PNM RESOURCES INC - FORM 10-Q - EX-12.2 - EXHIBIT 12.2 - 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-32.2 - EXHIBIT 32.2 - PNM RESOURCES INCpnm3312016ex322.htm
EX-31.1 - EXHIBIT 31.1 - PNM RESOURCES INCpnm3312016ex311.htm
EX-12.1 - EXHIBIT 12.1 - PNM RESOURCES INCpnm3312016ex121.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 12.2
 
 
PUBLIC SERVICE COMPANY OF NEW MEXICO
 
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
 
$
22,230

 
$
84,695

 
$
79,834

 
$
79,769

 
$
82,864

 
$
75,217

 
Amortization of debt premium, discount and expenses
 
567

 
1,978

 
1,944

 
1,879

 
1,818

 
1,325

 
Estimated interest factor of lease rental charges
 
314

 
1,532

 
2,541

 
3,732

 
3,743

 
4,139

 
     Total Fixed Charges
 
$
23,111

 
$
88,205

 
$
84,319

 
$
85,380

 
$
88,425

 
$
80,681

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations before income taxes and non-controlling interest
 
$
11,171

 
$
(13,082
)
 
$
154,086

 
$
151,480

 
$
156,314

 
$
105,965

 
Fixed charges as above
 
23,111

 
88,205

 
84,319

 
85,380

 
88,425

 
80,681

 
Non-controlling interest in earnings of Valencia
 
(3,287
)
 
(14,910
)
 
(14,127
)
 
(14,521
)
 
(14,050
)
 
(14,047
)
 
Interest capitalized
 
(1,658
)
 
(8,530
)
 
(5,211
)
 
(4,420
)
 
(4,314
)
 
(1,761
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
29,337

 
$
51,683

 
$
219,067

 
$
217,919

 
$
226,375

 
$
170,838

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.27

1 
0.59

2 
2.60

3 
2.55

4 
2.56

 
2.12

5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the three months ended March 31, 2016 include a pre-tax loss of $0.8 million due to the write-off of regulatory disallowances and restructuring costs. If these losses were excluded, the Ratio of Earnings to Fixed Charges would have been 1.30.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 The shortfall in earnings available for fixed charges to achieve a ration of earnings to fixed charges of 1.00 amounted to $36.5 million for the year ended December 31, 2015. Earnings (loss) from continuing operations before income taxes includes a pre-tax loss of $167.5 million due to the write-off of regulatory disallowances and restructuring costs. If those losses were excluded, the Ratio of Earnings to Fixed Charges would have been 2.48 for 2015.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2014 include a pre-tax loss of $1.1 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2013 include a pre-tax loss of $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 2.70 for 2013.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5 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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