EX-12.1 3 exh121_123106.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.    
12/31/06
  
12/31/05
  
12/31/04
  
12/31/03
  
12/31/02
  
12/31/01
  
 
Fixed charges, as defined by the Securities and Exchange
                          
 
Commission:
                          
                             
 1
Interest on Long-term Debt
  
$
95,301
  
$
75,736
  
$
46,702
  
$
59,429
  
$
56,409
  
$
62,716
  
 2
Amortization of Debt Premium, Discount and Expenses
    
4,417
   
3,642
   
2,697
   
2,838
   
2,302
   
2,346
 
 3
Other Interest
    
45,811
   
14,299
   
2,319
   
5,423
   
2,859
   
(42
)
 4
Estimated Interest Factor of Lease Rental Charges
    
19,714
   
20,643
   
19,617
   
20,452
   
23,233
   
22,856
 
                                         
 5
Total Fixed Charges
  
$
165,243
  
$
114,320
  
$
71,335
  
$
88,142
  
$
84,803
  
$
87,876
  
                                         
 
Earnings, as defined by the Securities and Exchange
                                      
 
Commission:
                                      
                                         
 6
Consolidated Net Earnings from Continuing Operations
  
$
122,642
  
$
71,021
  
$
88,258
  
$
59,138
  
$
64,272
  
$
150,433
  
 7
Income Taxes
    
63,970
   
32,861
   
49,247
   
27,889
   
33,032
   
81,063
 
 8
Add Fixed Charges as Above
    
165,245
   
114,320
   
71,335
   
88,142
   
84,803
   
87,876
 
                                         
 9
Earnings Availabe for Fixed Charges
  
$
351,857
  
$
218,202
  
$
208,840
  
$
175,169
  
$
182,107
  
$
319,372
  
                                         
 10
Ratio for Earnings to Fixed Charges
    
2.13
   
1.91
   
2.93
   
1.99
   
2.15
   
3.63