EXHIBIT 12 (C)
SIERRA PACIFIC POWER COMPANY
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 | $ | (23,275 | ) | $ | (13,968 | ) | $ | 22,743 | $ | (4,077 | ) | $ | 64,615 | |||||||
Income Taxes | (12,237 | ) | (4,491 | ) | 10,260 | (1,362 | ) | 33,489 | ||||||||||||
Income (Loss) From Continuing Operations before Income Taxes | (35,512 | ) | (18,459 | ) | 33,003 | (5,439 | ) | 98,104 | ||||||||||||
Fixed Charges | 104,790 | 81,161 | 68,965 | 56,753 | 48,503 | |||||||||||||||
Capitalized Interest | (3,276 | ) | (1,858 | ) | (660 | ) | (2,779 | ) | (141 | ) | ||||||||||
Preferred Stock Dividend Requirement | — | — | — | — | — | |||||||||||||||
Total | $ | 66,002 | $ | 60,844 | $ | 101,308 | $ | 48,535 | $ | 146,466 | ||||||||||
FIXED CHARGES AS DEFINED: | ||||||||||||||||||||
Interest Expensed and Capitalized (1) | $ | 104,790 | $ | 81,161 | $ | 68,965 | $ | 56,753 | $ | 48,503 | ||||||||||
Preferred Stock Dividend Requirement | — | — | — | — | — | |||||||||||||||
Total | $ | 104,790 | $ | 81,161 | $ | 68,965 | $ | 56,753 | $ | 48,503 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | — | — | 1.47 | — | 3.02 | |||||||||||||||
DEFICIENCY | $ | 38,788 | $ | 20,317 | $ | — | $ | 8,218 | $ | — |
(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, and the portion of rental expense deemed to be attributable to interest. “Earnings” represents pre-tax income (or loss) from continuing operations before pre-tax preferred stock dividend requirement, fixed charges and capitalized interest.