EX-12.1 2 exhibit12-1.htm EXHIBIT 12.1 exhibit12-1.htm
EXHIBIT 12.1
SIERRA PACIFIC RESOURCES
RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)

 
  
Three Months Ended
                    
     
March 31,
  
Year Ended December 31,
   
 
2008
  
2007
  
2007
  
2006
  
2005
  
2004
  
2003
                               
EARNINGS AS DEFINED:
                          
 
Income (Loss) From Continuing Operations After Interest Charges
 
$  24,058
  
 
$15,607
  
 
$ 197,295
  
 
$ 279,792
  
 
$   86,137
  
 
$ 30,842
  
 
$(117,286)
 
Income Taxes
    16,708
  
      10,628
  
     87,555
  
    145,605
  
     43,118
  
   18,050
  
    (51,275)
 
Income (Loss) From Continuing Operations before Income Taxes
     
40,766
  
       
26,235
  
    
284,850
  
       
425,397
  
    
129,255
  
      
48,892
  
   
(168,561)
                               
 
Fixed Charges
    79,460
  
      76,519
  
   310,876
  
    336,024
  
   319,654
  
 324,969
  
     384,565
 
Capitalized Interest (allowance for borrowed funds used during construction)
 
(9,152)
  
 
(5,334)
  
 
(25,967)
  
 
(17,119)
  
        
(24,691)
  
          
(8,587)
  
         
(5,976)
 
Preferred Stock Dividend Requirement
              -
  
               -
  
              -
  
       (3,602)
  
    (6,000)
  
   (6,000)
  
      (6,000)
                               
   
Total
$111,074
  
$    97,420
  
$ 569,759
  
 $ 740,700
  
$ 418,218
  
$359,274
  
$   204,028
                               
FIXED CHARGES AS DEFINED:
                          
 
Interest Expensed and Capitalized (1)
$ 79,460
  
$    76,519
  
$ 310,876
  
 $ 332,422
  
$ 313,654
  
$ 318,969
  
$   378,565
 
Preferred Stock Dividend Requirement
              -
  
              -
  
             -
  
        3,602
  
       6,000
  
       6,000
  
        6,000
                               
   
Total
$  79,460
  
      76,519
  
   310,876
  
    336,024
  
   319,654
  
$ 324,969
  
$   384,565
                               
RATIO OF EARNINGS TO FIXED CHARGES
1.40
  
1.27
  
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).