PNM RESOURCES INC - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - August 1, 2014

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10-Q - 10-Q - PNM RESOURCES INCpnm630201410-q.htm
EX-31.1 - EXHIBIT 31.1 - PNM RESOURCES INCpnm6302014ex311.htm
EX-12.2 - EXHIBIT 12.2 - PNM RESOURCES INCpnm6302014ex122.htm
EX-31.4 - EXHIBIT 31.4 - PNM RESOURCES INCpnm6302014ex314.htm
EX-31.3 - EXHIBIT 31.3 - PNM RESOURCES INCpnm6302014ex313.htm
EX-12.3 - EXHIBIT 12.3 - PNM RESOURCES INCpnm6302014ex123.htm
EX-31.2 - EXHIBIT 31.2 - PNM RESOURCES INCpnm6302014ex312.htm
EXCEL - IDEA: XBRL DOCUMENT - PNM RESOURCES INCFinancial_Report.xls
EX-32.3 - EXHIBIT 32.3 - PNM RESOURCES INCpnm6302014ex323.htm
EX-32.2 - EXHIBIT 32.2 - PNM RESOURCES INCpnm6302014ex322.htm
EX-31.6 - EXHIBIT 31.6 - PNM RESOURCES INCpnm6302014ex316.htm
EX-32.1 - EXHIBIT 32.1 - PNM RESOURCES INCpnm6302014ex321.htm
EX-31.5 - EXHIBIT 31.5 - PNM RESOURCES INCpnm6302014ex315.htm


Exhibit 12.1
PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended
 
Year Ended December 31,
 
 
 
June 30, 2014
 
2013
 
2012
 
2011
 
2010
 
2009
 
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
57,752

 
$
118,880

 
$
125,379

 
$
122,998

 
$
123,633

 
$
123,833

 
Amortization of debt premium, discount, and expenses
 
1,882

 
3,716

 
4,023

 
3,695

 
4,627

 
5,430

 
Interest from discontinued operations (including capitalized interest)
 
—

 
—

 
—

 
—

 
—

 
1,027

 
Estimated interest factor of lease rental charges
 
2,879

 
5,847

 
5,585

 
6,665

 
6,888

 
7,034

 
Preferred dividend requirements of subsidiary
 
383

 
800

 
769

 
864

 
1,075

 
759

 
     Total Fixed Charges
 
$
62,896

 
$
129,243

 
$
135,756

 
$
134,222

 
$
136,223

 
$
138,083

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations before income taxes and non-controlling interest
 
$
71,625

 
$
175,069

 
$
175,035

 
$
321,469

 
$
(63,379
)
 
$
94,751

 
(Earnings) loss of equity investee
 
—

 
—

 
—

 
—

 
15,223

 
30,145

 
Earnings (loss) from continuing operations before income taxes, non-controlling interest, and investee earnings
 
71,625

 
175,069

 
175,035

 
321,469

 
(48,156
)
 
124,896

 
Fixed charges as above
 
62,896

 
129,243

 
135,756

 
134,222

 
136,223

 
138,083

 
Interest capitalized
 
(2,772
)
 
(5,209
)
 
(5,432
)
 
(2,697
)
 
(3,401
)
 
(7,743
)
 
Non-controlling interest in earnings of Valencia
 
(7,439
)
 
(14,521
)
 
(14,050
)
 
(14,047
)
 
(13,563
)
 
(11,890
)
 
Preferred dividend requirements of subsidiary
 
(383
)
 
(800
)
 
(769
)
 
(864
)
 
(1,075
)
 
(759
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
123,927

 
$
283,782

 
$
290,540

 
$
438,083

 
$
70,028

 
$
242,587

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.97

 
2.20

1 
2.14

 
3.26

2 
0.51

3 
1.76

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1  Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2013 includes a pre-tax loss of $12.2 million due to the write-off of regulatory disallowances at PNM. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.29.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2  Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2011 includes pre-tax losses 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 Fixed Charges would have been 3.42. In addition, 2011 includes a pre-tax gain on the sale of First Choice of $174.9 million. If that gain were also excluded, the Ratio of Earnings to Fixed Charges would have been 1.96.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $66.2 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 Fixed Charges would have been 1.90.


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