SIERRA PACIFIC RESOURCES
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||||||||||||||
2007 | 2006 | 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||||||||||
EARNINGS AS DEFINED: | ||||||||||||||||||||||||||||||
Income (Loss) From Continuing Operations After Interest Charges | $ | 193,583 | $ | 253,665 | $ | 279,792 | $ | 86,137 | $ | 30,842 | $ | (117,286 | ) | $ | (297,733 | ) | ||||||||||||||
Income Taxes | 96,796 | 132,597 | 145,605 | 43,118 | 18,050 | (51,275 | ) | (162,134 | ) | |||||||||||||||||||||
Income (Loss) From Continuing Operations before Income Taxes | 290,379 | 386,262 | 425,397 | 129,255 | 48,892 | (168,561 | ) | (459,867 | ) | |||||||||||||||||||||
Fixed Charges | 232,442 | 248,675 | 336,024 | 319,654 | 324,969 | 384,565 | 295,877 | |||||||||||||||||||||||
Capitalized Interest (allowance for borrowed funds used during construction) | (18,269 | ) | (12,869 | ) | (17,119 | ) | (24,691 | ) | (8,587 | ) | (5,976 | ) | (5,270 | ) | ||||||||||||||||
Preferred Stock Dividend Requirement | - | (3,602 | ) | (3,602 | ) | (6,000 | ) | (6,000 | ) | (6,000 | ) | (6,000 | ) | |||||||||||||||||
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Total | $ | 504,552 | $ | 618,466 | $ | 740,700 | $ | 418,218 | $ | 359,274 | $ | 204,028 | $ | (175,260 | ) | |||||||||||||||
FIXED CHARGES AS DEFINED: | ||||||||||||||||||||||||||||||
Interest Expensed and Capitalized (1) | $ | 232,442 | $ | 245,073 | $ | 332,422 | $ | 313,654 | $ | 318,969 | $ | 378,565 | $ | 289,877 | ||||||||||||||||
Preferred Stock Dividend Requirement | - | 3,602 | 3,602 | 6,000 | 6,000 | 6,000 | 6,000 | |||||||||||||||||||||||
Total | $ | 232,442 | $ | 248,675 | $ | 336,024 | $ | 319,654 | $ | 324,969 | $ | 384,565 | $ | 295,877 | ||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 2.17 | 2.49 | 2.20 | 1.31 | 1.11 | - | - | |||||||||||||||||||||||
DEFICIENCY | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 180,537 | $ | 471,137 | ||||||||||||||||
(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 (or Loss) from continuing operations before pre-tax preferred stock dividend requirement of SPPC and fixed charges (excluding capitalized interest).