SIERRA PACIFIC RESOURCES /NV/

CIK:0000741508|SEC Filings

EARNINGS PER SHARE (NVE)

9 Months Ended

Sep. 30, 2013

EARNINGS PER SHARE (NVE)

The difference, if any, between basic EPS and diluted EPS is due to potentially dilutive common shares resulting from stock options, the employee stock purchase plan, performance and restricted stock plans, and the non-employee director stock plan.



	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Basic EPS
Numerator ($000)
Net Income	$	187,234	$	223,170	$	271,942	$	304,782

Denominator
Weighted average number of common shares outstanding	235,578,310		235,961,402		235,421,933		235,986,874

Per Share Amounts
Net Income per share - basic	$	0.79	$	0.95	$	1.16	$	1.29

Diluted EPS
Numerator ($000)
Net Income	$	187,234	$	223,170	$	271,942	$	304,782

Denominator⁽¹⁾
Weighted average number of shares outstanding before dilution	235,578,310		235,961,402		235,421,933		235,986,874
Stock options	61,927		39,256		46,537		37,592
Non-Employee Director stock plan	190,705		166,829		185,337		160,257
Employee stock purchase plan	4,149		6,742		5,831		6,785
Restricted Shares	412,000		584,750		487,667		533,750
Performance Shares	1,358,423		1,362,753		1,191,734		1,125,272
Diluted Weighted Average Number of Shares	237,605,514		238,121,732		237,339,039		237,850,530

Per Share Amounts
Net income per share - diluted	$	0.79	$	0.94	$	1.15	$	1.28


(1)	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 the periods ending September 30, 2012. If the conditions for conversion were met under this plan, 327,503 and 329,382 shares, would be included for the three and nine months ended September 30, 2012, respectively.

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 271,942	$ 304,782
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation, Depletion and Amortization, Nonproduction	291,687	281,690
Deferred Income Taxes and Tax Credits	152,280	187,229
Public Utilities, Allowance for Funds Used During Construction, Capitalized Cost of Equity	(7,730)	(6,666)
Deferred energy	(218,156)	(18,702)
Non Cash Regulatory Disallowance	17,335	0
Amortization of other regulatory assets	134,846	114,626
Deferred rate increase	9,241	2,252
Other Noncash Income (Expense)	3,649	(50,012)
Changes in certain assets and liabilities:
Accounts receivable	(101,079)	(151,420)
Materials, supplies and fuel	16,909	(18,034)
Other current assets	(8,292)	(10,390)
Accounts payable	7,042	22,646
Increase (Decrease) in Pension and Postretirement Obligations	(17,563)	(12,946)
Other current liabilities	(594)	(23,643)
Other deferred assets	(3,634)	(3,572)
Other regulatory assets	(3,276)	34,420
Other deferred liabilities	9,099	(8,066)
Net Cash from Operating Activities	553,706	644,194
CASH FLOWS USED BY INVESTING ACTIVITIES:
Additions to utility plant (excluding AFUDC-equity)	(267,798)	(387,790)
Customer advances for construction	921	(1,508)
Contributions in aid of construction	38,714	63,864
Investments and other property - net	(5,144)	217
Net Cash Provided by (Used in) Investing Activities	(233,307)	(325,217)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt	247,245	130,764
Retirement of long-term debt	(354,443)	(272,353)
Sale of Common Stock	2,133	0
Common stock repurchased	(6,329)	(4,509)
Dividends paid	(134,250)	(110,920)
Net Cash from/(used by) Financing Activities	(245,644)	(257,018)
Net Increase (Decrease) in Cash and Cash Equivalents	74,755	61,959
Beginning Balance in Cash and Cash Equivalents	298,271	145,944
Ending Balance in Cash and Cash Equivalents	373,026	207,903
Cash paid during period for:
Interest	233,502	237,262
Income taxes	2	151
Noncash Investing and Financing Items [Abstract]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	141,214	132,112
Issuance of treasury stock	13,102	0
Nevada Power Company
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	228,552	256,151
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation, Depletion and Amortization, Nonproduction	207,915	201,096
Deferred Income Taxes and Tax Credits	126,080	150,289
Public Utilities, Allowance for Funds Used During Construction, Capitalized Cost of Equity	(6,151)	(4,823)
Deferred energy	(152,534)	(7,335)
Non Cash Regulatory Disallowance	11,866	0
Amortization of other regulatory assets	75,893	56,012
Deferred rate increase	9,241	2,252
Other Noncash Income (Expense)	(722)	(35,553)
Changes in certain assets and liabilities:
Accounts receivable	(118,863)	(164,858)
Materials, supplies and fuel	7,017	(5,119)
Other current assets	(7,222)	(3,715)
Accounts payable	20,856	53,985
Increase (Decrease) in Pension and Postretirement Obligations	3,048	3,708
Other current liabilities	(5,819)	(25,246)
Other deferred assets	(1,613)	(2,412)
Other regulatory assets	26	50,008
Other deferred liabilities	1,613	(10,412)
Net Cash from Operating Activities	399,183	514,028
CASH FLOWS USED BY INVESTING ACTIVITIES:
Additions to utility plant (excluding AFUDC-equity)	(159,063)	(232,608)
Customer advances for construction	1,035	713
Contributions in aid of construction	20,263	34,274
Investments and other property - net	1,595	193
Net Cash Provided by (Used in) Investing Activities	(136,170)	(197,428)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt	(261)	132,259
Retirement of long-term debt	(103,718)	(271,241)
Dividends paid	(105,000)	(119,000)
Net Cash from/(used by) Financing Activities	(208,979)	(257,982)
Net Increase (Decrease) in Cash and Cash Equivalents	54,034	58,618
Beginning Balance in Cash and Cash Equivalents	201,202	65,887
Ending Balance in Cash and Cash Equivalents	255,236	124,505
Cash paid during period for:
Interest	174,050	177,459
Income taxes	1	1
Noncash Investing and Financing Items [Abstract]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	119,943	111,052
Sierra Pacific Power Company
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	61,931	65,750
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation, Depletion and Amortization, Nonproduction	83,772	80,594
Deferred Income Taxes and Tax Credits	32,847	42,809
Public Utilities, Allowance for Funds Used During Construction, Capitalized Cost of Equity	(1,579)	(1,843)
Deferred energy	(65,622)	(11,367)
Non Cash Regulatory Disallowance	5,469	0
Amortization of other regulatory assets	58,769	58,484
Other Noncash Income (Expense)	185	(15,532)
Changes in certain assets and liabilities:
Accounts receivable	17,700	13,452
Materials, supplies and fuel	9,892	(12,915)
Other current assets	(934)	(6,512)
Accounts payable	(16,893)	(21,002)
Increase (Decrease) in Pension and Postretirement Obligations	(23,544)	(18,477)
Other current liabilities	2,141	(3,522)
Other deferred assets	(2,021)	(1,160)
Other regulatory assets	(3,302)	(15,588)
Other deferred liabilities	(1,876)	(6,282)
Net Cash from Operating Activities	156,935	146,889
CASH FLOWS USED BY INVESTING ACTIVITIES:
Additions to utility plant (excluding AFUDC-equity)	(108,735)	(155,182)
Customer advances for construction	(114)	(2,221)
Contributions in aid of construction	18,451	29,590
Investments and other property - net	24	24
Net Cash Provided by (Used in) Investing Activities	(90,374)	(127,789)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt	247,506	(1,447)
Retirement of long-term debt	(250,725)	(1,112)
Dividends paid	(40,000)	(20,000)
Net Cash from/(used by) Financing Activities	(43,219)	(22,559)
Net Increase (Decrease) in Cash and Cash Equivalents	23,342	(3,459)
Beginning Balance in Cash and Cash Equivalents	60,786	55,195
Ending Balance in Cash and Cash Equivalents	84,128	51,736
Cash paid during period for:
Interest	45,554	45,772
Noncash Investing and Financing Items [Abstract]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	$ 21,271	$ 21,060

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Current Assets:
Cash and cash equivalents	$ 373,026	$ 298,271
Accounts receivable less allowance for uncollectible accounts	483,178	373,099
Materials, supplies and fuel, at average cost	121,699	138,337
Deferred energy costs current	82,235	0
Deferred income taxes	120,186	60,592
Other current assets	49,041	40,750
Total Current Assets	1,229,365	911,049
Public Utilities, Property, Plant and Equipment, Net [Abstract]
Plant in service	12,195,312	12,031,053
Construction work-in-progress	821,430	708,109
Total	13,016,742	12,739,162
Less accumulated provision for depreciation	3,526,824	3,313,188
Public Utilities, Property, Plant and Equipment, Net	9,489,918	9,425,974
Investments and other property, net	65,354	56,660
Other Assets, Noncurrent [Abstract]
Deferred Energy Costs Non Current	85,055	87,072
Regulatory assets	1,048,204	1,132,768
Regulatory asset for pension plans	270,565	281,195
Other Assets, Noncurrent	76,705	89,418
Total Deferred Charges and Other Assets	1,480,529	1,590,453
Assets	12,265,166	11,984,136
Current Liabilities:
Current maturities of long-term debt	129,457	356,283
Accounts Payable	316,681	332,245
Accrued expenses	104,781	127,693
Deferred energy	0	136,865
Other current liabilities	88,299	66,221
Total Current Liabilities	639,218	1,019,307
Long-term debt	4,791,809	4,669,798
Commitments and Contingencies
Deferred Credits and Other Liabilities:
Deferred income taxes	1,680,896	1,470,973
Deferred investment tax credit	11,623	13,538
Accrued retirement benefits	144,696	162,260
Regulatory liabilities	631,368	550,687
Other deferred credits and liabilities	656,963	540,202
Total Deferred Credits and Other Liabilities	3,125,546	2,737,660
Shareholders' Equity
Common stock	236,000	236,000
Treasury stock, at cost	(7,898)	(16,804)
Other paid-in capital	2,716,311	2,712,943
Retained earnings	772,995	635,303
Accumulated other comprehensive loss	(8,815)	(10,071)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	3,708,593	3,557,371
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	12,265,166	11,984,136
Nevada Power Company
Current Assets:
Cash and cash equivalents	255,236	201,202
Accounts receivable less allowance for uncollectible accounts	367,365	248,501
Materials, supplies and fuel, at average cost	70,929	77,675
Deferred energy costs current	68,391	0
Deferred income taxes	80,062	48,590
Other current assets	35,984	28,763
Total Current Assets	877,967	604,731
Public Utilities, Property, Plant and Equipment, Net [Abstract]
Plant in service	8,459,208	8,363,566
Construction work-in-progress	695,749	567,941
Total	9,154,957	8,931,507
Less accumulated provision for depreciation	2,203,320	2,035,322
Public Utilities, Property, Plant and Equipment, Net	6,951,637	6,896,185
Investments and other property, net	51,114	49,808
Other Assets, Noncurrent [Abstract]
Deferred Energy Costs Non Current	84,041	87,072
Regulatory assets	746,286	804,013
Regulatory asset for pension plans	131,628	136,682
Other Assets, Noncurrent	58,097	62,654
Total Deferred Charges and Other Assets	1,020,052	1,090,421
Assets	8,900,770	8,641,145
Current Liabilities:
Current maturities of long-term debt	129,186	106,048
Accounts Payable	202,915	201,193
Accounts Payable, Related Parties, Current	43,800	42,036
Accrued expenses	63,465	86,433
Deferred energy	0	86,102
Other current liabilities	69,479	52,567
Total Current Liabilities	508,845	574,379
Long-term debt	3,103,980	3,230,808
Commitments and Contingencies
Deferred Credits and Other Liabilities:
Deferred income taxes	1,257,818	1,101,804
Deferred investment tax credit	3,857	4,688
Accrued retirement benefits	52,429	49,381
Regulatory liabilities	376,136	323,400
Other deferred credits and liabilities	551,545	434,367
Total Deferred Credits and Other Liabilities	2,241,785	1,913,640
Shareholders' Equity
Common stock	1	1
Other paid-in capital	2,308,211	2,308,211
Retained earnings	742,164	618,612
Accumulated other comprehensive loss	(4,216)	(4,506)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	3,046,160	2,922,318
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	8,900,770	8,641,145
Sierra Pacific Power Company
Current Assets:
Cash and cash equivalents	84,128	60,786
Accounts receivable less allowance for uncollectible accounts	115,765	124,464
Materials, supplies and fuel, at average cost	50,770	60,662
Deferred energy costs current	13,844	0
Intercompany income taxes receivable	10,351	10,351
Deferred income taxes	49,748	21,589
Other current assets	12,566	11,633
Total Current Assets	337,172	289,485
Public Utilities, Property, Plant and Equipment, Net [Abstract]
Plant in service	3,736,104	3,667,487
Construction work-in-progress	125,681	140,168
Total	3,861,785	3,807,655
Less accumulated provision for depreciation	1,323,504	1,277,866
Public Utilities, Property, Plant and Equipment, Net	2,538,281	2,529,789
Investments and other property, net	7,126	6,499
Other Assets, Noncurrent [Abstract]
Deferred Energy Costs Non Current	1,014	0
Regulatory assets	301,918	328,755
Regulatory asset for pension plans	135,257	140,268
Other Assets, Noncurrent	13,524	21,477
Total Deferred Charges and Other Assets	451,713	490,500
Assets	3,334,292	3,316,273
Current Liabilities:
Current maturities of long-term debt	271	250,235
Accounts Payable	84,277	106,415
Accounts Payable, Related Parties, Current	21,543	21,534
Accrued expenses	29,909	32,936
Deferred energy	0	50,763
Other current liabilities	18,821	13,655
Total Current Liabilities	154,821	475,538
Long-term debt	1,177,829	928,990
Commitments and Contingencies
Deferred Credits and Other Liabilities:
Deferred income taxes	525,694	465,508
Deferred investment tax credit	7,766	8,850
Accrued retirement benefits	75,133	98,676
Regulatory liabilities	255,232	227,287
Other deferred credits and liabilities	76,974	72,688
Total Deferred Credits and Other Liabilities	940,799	873,009
Shareholders' Equity
Common stock	4	4
Other paid-in capital	1,111,266	1,111,266
Retained earnings	(49,055)	(70,986)
Accumulated other comprehensive loss	(1,372)	(1,548)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,060,843	1,038,736
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 3,334,292	$ 3,316,273