TEXAS NEW MEXICO POWER CO - FORM 10-Q - EX-12.2 - EXHIBIT 12.2 - August 8, 2011

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10-Q - TEXAS NEW MEXICO POWER COpnm630201110-q.htm
EX-4.2 - EXHIBIT 4.2 - TEXAS NEW MEXICO POWER COpnm6302011ex42.htm
EX-4.1 - EXHIBIT 4.1 - TEXAS NEW MEXICO POWER COpnm6302011ex41.htm
EX-4.3 - EXHBITI 4.3 - TEXAS NEW MEXICO POWER COpnm6302011ex43.htm
EX-4.4 - EXHIBIT 4.4 - TEXAS NEW MEXICO POWER COpnm6302011ex44.htm
EX-12.1 - EXHIBIT 12.1 - TEXAS NEW MEXICO POWER COpnm6302011ex121.htm
EX-12.4 - EXHIBIT 12.4 - TEXAS NEW MEXICO POWER COpnm6302011ex124.htm
EX-31.3 - TEXAS NEW MEXICO POWER COpnm6302011ex313.htm
EX-32.2 - TEXAS NEW MEXICO POWER COpnm6302011ex322.htm
EX-31.4 - TEXAS NEW MEXICO POWER COpnm6302011ex314.htm
EX-31.5 - TEXAS NEW MEXICO POWER COpnm6302011ex315.htm
EX-31.6 - TEXAS NEW MEXICO POWER COpnm6302011ex316.htm
EX-12.3 - EXHIBIT 12.3 - TEXAS NEW MEXICO POWER COpnm6302011ex123.htm
EX-31.1 - TEXAS NEW MEXICO POWER COpnm6302011ex311.htm
EX-32.1 - TEXAS NEW MEXICO POWER COpnm6302011ex321.htm
EX-32.3 - TEXAS NEW MEXICO POWER COpnm6302011ex323.htm
EX-31.2 - TEXAS NEW MEXICO POWER COpnm6302011ex312.htm
EX-10.1 - EXHIBIT 10.1 - TEXAS NEW MEXICO POWER COpnm6302011ex101.htm


Exhibit 12.2
 
PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(In thousands, except ratio)
 
 
 
Six Months Ended
 
Year Ended December 31,
 
 
June 30, 2011
 
2010
 
2009
 
2008
 
2007
 
2006
Combined fixed charges and preferred stock dividends, as defined by the Securities and
 
 
 
 
 
 
 
 
 
 
 
 
Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
60,265

 
$
123,633

 
$
123,833

 
$
134,958

 
$
124,299

 
$
135,819

Amortization of debt premium, discount and expenses
 
1,821

 
4,627

 
5,430

 
6,386

 
6,566

 
4,729

Interest from discontinued operations (including capitalized interest)
 
—

 
—

 
1,027

 
13,758

 
12,546

 
11,790

Estimated interest factor of lease rental charges
 
3,482

 
6,888

 
7,034

 
7,894

 
8,804

 
7,124

Preferred dividend requirements of subsidiary
 
371

 
1,075

 
759

 
689

 
556

 
798

     Total Fixed Charges
 
65,939

 
136,223

 
138,083

 
163,685

 
152,771

 
160,260

 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock dividend requirements
 
841

 
4,865

 
3,433

 
780

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Combined Fixed Charges and Preferred Stock Dividends
 
$
66,780

 
$
141,088

 
$
141,516

 
$
164,465

 
$
152,771

 
$
160,260

 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations before income taxes and non-controlling interest
 
$
38,861

 
$
(63,379
)
 
$
94,751

 
$
(388,381
)
 
$
63,112

 
$
164,018

(Earnings) loss of equity investee
 
—

 
15,223

 
30,145

 
29,687

 
(7,581
)
 
—

Earnings (loss) from continuing operations before income taxes, non-controlling interest, and investee earnings
 
38,861

 
(48,156
)
 
124,896

 
(358,694
)
 
55,531

 
164,018

Fixed charges as above
 
65,939

 
136,223

 
138,083

 
163,685

 
152,771

 
160,260

Interest capitalized
 
(1,244
)
 
(3,401
)
 
(7,743
)
 
(8,849
)
 
(10,740
)
 
(6,503
)
Non-controlling interest in earnings of Valencia
 
(6,652
)
 
(13,563
)
 
(11,890
)
 
(7,179
)
 
—

 
—

Preferred dividend requirements of subsidiary
 
(371
)
 
(1,075
)
 
(759
)
 
(689
)
 
(556
)
 
(798
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Combined Fixed Charges and Preferred Stock Dividends
 
$
96,533

 
$
70,028

 
$
242,587

 
$
(211,726
)
 
$
197,006

 
$
316,977

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
 
1.45

1 
0.50

2 

1.71

 
 N/M

3 

1.29

 
1.98

 
 
 
 
 
 
 
 
 
 
 
 
 
1 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the six months ended June 30, 2011 includes a pre-tax loss of $21.4 million due to the write-off of regulatory disallowances at PNM and TNMP. If those losses were excluded, the ratio of earnings to combined fixed charges and preferred stock dividends would have been 1.77.
 
 
 
 
 
 
 
 
 
 
 
 
 
2 The shortfall in the earnings available for combined fixed charges and preferred stock dividends to achieve a ratio of earnings to combined fixed charges and preferred stock dividends of 1.00 amounted to $71.1 million for the year ended December 31, 2010. Earnings (loss) from continuing operations before income taxes and non-controlling interest includes a pre-tax loss of $188.2 million due to the impairment of PNMR's investment in an equity investee. If that loss were excluded, the ratio of earnings to combined fixed charges and preferred stock dividends would have been 1.83.
 
 
 
 
 
 
 
 
 
 
 
 
 
 3 The ratio of earnings to combined fixed charges and preferred stock dividends for the year ended December 31, 2008 is not meaningful since earnings available for combined fixed charges and preferred stock dividends is negative. The shortfall in the earnings available for combined fixed charges and preferred stock dividends to achieve a ratio of earnings to combined fixed charges and preferred stock dividends of 1.00 amounted to $376.2 million for the year ended December 31, 2008.


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