EX-12.A 6 b68109kaexv12wa.htm EX-12.A exv12wa
 

EXHIBIT 12 (A)
SIERRA PACIFIC RESOURCES
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
                                         
    Year Ended December 31,  
    2007     2006     2005     2004     2003  
EARNINGS AS DEFINED:
                                        
Income (Loss) From Continuing Operations After Interest Charges
   $ 197,295     $ 279,792     $ 86,137     $ 30,842     $ (117,286 )
Income Taxes
     87,555       145,605       43,118       18,050       (51,275 )
 
                              
Income (Loss) From Continuing Operations before Income Taxes
     284,850       425,397       129,255       48,892       (168,561 )
 
Fixed Charges
     310,876       336,024       319,654       324,969       384,565  
Capitalized Interest (allowance for borrowed funds used during construction)
     (25,967 )     (17,119 )     (24,691 )     (8,587 )     (5,976 )
Preferred Stock Dividend Requirement
     —       (3,602 )     (6,000 )     (6,000 )     (6,000 )
 
                              
 
Total
   $ 569,759     $ 740,700     $ 418,218     $ 359,274     $ 204,028  
 
                              
 
                                        
FIXED CHARGES AS DEFINED:
                                        
Interest Expensed and Capitalized (1)
   $ 310,876     $ 332,422     $ 313,654     $ 318,969     $ 378,565  
Preferred Stock Dividend Requirement
     —       3,602       6,000       6,000       6,000  
 
                              
 
Total
     310,876       336,024       319,654     $ 324,969     $ 384,565  
 
                              
 
                                        
RATIO OF EARNINGS TO FIXED CHARGES
     1.83       2.20       1.31       1.11          
 
DEFICIENCY
   $ —     $ —     $ —     $ —     $ 180,537  
 
(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 (whether expensed or capitalized), the portion of rental expense deemed to be attributable to interest, and the pre-tax preferred stock dividend requirement of SPPC. “Earnings” represents pre-tax income (or Loss) from continuing operations before pre-tax preferred stock dividend requirement of SPPC and fixed charges (excluding capitalized interest).