EX-12.3 9 exh123_123107.htm EXHIBIT 12.3 exh123_123107.htm
EXHIBIT 12.3
 
PUBLIC SERVICE COMPANY OF NEW MEXICO
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(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
   $ 38,534     $ 40,541     $ 39,408     $ 36,801     $ 48,067  
Amortization of debt premium, discount and expenses
     4,618       2,871       2,856       3,036       2,958  
Other interest
     9,799       3,956       1,921       1,719       3,859  
Estimated interest factor of lease rental charges
     16,630       16,448       16,954       16,406       17,006  
Interest capitalized
     3,738       1,946       1,054       752       909  
     Total Fixed Charges
     73,319       65,762       62,193       58,714       72,800  
                                         
Preferred dividend requirements
     781       815       746       891       859  
                                         
Total Fixed Charges and Preferred Dividend Requirements
   $ 74,101     $ 66,577     $ 62,938     $ 59,605     $ 73,659  
                                         
                                         
Earnings, as defined by the Securities and Exchange
                                        
Commission:
                                        
                                         
Earnings before income taxes
   $ 34,611     $ 89,657     $ 51,034     $ 114,690     $ 74,400  
Fixed charges as above
     73,319       65,762       62,193       58,714       72,800  
Interest capitalized
     (3,738 )     (1,946 )     (1,054 )     (752 )     (909 )
                                         
Earnings Available for Fixed Charges
   $ 104,192     $ 153,473     $ 112,173     $ 172,652     $ 146,291  
                                         
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
     1.41       2.31       1.78       2.90       1.99