EX-12.3 6 exhibit12-3.htm EXHIBIT 12.3 exhibit12-3.htm
 
EXHIBIT 12.3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SIERRA PACIFIC 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)
$
 45,424
 
$
 52,897
 
$
 72,375
 
$
 73,085
 
$
 90,582
 
$
 65,667
 
$
 57,709
 
Income tax expense (benefit)
 
 23,341
 
 
 30,066
 
 
 40,404
 
 
 31,225
 
 
 37,603
 
 
 26,009
 
 
 27,829
 
Fixed Charges
 
 52,927
 
 
 55,034
 
 
 72,815
 
 
 74,955
 
 
 84,478
 
 
 75,655
 
 
 79,093
 
Capitalized Interest (allowance for
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
borrowed funds used during construction)
 
 (1,409)
 
 
 (1,586)
 
 
 (1,912)
 
 
 (3,044)
 
 
 (9,464)
 
 
 (12,771)
 
 
 (5,505)
 
 
Total
$
 120,283
 
$
 136,411
 
$
 183,682
 
$
 176,221
 
$
 203,199
 
$
 154,560
 
$
 159,126
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES AS DEFINED:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expensed and Capitalized (1)
$
 52,927
 
$
 55,034
 
$
 72,815
 
$
 74,955
 
$
 84,478
 
$
 75,655
 
$
 79,093
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
$
 52,927
 
$
 55,034
 
$
 72,815
 
$
 74,955
 
$
 84,478
 
$
 75,655
 
$
 79,093
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CHARGES
 
2.27
 
 
2.48
 
 
2.52
 
 
2.35
 
 
2.41
 
 
2.04
 
 
2.01
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(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” represent net income (loss) before, solely with respect to the year ended December 31, 2006, pre-tax preferred stock dividend requirement 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.