EX-12.1 7 exh121_123107.htm EXHIBIT 12.1 exh121_123107.htm
EXHIBIT 12.1
 
PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
 

   
Year Ended December 31,
  
   
2007
    
2006
    
2005
    
2004
    
2003
  
Fixed charges, as defined by the Securities and Exchange
                              
Commission:
                              
                               
Interest on long-term debt
   $ 81,638     $ 84,773     $ 66,042     $ 34,488     $ 48,483  
Amortization of debt premium, discount and expenses
     6,566       4,729       3,962       3,036       2,990  
Other interest
     32,242       44,918       13,734       1,976       3,922  
Estimated interest factor of lease rental charges
     19,308       19,235       19,934       18,843       19,568  
Interest capitalized
     4,119       2,982       1,421       957       1,163  
Preferred dividend requirements of subsidiaries
     556       798       4,063       881       845  
     Total Fixed Charges
   $ 144,429     $ 157,435     $ 109,156     $ 60,181     $ 76,971  
                                         
                                         
                                         
Earnings, as defined by the Securities and Exchange
                                        
Commission:
                                        
                                         
Earnings from continuing operations before income taxes
   $ 63,112     $ 164,018     $ 76,502     $ 107,060     $ 68,267  
(Earnings) of equity investee
     (7,581 )     -       -       -       -  
Earnings from continuing operations before income taxes and  investee earnings
     55,531       164,018       76,502       107,060       68,267  
Fixed charges as above
     144,429       157,435       109,156       60,181       76,971  
Interest capitalized
     (4,119 )     (2,982 )     (1,421 )     (957 )     (1,163 )
Preferred dividend requirements of subsidiaries
     (556 )     (798 )     (4,063 )     (881 )     (845 )
                                         
Earnings Available for Fixed Charges
   $ 195,285     $ 317,673     $ 180,174     $ 165,403     $ 143,230  
                                         
Ratio of Earnings to Fixed Charges
     1.35       2.02       1.65       2.75       1.86