EX-12.2 4 exh122_123106.htm EXHIBIT 12.2 Exhibit 12.2
Exhibit 12.2

PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(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
 
 6
Preferred dividend requirements
    
528
   
2,868
   
572
   
586
   
586
   
586
 
 7
Total Fixed Charges and Preferred dividend
                                      
 
requirements
  
$
165,771
  
$
117,188
  
$
71,907
  
$
88,728
  
$
85,389
  
$
88,462
  
                                         
                                         
 
Earnings, as defined by the Securities and Exchange
                                      
 
Commission:
                                      
                                         
 8
Consolidated Net Earnings from Continuing Operations
  
$
122,642
  
$
71,021
  
$
88,258
  
$
59,138
  
$
64,272
  
$
150,433
  
 9
Income Taxes
    
63,970
   
32,861
   
49,247
   
27,889
   
33,032
   
81,063
 
 10
Add Fixed Charges as Above
    
165,243
   
114,320
   
71,335
   
88,142
   
84,803
   
87,876
 
                                         
 11
Earnings Availabe for Fixed Charges
  
$
351,855
  
$
218,202
  
$
208,840
  
$
175,169
  
$
182,107
  
$
319,372
  
                                         
 12
Ratio for Earnings to Fixed Charges
    
2.12
   
1.86
   
2.90
   
1.97
   
2.13
   
3.61