EX-12.1 3 exhibit12-1.htm EXHIBIT 12.1 exhibit12-1.htm
Exhibit 12.1


SIERRA PACIFIC RESOURCES
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)


     
Six Months Ended June 30,
    
Year Ended December 31,
  
 
 
  
2007
    
2006
    
2006
    
2005
    
2004
    
2003
    
2002
  
                                             
EARNINGS AS DEFINED:
                                          
 
Income (Loss) From Continuing Operations
                                          
 
After Interest Charges
   $
41,361
     $
31,419
     $
279,792
     $
86,137
     $
30,842
     $ (117,286 )   $ (297,733 )
 
Income Taxes
    
22,547
      
15,349
      
145,605
      
43,118
      
18,050
       (51,275 )     (162,134 )
 
Income (Loss) From Continuing Operations
                                                        
 
before Income Taxes
    
63,908
      
46,768
      
425,397
      
129,255
      
48,892
       (168,561 )     (459,867 )
                                                           
 
Fixed Charges
    
154,177
      
167,318
      
336,024
      
319,654
      
324,969
      
384,565
      
295,877
  
                                                           
   Capitalized Interest - (allowance for                                                        
 
   borrowed funds used during construction)
     (10,708 )     (10,009 )     (17,119 )     (24,691 )     (8,587 )     (5,976 )     (5,270 )
 
Preferred Stock Dividend Requirement
    
-
       (3,602 )     (3,602 )     (6,000 )     (6,000 )     (6,000 )     (6,000 )
                                                           
 
Total
   $
207,377
     $
200,475
     $
740,700
     $
418,218
     $
359,274
     $
204,028
     $ (175,260 )
                                                           
FIXED CHARGES AS DEFINED:
                                                        
 
Interest Expensed and Capitalized (1)
   $
154,177
     $
163,716
     $
332,422
     $
313,654
     $
318,969
     $
378,565
     $
289,877
  
 
Preferred Stock Dividend Requirement
    
-
      
3,602
      
3,602
      
6,000
      
6,000
      
6,000
      
6,000
  
                                                           
 
Total
   $
154,177
      $
167,318
      $
336,024
      $
319,654
     $
324,969
     $
384,565
     $
295,877
  
                                                           
RATIO OF EARNINGS TO FIXED CHARGES
    
1.35
      
1.20
      
2.20
      
1.31
      
1.11
                  
                                                           
 
DEFICIENCY
   $
-
     $
-
     $
-
     $
-
     $
-
     $
180,537
     $
471,137
  
                                                           
(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 pre-tax preferred stock dividend requirement of SPPC and fixed charges (excluding capitalized interest).