PNM RESOURCES INC - FORM 10-Q - EX-12.3 - TNMP EXHIBIT 12.3 - 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-12.2 - PNM EXHIBIT 12.2 - PNM RESOURCES INCpnm6302015ex122.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-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 12.3
 
TEXAS-NEW MEXICO POWER COMPANY
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
 
$
12,901

 
$
24,941

 
$
24,481

 
$
26,233

 
$
27,914

 
$
28,632

Amortization of debt premium, discount and expenses
 
528

 
1,195

 
1,159

 
1,493

 
1,679

 
2,683

Estimated interest factor of lease rental charges
 
715

 
1,311

 
1,241

 
956

 
1,202

 
1,246

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
 
$
14,144

 
$
27,447

 
$
26,881

 
$
28,682

 
$
30,795

 
$
32,561

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes
 
$
30,963

 
$
60,330

 
$
46,711

 
$
42,099

 
$
36,138

 
$
26,026

Fixed charges as above
 
14,144

 
27,447

 
26,881

 
28,682

 
30,795

 
32,561

Interest capitalized
 
(297
)
 
(609
)
 
(361
)
 
(706
)
 
(593
)
 
(158
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
44,810

 
$
87,168

 
$
73,231

 
$
70,075

 
$
66,340

 
$
58,429

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
3.17

 
3.18

 
2.72

 
2.44

 
2.15

1 
1.79

 
 
 
 
 
 
 
 
 
 
 
 
 
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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