 | $ | 81,238 | ||||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES | 1.15 | 1.49 | 2.51 | |||||||||||||||||||
| DEFICIENCY | $ | 475,998 | — | $ | 92,997 | — | — | |||||||||||||||
| (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 and distributions on preferred securities of consolidated subsidiaries, allowance for borrowed funds used during construction (AFUDC) and capitalized interest, the portion of rental expense deemed to be attributable to interest, and the pre-tax preferred stock dividend requirements of consolidated subsidiaries. “Earnings” represent the aggregate of income (or loss) from continuing operations before obligated mandatorily redeemable preferred securities, income taxes, and fixed charges, less AFUDC and capitalized interest, and pre-tax preferred stock dividend requirements of consolidated subsidiaries.
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