EX-12.2 3 exhibit12.2.htm EXHIBIT 12.2  

 

EXHIBIT 12.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEVADA POWER COMPANY

RATIOS OF EARNINGS TO FIXED CHARGES

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

Year Ended December 31,

 

 

 

2013

 

2012

 

2012

 

2011

 

2010

 

2009

 

2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS AS DEFINED:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

 64,110  

 

$

 60,981  

 

$

 257,738  

 

$

 132,586  

 

$

 185,943  

 

$

 134,284  

 

$

 151,431  

 

Income tax expense

 

 35,065  

 

 

 33,574  

 

 

 138,113  

 

 

 70,737  

 

 

 91,757  

 

 

 61,652  

 

 

 71,382  

 

Fixed Charges

 

 108,295  

 

 

 111,754  

 

 

 220,470  

 

 

 233,788  

 

 

 240,830  

 

 

 247,290  

 

 

 210,067  

 

Capitalized Interest (allowance for

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

borrowed funds used during construction)

 

 (3,243) 

 

 

 (2,493) 

 

 

 (5,437) 

 

 

 (6,770) 

 

 

 (21,443) 

 

 

 (17,184) 

 

 

 (20,063) 

 

 

Total

$

 204,227  

 

$

 203,816  

 

$

 610,884  

 

$

 430,341  

 

$

 497,087  

 

$

 426,042  

 

$

 412,817  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES AS DEFINED:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expensed and Capitalized (1)

$

 108,295  

 

$

 111,754  

 

$

 220,470  

 

$

 233,788  

 

$

 240,830  

 

$

 247,290  

 

$

 210,067  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

 108,295  

 

$

 111,754  

 

$

 220,470  

 

$

 233,788  

 

$

 240,830  

 

$

 247,290  

 

$

 210,067  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHARGES

 

1.89

 

 

 1.82  

 

 

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.