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)

     
Nine Months Ended
September 30, 2008
  
Year Ended December 31,
     
2008
  
2007
  
2007
  
2006
  
2005
  
2004
  
2003
                               
EARNINGS AS DEFINED:
                          
 
Income (Loss) From Continuing Operations
                          
   
After Interest Charges
 $    210,975
  
 $    193,583
  
 $ 197,295
  
 $ 279,792
  
 $       86,137
  
 $       30,842
  
 $  (117,286)
 
Income Taxes
         99,146
  
         96,796
  
      87,555
  
    145,605
  
          43,118
  
          18,050
  
       (51,275)
 
Income (Loss) From Continuing Operations
                          
   
before Income Taxes
       310,121
  
       290,379
  
    284,850
  
    425,397
  
        129,255
  
          48,892
  
     (168,561)
                               
 
Fixed Charges
       243,549
  
       232,442
  
    310,057
  
    336,024
  
        319,654
  
        324,969
  
       384,565
 
Capitalized Interest (allowance for borrowed funds used during construction)
        (25,418)
  
       (18,269)
  
     (25,967)
  
     (17,119)
  
        (24,691)
  
          (8,587)
  
         (5,976)
 
Preferred Stock Dividend Requirement
                   -
  
                  -
  
                -
  
       (3,602)
  
          (6,000)
  
          (6,000)
  
         (6,000)
                               
   
Total
 $    528,252
  
 $    504,552
  
 $ 568,940
  
 $ 740,700
  
 $     418,218
  
 $     359,274
  
 $    204,028
                               
FIXED CHARGES AS DEFINED:
                          
 
Interest Expensed and Capitalized (1)
 $    243,549
  
 $    232,442
  
 $ 310,057
  
 $ 332,422
  
 $     313,654
  
 $     318,969
  
 $    378,565
 
Preferred Stock Dividend Requirement
                   -
  
                  -
  
                -
  
        3,602
  
            6,000
  
            6,000
  
           6,000
                               
   
Total
 $    243,549
  
       232,442
  
    310,057
  
    336,024
  
        319,654
  
 $     324,969
  
 $    384,565
                               
RATIO OF EARNINGS TO FIXED CHARGES
2.17
  
2.17
  
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).