PNM RESOURCES INC - FORM 10-Q - EX-12.3 - EXHIBIT 12.3 - October 31, 2014

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EX-32.2 - EXHIBIT 32.2 - PNM RESOURCES INCpnm9302014ex322.htm
EX-32.3 - EXHIBIT 32.3 - PNM RESOURCES INCpnm9302014ex323.htm
EX-31.2 - EXHIBIT 31.2 - PNM RESOURCES INCpnm9302014ex312.htm
EX-31.6 - EXHIBIT 31.6 - PNM RESOURCES INCpnm9302014ex316.htm
EX-10.1 - EXHIBIT 10.1 - PNM RESOURCES INCpnm9302014ex101.htm
EX-32.1 - EXHIBIT 32.1 - PNM RESOURCES INCpnm9302014ex321.htm
EX-12.1 - EXHIBIT 12.1 - PNM RESOURCES INCpnm9302014ex121.htm
EX-31.5 - EXHIBIT 31.5 - PNM RESOURCES INCpnm9302014ex315.htm
EX-12.2 - EXHIBIT 12.2 - PNM RESOURCES INCpnm9302014ex122.htm
EX-31.4 - EXHIBIT 31.4 - PNM RESOURCES INCpnm9302014ex314.htm
EX-31.3 - EXHIBIT 31.3 - PNM RESOURCES INCpnm9302014ex313.htm
EX-31.1 - EXHIBIT 31.1 - PNM RESOURCES INCpnm9302014ex311.htm
EXCEL - IDEA: XBRL DOCUMENT - PNM RESOURCES INCFinancial_Report.xls
10-Q - 10-Q - PNM RESOURCES INCpnm930201410-q.htm
EX-10.2 - EXHIBIT 10.2 - PNM RESOURCES INCpnm9302014ex102.htm


Exhibit 12.3
 
TEXAS-NEW MEXICO POWER COMPANY
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
Year Ended December 31,
 
 
September 30, 2014
 
2013
 
2012
 
2011
 
2010
 
2009
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
18,127

 
$
24,481

 
$
26,233

 
$
27,914

 
$
28,632

 
$
25,609

Amortization of debt premium, discount and expenses
 
865

 
1,159

 
1,493

 
1,679

 
2,683

 
3,355

Estimated interest factor of lease rental charges
 
931

 
1,241

 
956

 
1,202

 
1,246

 
831

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
 
$
19,923

 
$
26,881

 
$
28,682

 
$
30,795

 
$
32,561

 
$
29,795

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes
 
$
45,772

 
$
46,711

 
$
42,099

 
$
36,138

 
$
26,026

 
$
20,151

Fixed charges as above
 
19,923

 
26,881

 
28,682

 
30,795

 
32,561

 
29,795

Interest capitalized
 
(414
)
 
(361
)
 
(706
)
 
(593
)
 
(158
)
 
(1,144
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
65,281

 
$
73,231

 
$
70,075

 
$
66,340

 
$
58,429

 
$
48,802

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
3.28

 
2.72

 
2.44

 
2.15

1 
1.79

 
1.64

 
 
 
 
 
 
 
 
 
 
 
 
 
1 Earnings from continuing operations before income taxes for the year ended December 31, 2011 includes a pre-tax loss of $3.9 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.28.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



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