EX-12.2 4 exhibit122-2013q3.htm EXHIBIT Exhibit 12.2 - 2013 Q3


EXHIBIT 12.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEVADA POWER COMPANY
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
$
228,552

 
$
256,151

 
$
257,738

 
$
132,586

 
$
185,943

 
$
134,284

 
$
151,431

Income tax expense
124,730

 
137,328

 
138,113

 
70,737

 
91,757

 
61,652

 
71,382

Fixed Charges
164,029

 
166,129

 
220,470

 
233,788

 
240,830

 
247,290

 
210,067

Capitalized Interest (allowance for
 
 
 
 
 
 
 
 
 
 
 
 
 
borrowed funds used during construction)
(4,763
)
 
(4,021
)
 
(5,437
)
 
(6,770
)
 
(21,443
)
 
(17,184
)
 
(20,063
)
Total
$
512,548

 
$
555,587

 
$
610,884

 
$
430,341

 
$
497,087

 
$
426,042

 
$
412,817

 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES AS DEFINED:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expensed and Capitalized (1)
$
164,029

 
$
166,129

 
$
220,470

 
$
233,788

 
$
240,830

 
$
247,290

 
$
210,067

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
$
164,029

 
$
166,129

 
$
220,470

 
$
233,788

 
$
240,830

 
$
247,290

 
$
210,067

 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED
 
 
 
 
 
 
 
 
 
 
 
 
 
CHARGES
3.12

 
3.34

 
2.77

 
1.84

 
2.06

 
1.72

 
1.97

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 attributable to interest.