SIERRA PACIFIC 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 | $ 35,133 | $ 31,976 | $ 65,667 | $ 57,709 | $ 52,074 | $ 18,577 | $ (23,275) | ||||||||
Income Taxes | 18,138 | 13,539 | 26,009 | 27,829 | 28,379 | 325 | (12,237) | ||||||||
Income (Loss) From Continuing Operations | |||||||||||||||
Before Income Taxes | 53,271 | 45,515 | 91,676 | 85,538 | 80,453 | 18,902 | (35,512) | ||||||||
Fixed Charges | 42,357 | 37,482 | 75,655 | 79,093 | 72,652 | 67,685 | 101,514 | ||||||||
Capitalized Interest (allowance for borrowed funds used during construction) | (7,865 | ) | (5,455 | ) | (12,771 | ) | (5,505 | ) | (1,504 | ) | (2,849 | ) | (3,276) | ||
$ 87,763 | $ 77,542 | $ 154,560 | $ 159,126 | $ 151,601 | $ 83,738 | 62,726 | |||||||||
Total | |||||||||||||||
FIXED CHARGES AS DEFINED: | $ 42,357 | $ 37,482 | $ 75,655 | $ 79,093 | $ 72,652 | $ 67,685 | $ 101,514 | ||||||||
Interest Expensed and Capitalized (1) | - | - | - | - | - | - | - | ||||||||
Total | $ 42,357 | $ 37,482 | $ 75,655 | $ 79,093 | $ 72,652 | $ 67,685 | $ 101,514 | ||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 2.07 | 2.07 | 2.04 | 2.01 | 2.09 | 1.24 | - | ||||||||
DEFICIENCY | $ - | $ - | $ - | $ - | $ - | $ - | $ 38,788 | ||||||||
(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 pre-tax preferred stock dividend requirement and fixed charges (excluding capitalized interest).