EXHIBIT 12 (C)
SIERRA PACIFIC POWER COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Year ended December 31, | ||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
EARNINGS AS DEFINED: | ||||||||||||||||||||
Income (Loss) From Continuing Operations After Interest Charges | $ | 65,667 | $ | 57,709 | $ | 52,074 | $ | 18,577 | $ | (23,275 | ) | |||||||||
Income Taxes | 26,009 | 27,829 | 28,379 | 325 | (12,237 | ) | ||||||||||||||
Income (Loss) From Continuing Operations before Income Taxes | 91,676 | 85,538 | 80,453 | 18,902 | (35,512 | ) | ||||||||||||||
Fixed Charges | 75,655 | 79,093 | 72,652 | 67,685 | 101,514 | |||||||||||||||
Capitalized Interest (allowance for borrowed funds used during construction) | (12,771 | ) | (5,505 | ) | (1,504 | ) | (2,849 | ) | (3,276 | ) | ||||||||||
Total | $ | 154,560 | $ | 159,126 | $ | 151,601 | $ | 83,738 | $ | 62,726 | ||||||||||
FIXED CHARGES AS DEFINED: | $ | 75,655 | $ | 79,093 | $ | 72,652 | $ | 67,685 | $ | 101,514 | ||||||||||
Interest Expensed and Capitalized (1) | — | — | — | — | — | |||||||||||||||
Total | 75,655 | 79,093 | 72,652 | $ | 67,685 | $ | 101,514 | |||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 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).