EXHIBIT 12 (A)
SIERRA PACIFIC RESOURCES
RATIOS OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | ||||||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
EARNINGS AS DEFINED: | ||||||||||||||||||||
Income (Loss) From Continuing Operations After Interest Charges | $ | (129,375 | ) | $ | (300,851 | ) | $ | 32,898 | $ | (46,253 | ) | $ | 50,029 | |||||||
Income Taxes | (82,939 | ) | (171,993 | ) | (16,634 | ) | (31,749 | ) | 26,364 | |||||||||||
Income (Loss) From Continuing Operations before Income Taxes | (212,314 | ) | (472,844 | ) | 16,264 | (78,002 | ) | 76,393 | ||||||||||||
Fixed Charges | 390,548 | 301,148 | 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 | ) | ||||||||||
Total | $ | 166,258 | $ | (182,966 | ) | $ | 251,645 | $ | 115,918 | $ | 198,372 | |||||||||
FIXED CHARGES AS DEFINED: | ||||||||||||||||||||
Interest Expensed and Capitalized (1) | $ | 384,548 | $ | 295,148 | $ | 238,182 | $ | 204,554 | $ | 129,979 | ||||||||||
Preferred Stock Dividend Requirement | 6,000 | 6,000 | 5,692 | 5,383 | 3,385 | |||||||||||||||
Total | $ | 390,548 | $ | 301,148 | $ | 243,874 | $ | 209,937 | $ | 133,364 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | — | — | 1.03 | — | 1.49 | |||||||||||||||
DEFICIENCY | $ | 224,290 | $ | 484,114 | $ | — | $ | 94,019 | $ | — | ||||||||||
| (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.