NEVADA POWER COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Nine Months Ended September 30, 2008 | Year Ended December 31, | ||||||||||||||
2008 | 2007 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||
EARNINGS AS DEFINED: | |||||||||||||||
Income (Loss) From Continuing Operations | |||||||||||||||
After Interest Charges | $ 165,482 | $ 161,280 | $ 165,694 | $ 224,540 | $ 132,734 | $ 104,312 | $ 19,277 | ||||||||
Income Taxes | 80,942 | 83,498 | 78,352 | 117,510 | 63,995 | 56,572 | (614) | ||||||||
Income (Loss) From Continuing Operations | |||||||||||||||
before Income Taxes | 246,424 | 244,778 | 244,046 | 342,050 | 196,729 | 160,884 | 18,663 | ||||||||
Fixed Charges | 149,686 | 143,497 | 190,016 | 190,333 | 159,776 | 145,055 | 195,342 | ||||||||
Capitalized Interest (allowance for borrowed funds used during construction) | (16,503) | (9,189) | (13,196) | (11,614) | (23,187) | (5,738) | (2,700) | ||||||||
Total | $ 379,607 | $ 379,086 | $ 420,866 | $ 520,769 | $ 333,318 | $ 300,201 | $ 211,305 | ||||||||
FIXED CHARGES AS DEFINED: | |||||||||||||||
Interest Expensed and Capitalized (1) | $ 149,686 | $ 143,497 | $ 190,016 | $ 190,333 | $ 159,776 | $ 145,055 | $ 195,342 | ||||||||
Total | $ 149,686 | $ 143,497 | $ 190,016 | $ 190,333 | $ 159,776 | $ 145,055 | $ 195,342 | ||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 2.54 | 2.64 | 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).