EX-12.1 2 exhibit12-1.htm EXHIBIT 12.1 exhibit12-1.htm
EXHIBIT 12.1


NV ENERGY, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)


   
Three Months Ended March 31,
    
Year Ended December 31,
  
   
2011
    
2010
    
2010
    
2009
    
2008
    
2007
    
2006
  
                                           
EARNINGS AS DEFINED:
                                          
                                           
Net Income
   $ 2,330     $ (1,721 )   $ 226,984     $ 182,936     $ 208,887     $ 197,295     $ 279,792  
Income tax expense (benefit)
     (725 )     1,256       113,764       75,451       95,354       87,555       145,605  
Fixed Charges
     85,372       87,509       363,773       360,896       335,868       310,876       336,024  
Capitalized Interest (allowance for
    borrowed funds used during
    construction)
     (6,210 )     (4,939 )     (23,355 )     (20,229 )     (29,527 )     (25,967 )     (17,119 )
Preferred Stock Dividend Requirement
     -       -       -       -       -       -       (3,602 )
Total
   $ 80,767     $ 82,105     $ 681,166     $ 599,054     $ 610,582     $ 569,759     $ 740,700  
                                                         
FIXED CHARGES AS DEFINED:
                                                        
Interest Expensed and Capitalized (1)
   $ 85,372     $ 87,509     $ 363,773     $ 360,896     $ 335,868     $ 310,876     $ 332,422  
Preferred Stock Dividend Requirement
     -       -       -       -       -       -       3,602  
                                                         
Total
   $  85,372     $  87,509     $  363,773     $  360,896     $  335,868     $  310,876     $  336,024  
                                                         
RATIO OF EARNINGS TO FIXED CHARGES
     -        -        1.87       1.66       1.82       1.83       2.20  
                                                         
Deficiency
   $ 4,605     $ 5,404     $  -      $ -     $ -     $ -     $ -  
                                                         

(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, “Earnings” represents net income adjusted for income taxes and fixed charges excluding capitalized interest.  For the year ended December 31, 2006, “Earnings” represents net income or (loss) adjusted for pre-tax preferred stock dividend requirement of SPPC income taxes and fixed charges excluding capitalized interest.  “Fixed charges” represent the aggregate of interest charges on 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.