EX-12.3 5 exhibi12-3.htm EXHIBIT 12.3 exhibi12-3.htm

 
EXHIBIT 12.3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SIERRA PACIFIC POWER COMPANY
 
 
RATIOS OF EARNINGS TO FIXED CHARGES
 
 
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
 
 
2011
 
2010
 
2009
 
2008
 
2007
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS AS DEFINED:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
$
 59,886
 
$
 72,375
 
$
 73,085
 
$
 90,582
 
$
 65,667
 
 
Income tax expense
 
 31,197
 
 
 40,404
 
 
 31,225
 
 
 37,603
 
 
 26,009
 
 
Fixed Charges
 
 70,418
 
 
 72,815
 
 
 74,955
 
 
 84,478
 
 
 75,655
 
 
Capitalized Interest (allowance for
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
borrowed funds used during construction)
 
 (1,948)
 
 
 (1,912)
 
 
 (3,044)
 
 
 (9,464)
 
 
 (12,771)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
$
 159,553
 
$
 183,682
 
$
 176,221
 
$
 203,199
 
$
 154,560
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES AS DEFINED:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expensed and Capitalized (1)
$
 70,418
 
$
 72,815
 
$
 74,955
 
$
 84,478
 
$
 75,655
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
$
 70,418
 
$
 72,815
 
$
 74,955
 
$
 84,478
 
$
 75,655
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CHARGES
 
2.27
 
 
2.52
 
 
2.35
 
 
2.41
 
 
2.04
 

(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 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.