EX-12.2 5 pnm3312013ex122.htm EXHIBIT 12.2 PNM 3.31.2013 EX.12.2


Exhibit 12.2
 
 
PUBLIC SERVICE COMPANY OF NEW MEXICO
 
Ratio of Earnings to Fixed Charges
 
(In thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Year Ended December 31,
 
 
 
March 31, 2013
 
2012
 
2011
 
2010
 
2009
 
2008
 
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
21,130

 
$
82,864

 
$
75,217

 
$
73,423

 
$
73,104

 
$
72,427

 
Amortization of debt premium, discount and expenses
 
471

 
1,818

 
1,325

 
1,274

 
1,336

 
4,345

 
Interest from discontinued operations (including capitalized interest)
 
—

 
—

 
—

 
—

 
1,027

 
13,758

 
Estimated interest factor of lease rental charges
 
945

 
3,743

 
4,139

 
4,103

 
4,517

 
4,553

 
     Total Fixed Charges
 
$
22,546

 
$
88,425

 
$
80,681

 
$
78,800

 
$
79,984

 
$
95,083

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations before income taxes and non-controlling interest
 
$
21,362

 
$
156,314

 
$
105,965

 
$
107,288

 
$
45,627

 
$
(69,324
)
 
Fixed charges as above
 
22,546

 
88,425

 
80,681

 
78,800

 
79,984

 
95,083

 
Non-controlling interest in earnings of Valencia
 
(3,204
)
 
(14,050
)
 
(14,047
)
 
(13,563
)
 
(11,890
)
 
(7,179
)
 
Interest capitalized
 
(942
)
 
(4,314
)
 
(1,761
)
 
(2,811
)
 
(6,067
)
 
(7,363
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
39,762

 
$
226,375

 
$
170,838

 
$
169,714

 
$
107,654

 
$
11,217

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.76

 
2.56

 
2.12

1 
2.15

 
1.35

 
0.12

2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2011 includes a pre-tax loss $17.5 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.33.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $83.9 million for the year December 31, 2008.