EX-12.2 5 exhibit12-2.htm EXHIBIT 12.2 exhibit12-2.htm
EXHIBIT 12.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEVADA POWER COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30,
 
Year Ended December 31,
 
 
 
2011
 
2010
 
2010
 
2009
 
2008
 
2007
 
2006
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS AS DEFINED:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income (loss)
$
 161,651
 
$
 176,386
 
$
 185,943
 
$
 134,284
 
$
 151,431
 
$
 165,694
 
$
 224,540
 
Income tax expense (benefit)
 
 84,481
 
 
 90,416
 
 
 91,757
 
 
 61,652
 
 
 71,382
 
 
 78,352
 
 
 117,510
 
Fixed Charges
 
 175,784
 
 
 181,044
 
 
 240,830
 
 
 247,290
 
 
 210,067
 
 
 190,836
 
 
 190,333
 
Capitalized Interest (allowance for
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
borrowed funds used during construction)
 
 (8,962)
 
 
 (15,763)
 
 
 (21,443)
 
 
 (17,184)
 
 
 (20,063)
 
 
 (13,196)
 
 
 (11,614)
 
 
Total
$
 412,954
 
$
 432,083
 
$
 497,087
 
$
 426,042
 
$
 412,817
 
$
 421,686
 
$
 520,769
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES AS DEFINED:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expensed and Capitalized (1)
$
 175,784
 
$
 181,044
 
$
 240,830
 
$
 247,290
 
$
 210,067
 
$
 190,836
 
$
 190,333
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
$
 175,784
 
$
 181,044
 
$
 240,830
 
$
 247,290
 
$
 210,067
 
$
 190,836
 
$
 190,333
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CHARGES
 
2.35
 
 
2.39
 
 
2.06
 
 
1.72
 
 
1.97
 
 
2.21
 
 
2.74
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(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 (loss) adjusted for income taxes and fixed charges excluding capitalized interest.  “Fixed Charges” represent the aggregate of interest charges on long-term debt (whether expensed or capitalized) and the portion of rental expense deemed attributable to interest.