EX-12.1 3 b48574spexv12w1.htm EX-12.1 RATIO OF EARNINGS TO FIXED CHARGES EX-12.1 RATIO OF EARNINGS TO FIXED CHARGES
 

Exhibit 12.1

SIERRA PACIFIC RESOURCES
RATIOS OF EARNINGS TO FIXED CHARGES

                                             
        Year Ended December 31,
       
Amounts in 000’s   2002   2001   2000   1999   1998
 
 
 
 
 
EARNINGS AS DEFINED:
                                        
 
Income (Loss) From Continuing Operations After Interest Charges
   $ (285,679 )   $ 51,668     $ (27,339 )   $ 66,771     $ 94,686  
 
Income Taxes
     (163,877 )     13,106       (30,727 )     26,364       45,471  
 
    
     
     
     
     
 
 
Income (Loss) From Continuing Operations before Income Taxes
     (449,556 )     64,774       (58,066 )     93,135       140,157  
 
Fixed Charges
     300,679       243,405       209,937       133,364       81,238  
 
Capitalized Interest
     (5,270 )     (2,801 )     (10,634 )     (8,000 )     (6,080 )
 
Preference Security Dividend Requirements
     (21,172 )     (24,462 )     (24,297 )     (20,127 )     (11,013 )
 
    
     
     
     
     
 
   
Total
   $ (175,319 )   $ 280,916     $ 116,940     $ 198,372     $ 204,302  
 
    
     
     
     
     
 
FIXED CHARGES AS DEFINED:
                                        
 
Interest Expensed and Capitalized (1)
   $ 279,507     $ 218,943     $ 185,640     $ 113,237     $ 70,225  
 
Preference Security Dividend Requirements
     21,172       24,462       24,297       20,127       11,013  
 
    
     
     
     
     
 
   
Total
   $ 300,679     $ 243,405     $ 209,937     $ 133,364     $ 81,238  
 
    
     
     
     
     
 
RATIO OF EARNINGS TO FIXED CHARGES
             1.15               1.49       2.51  
 
DEFICIENCY
   $ 475,998       —     $ 92,997       —       —  

(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, “Fixed charges” represent the aggregate of interest charges on short-term and long-term debt and distributions on preferred securities of consolidated subsidiaries, allowance for borrowed funds used during construction (AFUDC) and capitalized interest, the portion of rental expense deemed to be attributable to interest, and the pre-tax preferred stock dividend requirements of consolidated subsidiaries. “Earnings” represent the aggregate of income (or loss) from continuing operations before obligated mandatorily redeemable preferred securities, income taxes, and fixed charges, less AFUDC and capitalized interest, and pre-tax preferred stock dividend requirements of consolidated subsidiaries.

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