PNM RESOURCES INC - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - May 2, 2016

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EX-10.2 - EXHIBIT 10.2 - PNM RESOURCES INCpnm3312016ex102pnmrguarant.htm
EX-10.4 - EXHIBIT 10.4 - PNM RESOURCES INCpnm3312016ex104pnmrreclama.htm
EX-31.4 - EXHIBIT 31.4 - PNM RESOURCES INCpnm3312016ex314.htm
EX-12.2 - EXHIBIT 12.2 - PNM RESOURCES INCpnm3312016ex122.htm
EX-32.2 - EXHIBIT 32.2 - PNM RESOURCES INCpnm3312016ex322.htm
EX-31.1 - EXHIBIT 31.1 - PNM RESOURCES INCpnm3312016ex311.htm
EX-32.1 - EXHIBIT 32.1 - PNM RESOURCES INCpnm3312016ex321.htm
10-Q - PNM 3.31.2016 10-Q - PNM RESOURCES INCpnm331201610-q.htm
EX-32.3 - EXHIBIT 32.3 - PNM RESOURCES INCpnm3312016ex323.htm
EX-31.6 - EXHIBIT 31.6 - PNM RESOURCES INCpnm3312016ex316.htm
EX-12.3 - EXHIBIT 12.3 - PNM RESOURCES INCpnm3312016ex123.htm
EX-10.1 - EXHIBIT 10.1 - PNM RESOURCES INCpnm3312016ex101btmu-nmcuct.htm
EX-31.5 - EXHIBIT 31.5 - PNM RESOURCES INCpnm3312016ex315.htm
EX-31.2 - EXHIBIT 31.2 - PNM RESOURCES INCpnm3312016ex312.htm
EX-31.3 - EXHIBIT 31.3 - PNM RESOURCES INCpnm3312016ex313.htm
EX-10.5 - EXHIBIT 10.5 - PNM RESOURCES INCpnm3312016ex105long-termin.htm
EX-10.7 - EXHIBIT 10.7 - PNM RESOURCES INCpnm3312016ex107espiifirsta.htm
EX-10.3 - EXHIBIT 10.3 - PNM RESOURCES INCpnm3312016ex103nmcuc-wsjlo.htm
EX-10.8 - EXHIBIT 10.8 - PNM RESOURCES INCpnm3312016ex108nmcucfirsta.htm
EX-10.6 - EXHIBIT 10.6 - PNM RESOURCES INCpnm3312016ex106officerannu.htm


Exhibit 12.1
PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Year Ended December 31,
 
 
 
March 31, 2016
 
2015
 
2014
 
2013
 
2012
 
2011
 
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
31,742

 
$
117,932

 
$
117,337

 
$
118,880

 
$
125,379

 
$
122,998

 
Amortization of debt premium, discount, and expenses
 
972

 
3,575

 
4,194

 
3,716

 
4,023

 
3,695

 
Estimated interest factor of lease rental charges
 
687

 
3,298

 
4,686

 
5,847

 
5,585

 
6,665

 
Preferred dividend requirements of subsidiary
 
200

 
784

 
809

 
800

 
769

 
864

 
     Total Fixed Charges
 
$
33,601

 
$
125,589

 
$
127,026

 
$
129,243

 
$
135,756

 
$
134,222

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes and non-controlling interest
 
$
21,122

 
$
46,153

 
$
200,647

 
$
175,069

 
$
175,035

 
$
321,469

 
Fixed charges as above
 
33,601

 
125,589

 
127,026

 
129,243

 
135,756

 
134,222

 
Interest capitalized
 
(1,999
)
 
(9,753
)
 
(6,256
)
 
(5,209
)
 
(5,432
)
 
(2,697
)
 
Non-controlling interest in earnings of Valencia
 
(3,287
)
 
(14,910
)
 
(14,127
)
 
(14,521
)
 
(14,050
)
 
(14,047
)
 
Preferred dividend requirements of subsidiary
 
(200
)
 
(784
)
 
(809
)
 
(800
)
 
(769
)
 
(864
)
 
Earnings Available for Fixed Charges
 
$
49,237

 
$
146,295

 
$
306,481

 
$
283,782

 
$
290,540

 
$
438,083

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.47

1 
1.16

2 
2.41

3 
2.20

3 
2.14

 
3.26

4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Earnings from continuing operations before income taxes and non-controlling interest for the three months ended March 31, 2016 includes a pre-tax loss of $0.8 million due to the write-off of regulatory disallowances and restructuring costs at PNM. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 1.49.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2  Earnings from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2015 includes a pre-tax loss of $167.5 million due to the write-off of regulatory disallowances and restructuring costs at PNM. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.50 for 2015.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3  Earnings from continuing operations before income taxes and non-controlling interest for the years ended December 31, 2014 and December 31, 2013 includes pre-tax loss of $1.1 million and $12.2 million due to the write-off of regulatory disallowances at PNM. If those losses were excluded, the Ratio of Earnings to Fixed Charges would have been 2.42 for 2014 and 2.29 for 2013.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4  Earnings 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 


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