PNM RESOURCES INC - FORM 10-Q - EX-12.2 - EXHIBIT 12.2 - April 30, 2018

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EX-12.3 - EXHIBIT 12.3 - PNM RESOURCES INCpnm3312018ex123.htm
EX-32.3 - EXHIBIT 32.3 - PNM RESOURCES INCpnm3312018ex323.htm
EX-32.2 - EXHIBIT 32.2 - PNM RESOURCES INCpnm3312018ex322.htm
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EX-31.6 - EXHIBIT 31.6 - PNM RESOURCES INCpnm3312018ex316.htm
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EX-31.2 - EXHIBIT 31.2 - PNM RESOURCES INCpnm3312018ex312.htm
EX-31.1 - EXHIBIT 31.1 - PNM RESOURCES INCpnm3312018ex311.htm
EX-12.1 - EXHIBIT 12.1 - PNM RESOURCES INCpnm3312018ex121.htm
EX-10.3 - EXHIBIT 10.3 - PNM RESOURCES INCpnm3312018ex103.htm
EX-10.2 - EXHIBIT 10.2 - PNM RESOURCES INCpnm3312018ex102.htm
EX-10.1 - EXHIBIT 10.1 - PNM RESOURCES INCpnm3312018ex101.htm
10-Q - PNM 3.31.2018 10-Q - PNM RESOURCES INCpnm331201810-q.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, 2018
 
2017
 
2016
 
2015
 
2014
 
2013
 
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
21,929

 
$
86,121

 
$
89,502

 
$
84,695

 
$
79,834

 
$
79,769

 
Amortization of debt premium, discount and expenses
 
634

 
2,677

 
2,312

 
1,978

 
1,944

 
1,879

 
Estimated interest factor of lease rental charges
 
287

 
1,182

 
1,217

 
1,532

 
2,541

 
3,732

 
     Total Fixed Charges
 
$
22,850

 
$
89,980

 
$
93,031

 
$
88,205

 
$
84,319

 
$
85,380

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) before income taxes and non-controlling interest
 
$
11,166

 
$
168,968

 
$
132,860

 
$
(13,082
)
 
$
154,086

 
$
151,480

 
Fixed charges as above
 
22,850

 
89,980

 
93,031

 
88,205

 
84,319

 
85,380

 
Non-controlling interest in earnings of Valencia
 
(3,677
)
 
(15,017
)
 
(14,519
)
 
(14,910
)
 
(14,127
)
 
(14,521
)
 
Interest capitalized
 
(1,937
)
 
(6,917
)
 
(6,094
)
 
(8,530
)
 
(5,211
)
 
(4,420
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
28,402

 
$
237,014

 
$
205,278

 
$
51,683

 
$
219,067

 
$
217,919

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.24

 
2.63

1 
2.21

2 
0.59

3 
2.60

4 
2.55

5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Earnings (loss) before income taxes and non-controlling interest for the year ended December 31, 2017 includes a pre-tax loss of $27.0 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 2.93 for 2017.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 Earnings (loss) before income taxes and non-controlling interest for the year ended December 31, 2016 includes a pre-tax loss of $15.0 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 2.37 for 2016.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 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) 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4 Earnings (loss) 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5 Earnings (loss) 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 



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