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



SIERRA PACIFIC RESOURCES
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
 
     
Six Months Ended
June 30
  
Year Ended December 31,
     
2008
  
2007
  
2007
  
2006
  
2005
  
2004
  
2003
                               
EARNINGS AS DEFINED:
                          
 
Income (Loss) From Continuing Operations
                          
   
After Interest Charges
 $        60,192
  
 $      41,361
  
 $    197,295
  
 $    279,792
  
$     86,137
  
$       30,842
  
 $  (117,286)
 
Income Taxes
         33,735
  
         22,547
  
      87,555
  
    145,605
  
       43,118
  
         18,050
  
       (51,275)
 
Income (Loss) From Continuing Operations
                          
   
Before Income Taxes
         93,927
  
         63,908
  
    284,850
  
    425,397
  
     129,255
  
         48,892
  
     (168,561)
                               
 
Fixed Charges
       158,674
  
       154,177
  
    310,876
  
    336,024
  
     319,654
  
       324,969
  
            384,565
 
Capitalized Interest (allowance for borrowed funds used during construction)
        (19,240
) 
       (10,708
) 
     (25,967
)
     (17,119
)
    (24,691
)
        (8,587
)
         (5,976)
 
Preferred Stock Dividend Requirement
                   -
  
                  -
  
                -
  
       (3,602
)
      (6,000
)
        (6,000
)
         (6,000)
                               
   
Total
 $     233,361
  
 $    207,377
  
 $    569,759
  
 $    740,700
  
$     418,218
  
$     359,274
  
       $    204,028
                               
FIXED CHARGES AS DEFINED:
                          
 
Interest Expensed and Capitalized (1)
 $    158,674
  
 $    154,177
  
 $    310,876
  
 $    332,422
  
 $     313,654
  
 $     318,969
  
       $    378,565
 
Preferred Stock Dividend Requirement
                   -
  
                  -
  
                -
  
        3,602
  
            6,000
  
            6,000
  
                 6,000
                               
   
Total
 $     158,674
  
   $    154,177
  
$    310,876
  
    336,024
  
 $     319,654
  
 $     324,969
  
       $    384,565
                               
RATIO OF EARNINGS TO FIXED CHARGES
1.47
  
1.35
  
1.83
  
2.20
  
1.31
  
1.11
    
                               
 
DEFICIENCY
 $                 -
  
 $               -
  
 $                -
  
 $                -
  
 $                 -
  
 $                 -
  
      $    180,537
                             
(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).