PNM RESOURCES INC - FORM 10-Q - EX-12.2 - PNM EXHIBIT 12.2 - July 31, 2015

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EX-31.2 - PNMR EXHIBIT 31.2 - PNM RESOURCES INCpnm6302015ex312.htm
EX-32.1 - PNMR EXHIBIT 32.1 - PNM RESOURCES INCpnm6302015ex321.htm
EX-12.1 - PNMR EXHIBIT 12.1 - PNM RESOURCES INCpnm6302015ex121.htm
EX-31.6 - TNMP EXHIBIT 31.6 - PNM RESOURCES INCpnm6302015ex316.htm
EX-10.2 - PNM EXHIBIT 10.2 - PNM RESOURCES INCpnm6302015ex102.htm
EX-31.4 - PNM EXHIBIT 31.4 - PNM RESOURCES INCpnm6302015ex314.htm
EX-31.3 - PNM EXHIBIT 31.3 - PNM RESOURCES INCpnm6302015ex313.htm
EX-31.5 - TNMP EXHIBIT 31.5 - PNM RESOURCES INCpnm6302015ex315.htm
EX-32.2 - PNM EXHIBIT 32.2 - PNM RESOURCES INCpnm6302015ex322.htm
EX-12.3 - TNMP EXHIBIT 12.3 - PNM RESOURCES INCpnm6302015ex123.htm
EX-32.3 - TNMP EXHIBIT 32.3 - PNM RESOURCES INCpnm6302015ex323.htm
EX-31.1 - PNMR EXHIBIT 31.1 - PNM RESOURCES INCpnm6302015ex311.htm
EX-10.1 - PNM EXHIBIT 10.1 - PNM RESOURCES INCpnm6302015ex101.htm
10-Q - PNM 6.30.2015 10-Q - PNM RESOURCES INCpnm630201510-q.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, 2015
 
2014
 
2013
 
2012
 
2011
 
2010
 
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
40,695

 
$
79,834

 
$
79,769

 
$
82,864

 
$
75,217

 
$
73,423

 
Amortization of debt premium, discount and expenses
 
894

 
1,944

 
1,879

 
1,818

 
1,325

 
1,274

 
Estimated interest factor of lease rental charges
 
845

 
2,541

 
3,732

 
3,743

 
4,139

 
4,103

 
     Total Fixed Charges
 
$
42,434

 
$
84,319

 
$
85,380

 
$
88,425

 
$
80,681

 
$
78,800

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes and non-controlling interest
 
$
56,168

 
$
154,086

 
$
151,480

 
$
156,314

 
$
105,965

 
$
107,288

 
Fixed charges as above
 
42,434

 
84,319

 
85,380

 
88,425

 
80,681

 
78,800

 
Non-controlling interest in earnings of Valencia
 
(7,231
)
 
(14,127
)
 
(14,521
)
 
(14,050
)
 
(14,047
)
 
(13,563
)
 
Interest capitalized
 
(2,852
)
 
(5,211
)
 
(4,420
)
 
(4,314
)
 
(1,761
)
 
(2,811
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
88,519

 
$
219,067

 
$
217,919

 
$
226,375

 
$
170,838

 
$
169,714

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.09

1 
2.60

2 
2.55

2 
2.56

 
2.12

3 
2.15

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the six months ended June 30, 2015 includes a pre-tax loss $1.7 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.13.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the years ended December 31, 2014 and December 31, 2013 include pre-tax losses of $1.1 million and $12.2 million due to the write-off of regulatory disallowances. If these losses were excluded, the Ratio of Earnings to Fixed Charges would have been 2.61 for 2014 and 2.70 for 2013.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 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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