EX-12.1 11 ex12_1.htm EXHIBIT 12.1 Exhibit 12.1
Exhibit 12.1

PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio or Earnings to Fixed Charges
(1,000's)

Line
      
Year Ended December 31,
No.
      
12/31/05
  
12/31/04
  
12/31/03
  
12/31/02
  
12/31/01
  
12/31/00
 
Fixed charges, as defined by the Securities and
                         
 
Exchange Commission:
                          
                             
1
Interest on Long-term Debt
    
$ 75,736
  
$ 46,702
 
$ 59,429
 
$ 56,409
  
$ 62,716
  
$ 62,823
2
Amortization of Debt Premium, Discount
                         
 
and Expenses
    
3,642
  
2,697
 
2,838
 
2,302
 
2,346
  
2,037
3
Other Interest
    
14,299
  
2,319
 
5,423
 
2,859
 
(42)
  
752
4
Estimated Interest Factor of Lease Rental Charges
    
20,643
  
19,617
 
20,452
 
23,233
 
22,856
  
19,716
                             
5
Total Fixed Charges
    
$114,320
  
$ 71,335
 
$ 88,142
 
$ 84,803
 
$ 87,876
  
$ 85,328
                             
 
Earnings, as defined by the Securities and
                         
 
Exchange Commission:
                          
                             
6
Consolidated Net Earnings from Continuing
                         
 
Operations
    
$ 71,021
  
$ 88,258
 
$ 59,138
 
$ 64,272
 
$150,433
  
$100,946
7
Income Taxes
    
32,861
  
49,247
 
27,889
 
33,032
 
81,063
  
74,345
8
Add Fixed Charges as Above
    
114,320
  
71,335
 
88,142
 
84,803
 
87,876
  
85,328
                             
9
Earnings Available for Fixed Charges
    
$218,202
  
$208,840
 
$175,169
 
$182,107
 
$319,372
  
$ 260,619
                             
10
Ratio for Earnings to Fixed Charges
    
1.91
  
2.93
 
1.99
 
2.15
 
3.63
  
3.05