PNM RESOURCES INC - FORM 10-Q - EX-12.2 - EXHIBIT 12.2 - October 28, 2016

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EX-31.6 - EXHIBIT 31.6 - PNM RESOURCES INCpnm9302016ex316.htm
10-Q - 10-Q 9-30-2016 - PNM RESOURCES INCpnm930201610-q.htm
EX-32.3 - EXHIBIT 32.3 - PNM RESOURCES INCpnm9302016ex323.htm
EX-32.2 - EXHIBIT 32.2 - PNM RESOURCES INCpnm9302016ex322.htm
EX-32.1 - EXHIBIT 32.1 - PNM RESOURCES INCpnm9302016ex321.htm
EX-31.5 - EXHIBIT 31.5 - PNM RESOURCES INCpnm9302016ex315.htm
EX-31.4 - EXHIBIT 31.4 - PNM RESOURCES INCpnm9302016ex314.htm
EX-31.3 - EXHIBIT 31.3 - PNM RESOURCES INCpnm9302016ex313.htm
EX-31.2 - EXHIBIT 31.2 - PNM RESOURCES INCpnm9302016ex312.htm
EX-31.1 - EXHIBIT 31.1 - PNM RESOURCES INCpnm9302016ex311.htm
EX-12.3 - EXHIBIT 12.3 - PNM RESOURCES INCpnm9302016ex123.htm
EX-12.1 - EXHIBIT 12.1 - PNM RESOURCES INCpnm9302016ex121.htm


Exhibit 12.2
 
 
PUBLIC SERVICE COMPANY OF NEW MEXICO
 
Ratio of Earnings to Fixed Charges
 
(In thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
Year Ended December 31,
 
 
 
September 30, 2016
 
2015
 
2014
 
2013
 
2012
 
2011
 
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
68,094

 
$
84,695

 
$
79,834

 
$
79,769

 
$
82,864

 
$
75,217

 
Amortization of debt premium, discount and expenses
 
1,741

 
1,978

 
1,944

 
1,879

 
1,818

 
1,325

 
Estimated interest factor of lease rental charges
 
978

 
1,532

 
2,541

 
3,732

 
3,743

 
4,139

 
     Total Fixed Charges
 
$
70,813

 
$
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
 
$
104,473

 
$
(13,082
)
 
$
154,086

 
$
151,480

 
$
156,314

 
$
105,965

 
Fixed charges as above
 
70,813

 
88,205

 
84,319

 
85,380

 
88,425

 
80,681

 
Non-controlling interest in earnings of Valencia
 
(11,037
)
 
(14,910
)
 
(14,127
)
 
(14,521
)
 
(14,050
)
 
(14,047
)
 
Interest capitalized
 
(4,651
)
 
(8,530
)
 
(5,211
)
 
(4,420
)
 
(4,314
)
 
(1,761
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
159,598

 
$
51,683

 
$
219,067

 
$
217,919

 
$
226,375

 
$
170,838

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.25

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 nine months ended September 30, 2016 includes a pre-tax loss of $17.2 million due to the write-off of regulatory disallowances and restructuring costs. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.50.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 The shortfall in earnings available for fixed charges to achieve a ratio 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 that loss was 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 includes a pre-tax loss of $1.1 million due to the write-off of regulatory disallowances. If that loss was 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 includes a pre-tax loss of $12.2 million due to the write-off of regulatory disallowances. If that loss was 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 was excluded, the Ratio of Earnings to Fixed Charges would have been 2.33.



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