EX-12.1 3 exhibit121-2013q3.htm EXHIBIT Exhibit 12.1 - 2013 Q3


EXHIBIT 12.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NV ENERGY, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
 
 
 
 
 
 
 
 
 
 
September 30,
 
Year Ended December 31,
 
2013
 
2012
 
2012
 
2011
 
2010
 
2009
 
2008
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS AS DEFINED:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
$
271,942

 
$
304,782

 
$
321,946

 
$
163,432

 
$
226,984

 
$
182,936

 
$
208,887

Income tax expense
148,430

 
165,466

 
166,592

 
86,915

 
113,764

 
75,451

 
95,354

Fixed Charges
231,614

 
236,059

 
312,801

 
343,719

 
363,773

 
360,896

 
335,868

Capitalized Interest (allowance for
 
 
 
 
 
 
 
 
 
 
 
 
 
borrowed funds used during construction)
(5,770
)
 
(5,479
)
 
(7,493
)
 
(8,718
)
 
(23,355
)
 
(20,229
)
 
(29,527
)
Total
$
646,216

 
$
700,828

 
$
793,846

 
$
585,348

 
$
681,166

 
$
599,054

 
$
610,582

 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES AS DEFINED:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expensed and Capitalized (1)
$
231,614

 
$
236,059

 
$
312,801

 
$
343,719

 
$
363,773

 
$
360,896

 
$
335,868

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
$
231,614

 
$
236,059

 
$
312,801

 
$
343,719

 
$
363,773

 
$
360,896

 
$
335,868

 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED
 
 
 
 
 
 
 
 
 
 
 
 
 
CHARGES
2.79

 
2.97

 
2.54

 
1.70

 
1.87

 
1.66

 
1.82

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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. “Fixed Charges” represents the aggregate of interest charges on long-term debt (whether expensed or capitalized) and the portion of rental expense deemed to be attributable to interest.