XML 61 R2.htm IDEA: XBRL DOCUMENT  v2.3.0.11
CONSOLIDATED INCOME STATEMENTS (Unaudited) (USD $)
In Thousands, except Share data
 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
OPERATING REVENUES $ 674,931 [1] $ 782,683 [1] $ 1,315,914 [1] $ 1,497,172 [1]
OPERATING EXPENSES:        
Fuel for power generation 156,803 181,662 303,141 403,281
Purchased power 160,308 165,321 295,324 272,684
Gas purchased for resale 24,984 25,154 77,616 90,713
Deferred energy (8,106) 54,933 (10,058) 72,499
Other operating expenses 97,547 101,388 203,521 208,014
Maintenance 32,186 28,860 61,948 54,589
Depreciation and amortization 89,606 84,696 172,708 165,644
Taxes other than income 14,684 15,939 30,929 32,112
Total Operating Expenses 568,012 657,953 1,135,129 1,299,536
OPERATING INCOME 106,919 124,730 180,785 197,636
OTHER INCOME (EXPENSE):        
Interest expense (net of AFUDC-debt) (80,879) (80,772) (158,222) (160,836)
Interest income (expense) on regulatory items (4,062) (2,997) (7,824) (5,068)
AFUDC-equity 3,522 7,138 11,164 13,091
Other income 4,439 15,401 10,297 21,278
Other expense (9,087) (9,659) (13,743) (12,725)
Total Other Income (Expense) (86,067) (70,889) (158,328) (144,260)
Income Before Income Tax Expense 20,852 53,841 22,457 53,376
Income tax expense 7,964 16,895 7,239 18,151
NET INCOME 12,888 36,946 15,218 35,225
Amount per share basic and diluted - (Note 9)        
Net income per share basic and diluted $ 0.05 $ 0.16 $ 0.06 $ 0.15
Weighted Average Shares of Common Stock Outstanding - basic 235,867,068 234,995,083 235,697,687 234,927,239
Weighted Average Shares of Common Stock Outstanding - diluted 237,278,546 [2] 236,134,449 [2] 237,027,656 [2] 235,965,452 [2]
Dividends Declared Per Share of Common Stock $ 0.12 $ 0.11 $ 0.24 $ 0.22
Nevada Power Company [Member]
        
OPERATING REVENUES 473,898 [1] 539,395 [1] 863,966 [1] 965,194 [1]
OPERATING EXPENSES:        
Fuel for power generation 114,744 132,067 215,814 288,182
Purchased power 122,408 124,740 217,974 195,967
Deferred energy 2,350 39,960 9,080 59,423
Other operating expenses 61,935 63,292 127,036 130,011
Maintenance 19,325 18,219 41,662 35,238
Depreciation and amortization 61,913 57,654 119,586 112,755
Taxes other than income 9,046 9,793 19,104 19,819
Total Operating Expenses 391,721 445,725 750,256 841,395
OTHER INCOME (EXPENSE):        
Interest expense (net of AFUDC-debt) (55,736) (53,996) (107,769) (107,352)
Interest income (expense) on regulatory items (1,982) (777) (3,433) (808)
AFUDC-equity 2,855 6,398 9,953 11,760
Other income 2,676 2,659 6,308 5,242
Other expense (5,179) (5,172) (7,911) (6,304)
Total Other Income (Expense) (57,366) (50,888) (102,852) (97,462)
Income Before Income Tax Expense 24,811 42,782 10,858 26,337
Income tax expense 8,748 12,998 3,815 8,879
NET INCOME 16,063 29,784 7,043 17,458
Sierra Pacific Power Company [Member]
        
Electric 164,582 202,877 343,199 411,539
Gas 36,448 40,405 108,742 120,425
OPERATING REVENUES 201,030 243,282 451,941 531,964
OPERATING EXPENSES:        
Fuel for power generation 42,059 49,595 87,327 115,099
Purchased power 37,900 40,581 77,350 76,717
Gas purchased for resale 24,984 25,154 77,616 90,713
Deferral of energy - electric - net (11,898) 8,725 (23,829) 7,225
Deferral of energy - gas - net 1,442 6,248 4,691 5,851
Other operating expenses 34,687 37,014 74,903 76,367
Maintenance 12,861 10,641 20,286 19,351
Depreciation and amortization 27,693 27,042 53,122 52,889
Taxes other than income 5,599 6,098 11,623 12,164
Total Operating Expenses 175,327 211,098 383,089 456,376
OTHER INCOME (EXPENSE):        
Interest expense (net of AFUDC-debt) (16,774) (17,113) (33,720) (34,158)
Interest income (expense) on regulatory items (2,080) (2,220) (4,391) (4,260)
AFUDC-equity 667 740 1,211 1,331
Other income 1,177 10,142 3,229 11,897
Other expense (3,554) (4,401) (5,148) (6,270)
Total Other Income (Expense) (20,564) (12,852) (38,819) (31,460)
Income Before Income Tax Expense 5,139 19,332 30,033 44,128
Income tax expense 1,627 8,017 9,945 15,693
NET INCOME $ 3,512 $ 11,315 $ 20,088 $ 28,435
[1] As reported in our 2010 Form 10-K, amounts for REPR are presented net. As such, revenues and gross margin for the three months ended June 30, 2010 were reduced by $2.7 million, $1.4 million and $1.3 million for NVE, NPC and SPPC, respectively, from that reported in Forms 10-Q/A for the period ended June 30, 2010. Revenues and gross margin for the six months ended June 30, 2010 were reduced by $5.2 million, $2.6 million and $2.6 million for NVE, NPC and SPPC, respectively, from that reported in Forms 10-Q/A for the period ended June 30, 2010. The change in presentation did not affect operating income or net income.
[2] The denominator does not include stock equivalents for options issued under the non-qualified stock option plan due to conversion prices being higher than market prices for all periods. If the conditions for conversion were met under this plan, 572,957 and 577,357 shares would be included for the three and six months ended June 30, 2011, and 708,031 and 711,330 would be included for the three and six months ended June 30, 2010, respectively.