EX-12.3 11 pnm12312011ex123.htm EXHIBIT 12.3 PNM 12.31.2011 EX 12.3


Exhibit 12.3
 
TEXAS-NEW MEXICO POWER COMPANY
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
2011
 
2010
 
2009
 
2008
 
2007
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
27,914

 
$
28,632

 
$
25,609

 
$
17,861

 
$
23,523

Amortization of debt premium, discount and expenses
 
1,679

 
2,683

 
3,355

 
1,504

 
1,925

Estimated interest factor of lease rental charges
 
1,202

 
1,246

 
831

 
571

 
844

 
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
 
$
30,795

 
$
32,561

 
$
29,795

 
$
19,936

 
$
26,292

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes
 
$
36,138

 
$
26,026

 
$
20,151

 
$
2,335

 
$
29,055

Fixed charges as above
 
30,795

 
32,561

 
29,795

 
19,936

 
26,292

Interest capitalized
 
(593
)
 
(158
)
 
(1,144
)
 
(1,025
)
 
(332
)
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
66,340

 
$
58,429

 
$
48,802

 
$
21,246

 
$
55,015

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.15

1 
1.79

 
1.64

 
1.07

 
2.09

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Earnings from continuing operations before income taxes for the year ended December 31, 2011 includes a pre-tax loss of $3.9 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.28.