EXHIBIT 12.3
SIERRA PACIFIC POWER COMPANY
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 From Continuing Operations | ||||||||||||||||||||||||||||
After Interest Charges | $ | 33,940 | $ | 35,133 | $ | 90,582 | $ | 65,667 | $ | 57,709 | $ | 52,074 | $ | 18,577 | ||||||||||||||
Income Taxes | 15,255 | 18,138 | 37,603 | 26,009 | 27,829 | 28,379 | 325 | |||||||||||||||||||||
Income From Continuing Operations | ||||||||||||||||||||||||||||
Before Income Taxes | 49,195 | 53,271 | 128,185 | 91,676 | 85,538 | 80,453 | 18,902 | |||||||||||||||||||||
Fixed Charges | 38,504 | 42,357 | 84,478 | 75,655 | 79,093 | 72,652 | 67,685 | |||||||||||||||||||||
Capitalized Interest (allowance for borrowed funds used during construction) | (1,500 | ) | (7,865 | ) | (9,464 | ) | (12,771 | ) | (5,505 | ) | (1,504 | ) | (2,849 | ) | ||||||||||||||
$ | 86,199 | $ | 87,763 | $ | 203,199 | $ | 154,560 | $ | 159,126 | $ | 151,601 | $ | 83,738 | |||||||||||||||
Total | ||||||||||||||||||||||||||||
FIXED CHARGES AS DEFINED: | $ | 38,504 | $ | 42,357 | $ | 84,478 | $ | 75,655 | $ | 79,093 | $ | 72,652 | $ | 67,685 | ||||||||||||||
Interest Expensed and Capitalized (1) | - | - | - | - | - | - | - | |||||||||||||||||||||
Total | 38,504 | 42,357 | 84,478 | 75,655 | 79,093 | 72,652 | $ | 67,685 | ||||||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 2.24 | 2.07 | 2.41 | 2.04 | 2.01 | 2.09 | 1.24 |
(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, solely with respect to the years ended December 31, 2006, 2005 and 2004, pre-tax preferred stock dividend requirement plus fixed charges (excluding capitalized interest).