NEVADA POWER COMPANY | |||||||||||||||
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 | $ 41,146 | $ 28,186 | $ 165,694 | $ 224,540 | $ 132,734 | $ 104,312 | $ 19,277 | ||||||||
Income Taxes | 22,519 | 14,573 | 78,352 | 117,510 | 63,995 | 56,572 | (614) | ||||||||
Income (Loss) From Continuing Operations | |||||||||||||||
Before Income Taxes | 63,665 | 42,759 | 244,046 | 342,050 | 196,729 | 160,884 | 18,663 | ||||||||
Fixed Charges | 95,440 | 94,906 | 190,836 | 190,333 | 159,776 | 145,055 | 195,342 | ||||||||
Capitalized Interest (allowance for borrowed funds used during construction) | (11,375 | ) | (5,253 | ) | (13,196 | ) | (11,614 | ) | (23,187 | ) | (5,738 | ) | (2,700) | ||
Total | $ 147,730 | $ 132,412 | $ 421,686 | $ 520,769 | $ 333,318 | $ 300,201 | $ 211,305 | ||||||||
FIXED CHARGES AS DEFINED: | |||||||||||||||
Interest Expensed and Capitalized (1) | $ 95,440 | $ 94,906 | $ 190,836 | $ 190,333 | $ 159,776 | $ 145,055 | $ 195,342 | ||||||||
Total | $ 95,440 | $ 94,906 | $ 190,836 | $ 190,333 | $ 159,776 | $ 145,055 | $ 195,342 | ||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.55 | 1.40 | 2.21 | 2.74 | 2.09 | 2.07 | 1.08 | ||||||||
(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) and the portion of rental expense deemed attributable to interest. “Earnings” represents pre-tax income (or loss) from continuing operations before fixed charges (excluding capitalized interest).