EX-12.3 4 exhibit12.3.htm EXHIBIT 12.3  

 

EXHIBIT 12.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIERRA PACIFIC 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

$

 32,680  

 

$

 31,323  

 

$

 84,354  

 

$

 59,886  

 

$

 72,375  

 

$

 73,085  

 

$

 90,582  

 

Income tax expense

 

 16,656  

 

 

 17,075  

 

 

 40,221  

 

 

 31,197  

 

 

 40,404  

 

 

 31,225  

 

 

 37,603  

 

Fixed Charges

 

 32,087  

 

 

 34,077  

 

 

 65,838  

 

 

 70,418  

 

 

 72,815  

 

 

 74,955  

 

 

 84,478  

 

Capitalized Interest (allowance for

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

borrowed funds used during construction)

 

 (570) 

 

 

 (1,010) 

 

 

 (2,056) 

 

 

 (1,948) 

 

 

 (1,912) 

 

 

 (3,044) 

 

 

 (9,464) 

 

 

Total

$

 80,853  

 

$

 81,465  

 

$

 188,357  

 

$

 159,553  

 

$

 183,682  

 

$

 176,221  

 

$

 203,199  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES AS DEFINED:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expensed and Capitalized (1)

$

 32,087  

 

$

 34,077  

 

$

 65,838  

 

$

 70,418  

 

$

 72,815  

 

$

 74,955  

 

$

 84,478  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

 32,087  

 

$

 34,077  

 

$

 65,838  

 

$

 70,418  

 

$

 72,815  

 

$

 74,955  

 

$

 84,478  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHARGES

 

2.52

 

 

2.39

 

 

2.86

 

 

2.27

 

 

2.52

 

 

2.35

 

 

2.41

 

(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.