PNM RESOURCES INC - FORM 10-Q - EX-12.3 - EXHIBIT 12.3 - 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-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-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 12.3
 
 
TEXAS-NEW MEXICO POWER COMPANY
 
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
 
$
6,859

 
$
25,875

 
$
24,941

 
$
24,481

 
$
26,233

 
$
27,914

 
Amortization of debt premium, discount and expenses
 
297

 
1,100

 
1,195

 
1,159

 
1,493

 
1,679

 
Estimated interest factor of lease rental charges
 
293

 
1,229

 
1,311

 
1,241

 
956

 
1,202

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
 
$
7,449

 
$
28,204

 
$
27,447

 
$
26,881

 
$
28,682

 
$
30,795

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes
 
$
11,793

 
$
66,088

 
$
60,330

 
$
46,711

 
$
42,099

 
$
36,138

 
Fixed charges as above
 
7,449

 
28,204

 
27,447

 
26,881

 
28,682

 
30,795

 
Interest capitalized
 
(112
)
 
(593
)
 
(609
)
 
(361
)
 
(706
)
 
(593
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
19,130

 
$
93,699

 
$
87,168

 
$
73,231

 
$
70,075

 
$
66,340

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.57

 
3.32

 
3.18

 
2.72

 
2.44

 
2.15

1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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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