EXHIBIT 12.1
SIERRA PACIFIC RESOURCES
RATIOS OF EARNINGS TO FIXED CHARGES
| | | | | | | | | | | | | | | | | | | | | |
| | | Year Ended December 31,
|
Amounts in 000’s
| | 2003
| | 2002
| | 2001
| | 2000
| | 1999
|
| EARNINGS AS DEFINED: | | | | | | | | | | | | | | | | | | | | |
| Income (Loss) From Continuing Operations After Interest Charges | | $ | (104,160 | ) | | $ | (294,979 | ) | | $ | 35,818 | | | $ | (45,264 | ) | | $ | 50,091 | |
| Income Taxes | | | (44,207 | ) | | | (161,191 | ) | | | 14,218 | | | | (30,193 | ) | | | 26,570 | |
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| Income (Loss) From Continuing Operations before Income Taxes | | | (148,367 | ) | | | (456,170 | ) | | | 50,036 | | | | (75,457 | ) | | | 76,661 | |
| Fixed Charges | | | 388,565 | | | | 299,824 | | | | 243,874 | | | | 209,937 | | | | 133,364 | |
| Capitalized Interest | | | (5,976 | ) | | | (5,270 | ) | | | (2,801 | ) | | | (10,634 | ) | | | (8,000 | ) |
| Preferred Stock Dividend Requirement | | | (6,000 | ) | | | (6,000 | ) | | | (5,692 | ) | | | (5,383 | ) | | | (3,385 | ) |
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| Total | | $ | 228,222 | | | $ | (167,616 | ) | | $ | 285,417 | | | $ | 118,463 | | | $ | 198,640 | |
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| FIXED CHARGES AS DEFINED: | | | | | | | | | | | | | | | | | | | | |
| Interest Expensed and Capitalized (1) | | $ | 382,565 | | | $ | 293,824 | | | $ | 238,182 | | | $ | 204,554 | | | $ | 129,979 | |
| Preferred Stock Dividend Requirement | | | 6,000 | | | | 6,000 | | | | 5,692 | | | | 5,383 | | | | 3,385 | |
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| Total | | $ | 388,565 | | | $ | 299,824 | | | $ | 243,874 | | | $ | 209,937 | | | $ | 133,364 | |
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| RATIO OF EARNINGS TO FIXED CHARGES | | | | | | | | | | | 1.17 | | | | | | | | 1.49 | |
| DEFICIENCY | | $ | 160,343 | | | $ | 467,440 | | | $ | — | | | $ | 91,474 | | | $ | — | |
| (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, 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 requirement of SPPC. “Earnings” represent pre-tax income (or Loss) from continuing operations before pre-tax preferred stock dividend requirement of SPPC, fixed charges and capitalized interest.
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