SIERRA PACIFIC RESOURCES | |||||||||||||||
RATIOS OF EARNINGS TO FIXED CHARGES | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||
Six Months Ended June 30 | Year Ended December 31, | ||||||||||||||
2008 | 2007 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||
EARNINGS AS DEFINED: | |||||||||||||||
Income (Loss) From Continuing Operations | |||||||||||||||
After Interest Charges | $ 60,192 | $ 41,361 | $ 197,295 | $ 279,792 | $ 86,137 | $ 30,842 | $ (117,286) | ||||||||
Income Taxes | 33,735 | 22,547 | 87,555 | 145,605 | 43,118 | 18,050 | (51,275) | ||||||||
Income (Loss) From Continuing Operations | |||||||||||||||
Before Income Taxes | 93,927 | 63,908 | 284,850 | 425,397 | 129,255 | 48,892 | (168,561) | ||||||||
Fixed Charges | 158,674 | 154,177 | 310,876 | 336,024 | 319,654 | 324,969 | 384,565 | ||||||||
Capitalized Interest (allowance for borrowed funds used during construction) | (19,240 | ) | (10,708 | ) | (25,967 | ) | (17,119 | ) | (24,691 | ) | (8,587 | ) | (5,976) | ||
Preferred Stock Dividend Requirement | - | - | - | (3,602 | ) | (6,000 | ) | (6,000 | ) | (6,000) | |||||
Total | $ 233,361 | $ 207,377 | $ 569,759 | $ 740,700 | $ 418,218 | $ 359,274 | $ 204,028 | ||||||||
FIXED CHARGES AS DEFINED: | |||||||||||||||
Interest Expensed and Capitalized (1) | $ 158,674 | $ 154,177 | $ 310,876 | $ 332,422 | $ 313,654 | $ 318,969 | $ 378,565 | ||||||||
Preferred Stock Dividend Requirement | - | - | - | 3,602 | 6,000 | 6,000 | 6,000 | ||||||||
Total | $ 158,674 | $ 154,177 | $ 310,876 | 336,024 | $ 319,654 | $ 324,969 | $ 384,565 | ||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.47 | 1.35 | 1.83 | 2.20 | 1.31 | 1.11 | |||||||||
DEFICIENCY | $ - | $ - | $ - | $ - | $ - | $ - | $ 180,537 | ||||||||
(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).