PNM RESOURCES INC - FORM 10-Q - EX-12.2 - EXHIBIT 12.2 - 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-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
EX-12.1 - EXHIBIT 12.1 - PNM RESOURCES INCpnm6302014ex121.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 12.2
 
 
PUBLIC SERVICE COMPANY OF NEW MEXICO
 
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
 
$
39,778

 
$
79,769

 
$
82,864

 
$
75,217

 
$
73,423

 
$
73,104

 
Amortization of debt premium, discount and expenses
 
977

 
1,879

 
1,818

 
1,325

 
1,274

 
1,336

 
Interest from discontinued operations (including capitalized interest)
 
—

 
—

 
—

 
—

 
—

 
1,027

 
Estimated interest factor of lease rental charges
 
1,761

 
3,732

 
3,743

 
4,139

 
4,103

 
4,517

 
     Total Fixed Charges
 
$
42,516

 
$
85,380

 
$
88,425

 
$
80,681

 
$
78,800

 
$
79,984

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes and non-controlling interest
 
$
52,649

 
$
151,480

 
$
156,314

 
$
105,965

 
$
107,288

 
$
45,627

 
Fixed charges as above
 
42,516

 
85,380

 
88,425

 
80,681

 
78,800

 
79,984

 
Non-controlling interest in earnings of Valencia
 
(7,439
)
 
(14,521
)
 
(14,050
)
 
(14,047
)
 
(13,563
)
 
(11,890
)
 
Interest capitalized
 
(2,345
)
 
(4,420
)
 
(4,314
)
 
(1,761
)
 
(2,811
)
 
(6,067
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
85,381

 
$
217,919

 
$
226,375

 
$
170,838

 
$
169,714

 
$
107,654

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.01

 
2.55

1 
2.56

 
2.12

2 
2.15

 
1.35

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $12.2 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.70.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2011 includes a pre-tax loss $17.5 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.33.



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