EXHIBIT 12.1
NV ENERGY, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Six Months Ended June 30, 2008 | Year Ended December 31, | |||||||||||||||||||||||||||
2009 | 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||
EARNINGS AS DEFINED: | ||||||||||||||||||||||||||||
Income (Loss) From Continuing Operations | ||||||||||||||||||||||||||||
After Interest Charges | $ | (3,861 | ) | $ | 60,192 | $ | 208,887 | $ | 197,295 | $ | 279,792 | $ | 86,137 | $ | 30,842 | |||||||||||||
Income Taxes | (1,821 | ) | 33,735 | 95,354 | 87,555 | 145,605 | 43,118 | 18,050 | ||||||||||||||||||||
Income (Loss) From Continuing Operations | ||||||||||||||||||||||||||||
Before Income Taxes | (5,682 | ) | 93,927 | 304,241 | 284,850 | 425,397 | 129,255 | 48,892 | ||||||||||||||||||||
Fixed Charges | 182,767 | 158,674 | 335,868 | 310,876 | 336,024 | 319,654 | 324,969 | |||||||||||||||||||||
Capitalized Interest (allowance for borrowed funds used during construction) | (12,168 | ) | (19,240 | ) | (29,527 | ) | (25,967 | ) | (17,119 | ) | (24,691 | ) | (8,587 | ) | ||||||||||||||
Preferred Stock Dividend Requirement | - | - | - | - | (3,602 | ) | (6,000 | ) | (6,000 | ) | ||||||||||||||||||
Total | $ | 164,917 | $ | 233,361 | $ | 610,582 | $ | 569,759 | $ | 740,700 | $ | 418,218 | $ | 359,274 | ||||||||||||||
FIXED CHARGES AS DEFINED: | ||||||||||||||||||||||||||||
Interest Expensed and Capitalized (1) | $ | 182,767 | $ | 158,674 | $ | 335,868 | $ | 310,876 | $ | 332,422 | $ | 313,654 | $ | 318,969 | ||||||||||||||
Preferred Stock Dividend Requirement | - | - | - | - | 3,602 | 6,000 | 6,000 | |||||||||||||||||||||
Total | 182,767 | 158,674 | 335,868 | 310,876 | 336,024 | 319,654 | $ | 324,969 | ||||||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | - | 1.47 | 1.82 | 1.83 | 2.20 | 1.31 | 1.11 | |||||||||||||||||||||
DEFICIENCY | $ | 17,850 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
(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, solely with respect to the years ended December 31, 2006, 2005 and 2004, pre-tax preferred stock dividend requirement of SPPC plus fixed charges (excluding capitalized interest and the pre-tax preferred stock dividend requirement of SPPC for the years ended December 31, 2006, 2005 and 2004).