8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)	October 27, 2017
	(October 27, 2017)

Commission	Name of Registrants, State of Incorporation,	I.R.S. Employer
File Number	Address and Telephone Number	Identification No.
001-32462	PNM Resources, Inc.	85-0468296
	(A New Mexico Corporation)
	414 Silver Ave. SW
	Albuquerque, New Mexico 87102-3289
	(505) 241-2700
001-06986	Public Service Company of New Mexico	85-0019030
	(A New Mexico Corporation)
	414 Silver Ave. SW
	Albuquerque, New Mexico 87102-3289
	(505) 241-2700
002-97230	Texas-New Mexico Power Company	75-0204070
	(A Texas Corporation)
	577 N. Garden Ridge Blvd.
	Lewisville, Texas 75067
	(972) 420-4189

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

£ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

£ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

£ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

£ Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company £

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. £

Item 2.02Results of Operations and Financial Condition.

On October 27, 2017, PNM Resources, Inc., Public Service Company of New Mexico, and Texas-New Mexico Power Company (collectively, the “Company”) issued a press release announcing results of operations for the three and nine months ended September 30, 2017. The press release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.

The Company's press release and other communications from time to time may include certain financial measures that are not determined in accordance with generally accepted accounting principles in the United States of America ("GAAP"). A “non-GAAP financial measure” is defined as a numerical measure of a company's financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the company's financial statements.

Non-GAAP financial measures utilized by the Company include presentations, on an ongoing basis, of revenues, operating expenses, operating income, other income and deductions, earnings, and earnings per share. The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per share) to evaluate the operations of the Company and to establish goals, including those used for certain aspects of incentive compensation, for management and employees. Certain non-GAAP financial measures utilized by the Company exclude the impact of net unrealized mark-to-market gains and losses on economic hedges, the net change in unrealized impairments on available-for-sale securities, and certain non-recurring, infrequent, and other items. The Company's management believes that these non-GAAP financial measures provide useful information to investors by removing the effect of variances in GAAP reported results of operations that are not indicative of fundamental changes in the earnings capacity of the Company's operations. Management also believes that the presentation of the non-GAAP financial measures is largely consistent with its past practice, as well as industry practice in general, and will enable investors and analysts to compare current non-GAAP measures with non-GAAP measures with respect to prior periods.

The non-GAAP financial measures used by the Company should not be considered in isolation from or as a substitute for measures of performance prepared in accordance with GAAP.

The Company uses ongoing earnings guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings guidance is an appropriate measure, it is not a measure presented in accordance with GAAP. The Company does not intend for ongoing earnings guidance to represent an expectation of net earnings as defined by GAAP. Since the future differences between GAAP and ongoing earnings are frequently outside the control of the Company, management is generally not able to estimate the impact of the reconciling items between forecasted GAAP earnings and ongoing earnings guidance, nor their probable impact on GAAP earnings; therefore, management is generally not able to provide a corresponding GAAP equivalent for forecasted ongoing earnings guidance. Reconciling items may include revenues and expenses resulting from transactions that do not occur in the normal course of the Company's business operations, as well as net unrealized mark-to-market gains and losses on economic hedges and the net change in unrealized impairments on available-for-sale securities, as discussed above.

Limitation on Incorporation by Reference

In accordance with general instruction B.2 of Form 8-K, the information in this report, including exhibits, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section and not deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits:

Exhibit NumberDescription

99.1        Press Release dated October 27, 2017.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

	PNM RESOURCES, INC.
	PUBLIC SERVICE COMPANY OF NEW MEXICO
	TEXAS-NEW MEXICO POWER COMPANY
	(Registrants)
Date: October 27, 2017	/s/ Joseph D. Tarry
	Joseph D. Tarry
	Vice President, Finance and Controller
	(Officer duly authorized to sign this report)

EX-99.1

Exhibit 99.1

For Immediate Release

October 27, 2017

PNM Resources Reports Third Quarter Results

2017 Earnings Guidance Affirmed, Conference call set for 11 a.m. Eastern today

PNM Resources (In millions, except EPS)

	Q3 2017	Q3 2016	YTD 2017	YTD 2016
GAAP net earnings	$73.7	$54.4	$134.2	$92.0
GAAP diluted EPS	$0.92	$0.68	$1.67	$1.15
Ongoing net earnings	$74.2	$62.1	$135.9	$105.0
Ongoing diluted EPS	$0.93	$0.78	$1.70	$1.31

(ALBUQUERQUE, N.M.) –PNM Resources (NYSE: PNM) today released the company’s 2017 third quarter earnings results. In addition, management affirmed its 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share.

“Third quarter earnings keep us on track with annual earnings guidance and reflect the retail rates implemented last year to pay for our investments in system improvements,” said Pat Vincent-Collawn, PNM Resources’ chairman, president and CEO. “As we finish out the calendar year, we remain focused on key New Mexico regulatory filings that allow us to continue strengthening our system and provide customers with reliable, affordable and environmentally sustainable power in the future.”

SEGMENT REPORTING OF 2017 THIRD QUARTER EARNINGS

PNM– a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.

PNM (In millions, except EPS)

	Q3 2017	Q3 2016	YTD 2017	YTD 2016
GAAP net earnings	$60.7	$40.9	$104.0	$60.9
GAAP diluted EPS	$0.76	$0.51	$1.30	$0.76
Ongoing net earnings	$61.2	$47.9	$105.6	$72.9
Ongoing diluted EPS	$0.77	$0.60	$1.33	$0.91

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PNM Resources Reports Q3 Earnings            10-27-17                     p. 2 of 4

• In the third quarter of 2017, PNM’s GAAP and ongoing earnings included the effect of the October 2016 implementation of new retail rates, revenues from new third-party transmission contracts, warmer temperatures and AFUDC, which were partially offset by reduced load, depreciation expense from new capital investments and a reduction in the FERC generation Navopache contract. Increased operations and maintenance costs were mitigated by the implementation of cost savings to align the business with the allowed recovery included in the last general rate case.

• GAAP earnings in the third quarter of 2016 also reflect $11.3 million of pre-tax regulatory disallowances associated with the rate case final order, including an estimated fifteen months of the disallowed recovery of Palo Verde and balanced draft investments pending appeal with the New Mexico Supreme Court, and $5.2 million of pre-tax restructuring costs based on revised estimates of the unrecoverable costs in the approved plan for San Juan Generating Station to meet the EPA’s regional haze rules.

TNMP – an electric transmission and distribution utility in Texas.

TNMP (In millions, except EPS)

	Q3 2017	Q3 2016	YTD 2017	YTD 2016
GAAP net earnings	$14.7	$13.9	$34.5	$31.8
GAAP diluted EPS	$0.18	$0.17	$0.43	$0.40
Ongoing net earnings	$14.7	$14.5	$34.5	$32.5
Ongoing diluted EPS	$0.18	$0.18	$0.43	$0.41

• In the third quarter of 2017, TNMP’s GAAP and ongoing earnings benefited from load growth from demand-based customers and transmission rate relief, partially offset by milder temperatures and higher depreciation and property tax expenses resulting from additional capital investments.

Corporate and Other – a segment that reflects the PNM Resources holding company and other subsidiaries.

Corporate and Other (In millions, except EPS)

	Q3 2017	Q3 2016	YTD 2017	YTD 2016
GAAP net earnings (loss)	($1.7)	($0.3)	($4.4)	($0.7)
GAAP diluted EPS	($0.02)	$0.00	($0.06)	($0.01)
Ongoing net earnings (loss)	($1.7)	($0.3)	($4.3)	($0.4)
Ongoing diluted EPS	($0.02)	$0.00	($0.06)	($0.01)

• In the third quarter of 2017, Corporate and Other’s GAAP and ongoing earnings were reduced by additional interest expense primarily related to rising short-term interest rates. To mitigate the impacts of a rising interest rate environment, the company entered into interest rate swaps in the first half of the year to effectively fix the rates for an additional $150 million of its variable rate debt.

Financial materials are available at http://www.pnmresources.com/investors/results.cfm.

(MORE)

PNM Resources Reports Q3 Earnings            10-27-17                    p. 3 of 4

THIRD QUARTER CONFERENCE CALL: 11 AM EASTERN FRIDAY, OCT. 27

PNM Resources will discuss third quarter earnings results during a live conference call and webcast on Friday, Oct. 27^th at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.

A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm.

Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.

Investors and analysts can participate in the live conference call by pre-registering using the following link to receive a special dial-in number and PIN: http://dpregister.com/10113291. Telephone participants who are unable to pre-register may participate in the live conference call by dialing (877) 276-8648 or (412) 317-5474 fifteen minutes prior to the event and referencing “the PNM Resources third quarter conference call.”

Supporting material for PNM Resources’ earnings announcements can be viewed and downloaded at http://www.pnmresources.com/investors/results.cfm.

Background:

PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.

CONTACTS:

AnalystsMedia

Jimmie BlotterPahl Shipley

(505) 241-2227(505) 241-2782

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements made in this news release that relate to future events or PNM Resources, Inc.’s (“PNMR”), Public Service Company of New Mexico’s (“PNM”), or Texas-New Mexico Power Company’s (“TNMP”) (collectively, the “Company”) expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. PNMR, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR, PNM, and TNMP caution readers not to place undue reliance on these statements. PNMR's, PNM's, and TNMP's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.

(MORE)

PNM Resources Reports Q3 Earnings            10-27-17                    p. 4 of 4

Non-GAAP Financial Measures

GAAP refers to generally accepted accounting principles in the U.S. Ongoing earnings is a non-GAAP financial measure that excludes the impact of net unrealized mark-to-market gains and losses on economic hedges, the net change in unrealized impairments on available-for-sale securities, and certain non-recurring, infrequent, and other items that are not indicative of fundamental changes in the earnings capacity of the Company's operations. The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per share) to evaluate the operations of the Company and to establish goals, including those used for certain aspects of incentive compensation, for management and employees. While the Company believes these financial measures are appropriate and useful for investors, they are not measures presented in accordance with GAAP. The Company does not intend for these measures, or any piece of these measures, to represent any financial measure as defined by GAAP. Furthermore, the Company’s calculations of these measures as presented may or may not be comparable to similarly titled measures used by other companies. The Company uses ongoing earnings guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings guidance is an appropriate measure, it is not a measure presented in accordance with GAAP. The Company does not intend for ongoing earnings guidance to represent an expectation of net earnings as defined by GAAP. Since the future differences between GAAP and ongoing earnings are frequently outside the control of the Company, management is generally not able to estimate the impact of the reconciling items between forecasted GAAP net earnings and ongoing earnings guidance, nor their probable impact on GAAP net earnings, therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance. Reconciliations between GAAP and ongoing earnings are contained in schedules 1-4.

(END)

PNM Resources, Inc. and Subsidiaries

Schedule 1

Reconciliation of GAAP to Ongoing Earnings

(Preliminary and Unaudited)

	PNM			TNMP		Corporate and Other			Consolidated
	(in thousands)
Three Months Ended September 30, 2017
GAAP Net Earnings (Loss) Attributable to PNMR	$	60,695		$	14,727	$	(1,683	)	$	73,739
Adjusting items before income tax effects
Mark-to-market impact of economic hedges1	(80		)	—		—			(80		)
Net change in unrealized impairments of available-for-sale securities2	(107		)	—		—			(107		)
Pension expense related to previously disposed of gas distribution business3	961			—		—			961
Total adjustments before income tax effects	774			—		—			774
Income (taxes) on above adjustments*	(300		)	—		—			(300		)
Adjusting items, net of income taxes	474			—		—			474
Ongoing Earnings (Loss)	$	61,169		$	14,727	$	(1,683	)	$	74,213
Nine Months Ended September 30, 2017
GAAP Net Earnings (Loss) Attributable to PNMR	$	104,021		$	34,535	$	(4,400	)	$	134,156
Adjusting items before income tax effects
Mark-to-market impact of economic hedges1	858			—		—			858
Net change in unrealized impairments of available-for-sale securities2	(1,135		)	—		—			(1,135		)
Pension expense related to previously disposed of gas distribution business3	2,884			—		—			2,884
Total adjustments before income tax effects	2,607			—		—			2,607
Income (taxes) on above adjustments*	(1,011		)	—		—			(1,011		)
New Mexico corporate income tax rate change	22			—		83			105
Total income tax impacts	(989		)	—		83			(906		)
Adjusting items, net of income taxes	1,618			—		83			1,701
Ongoing Earnings (Loss)	$	105,639		$	34,535	$	(4,317	)	$	135,857
*2017 income tax effects calculated using a tax rate of 38.80%.
The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows:
1Reductions in "Electric Operating Revenues" and "Cost of energy" of $208 and $288 in the three months ended September 30, 2017 and increases in "Electric Operating Revenues" and "Cost of energy" of $8,818 and $9,676 in the nine months ended September 30, 2017
2(Increases) in "Gains on available-for-sale securities"
3Increases in "Administrative and general"

PNM Resources, Inc. and Subsidiaries

Schedule 2

Reconciliation of GAAP to Ongoing Earnings

(Preliminary and Unaudited)

	PNM			TNMP			Corporate and Other			Consolidated
	(in thousands)
Three Months Ended September 30, 2016
GAAP Net Earnings (Loss) Attributable to PNMR	$	40,852		$	13,853		$	(287	)	$	54,418
Adjusting items before income tax effects
Mark-to-market impact of economic hedges1	(2,969		)	—			—			(2,969		)
Net change in unrealized impairments of available-for-sale securities2	(69		)	—			—			(69		)
Regulatory disallowances and restructuring costs3	16,451			—			—			16,451
Pension expense related to previously disposed of gas distribution business4	925			—			—			925
Building consolidation4	737			996			—			1,733
Total adjustments before income tax effects	15,075			996			—			16,071
Income (taxes) on above adjustments*	(5,883		)	(349		)	—			(6,232		)
New Mexico corporate income tax rate change	—			—			—			—
Recovery of prior tax impairments in New Mexico general rate case	(2,145		)	—			—			(2,145		)
Total income tax impacts	(8,028		)	(349		)	—			(8,377		)
Adjusting items, net of income taxes	7,047			647			—			7,694
Ongoing Earnings (Loss)	$	47,899		$	14,500		$	(287	)	$	62,112
Nine Months Ended September 30, 2016
GAAP Net Earnings (Loss) Attributable to PNMR	$	60,909		$	31,817		$	(686	)	$	92,040
Adjusting items before income tax effects
Mark-to-market impact of economic hedges1	2,193			—			—			2,193
Net change in unrealized impairments of available-for-sale securities2	(1,021		)	—			—			(1,021		)
Regulatory disallowances and restructuring costs3	17,225			—			586			17,811
Pension expense related to previously disposed of gas distribution business4	2,776			—			—			2,776
Building consolidation4	737			996			—			1,733
Total adjustments before income tax effects	21,910			996			586			23,492
Income (taxes) on above adjustments*	(8,549		)	(349		)	(229		)	(9,127		)
New Mexico corporate income tax rate change	804			—			(92		)	712
Recovery of prior tax impairments in New Mexico general rate case	(2,145		)	—			—			(2,145		)
Total income tax impacts	(9,890		)	(349		)	(321		)	(10,560		)
Adjusting items, net of income taxes	12,020			647			265			12,932
Ongoing Earnings (Loss)	$	72,929		$	32,464		$	(421	)	$	104,972
*2016 income tax effects calculated using tax rates of 35.00% for TNMP and 39.02% for other segments.
The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows:
1Increase of $2,650 in "Electric Operating Revenues" and reduction of $319 in "Cost of energy" in the three months ended September 30, 2016 and reduction in "Electric Operating Revenues of $2,064 and increase in "Cost of energy" of $129 in the nine months ended September 30, 2016
2(Increases) in "Gains on available-for-sale securities"
3Increases in "Regulatory disallowances and restructuring costs" (PNM) and "Other (deductions)" (Corporate and Other)
4Increases in "Administrative and general"

PNM Resources, Inc. and Subsidiaries

Schedule 3

Reconciliation of GAAP to Ongoing Earnings Per Diluted Share

(Preliminary and Unaudited)

	PNM			TNMP		Corporate and Other			Consolidated
	(per diluted share)
Three Months Ended September 30, 2017
GAAP Net Earnings (Loss) Attributable to PNMR	$	0.76		$	0.18	$	(0.02	)	$	0.92
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges	—			—		—			—
Net change in unrealized impairments of available-for-sale securities	—			—		—			—
Pension expense related to previously disposed of gas distribution business	0.01			—		—			0.01
Total Adjustments	0.01			—		—			0.01
Ongoing Earnings (Loss)	$	0.77		$	0.18	$	(0.02	)	$	0.93
Average Diluted Shares Outstanding: 80,153,623
Nine Months Ended September 30, 2017
GAAP Net Earnings (Loss) Attributable to PNMR:	$	1.30		$	0.43	$	(0.06	)	$	1.67
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges	0.01			—		—			0.01
Net change in unrealized impairments of available-for-sale securities	(0.01		)	—		—			(0.01		)
Pension expense related to previously disposed of gas distribution business	0.03			—		—			0.03
New Mexico corporate income tax rate change	—			—		—			—
Total Adjustments	0.03			—		—			0.03
Ongoing Earnings (Loss)	$	1.33		$	0.43	$	(0.06	)	$	1.70
Average Diluted Shares Outstanding: 80,132,174

PNM Resources, Inc. and Subsidiaries

Schedule 4

Reconciliation of GAAP to Ongoing Earnings Per Diluted Share

(Preliminary and Unaudited)

	PNM			TNMP		Corporate and Other			Consolidated
	(per diluted share)
Three Months Ended September 30, 2016
GAAP Net Earnings (Loss) Attributable to PNMR:	$	0.51		$	0.17	$	—		$	0.68
Adjusting items
Mark-to-market impact of economic hedges	(0.02		)	—		—			(0.02		)
Net change in unrealized impairments of available-for-sale securities	—			—		—			—
Regulatory disallowances and restructuring costs	0.10			—		—			0.10
Pension expense related to previously disposed of gas distribution business	0.01			—		—			0.01
Building consolidation	—			0.01		—			0.01
Total Adjustments	0.09			0.01		—			0.10
Ongoing Earnings (Loss)	$	0.60		$	0.18	$	—		$	0.78
Average Diluted Shares Outstanding: 80,117,232
Nine Months Ended September 30, 2016
GAAP Net Earnings (Loss) Attributable to PNMR:	$	0.76		$	0.40	$	(0.01	)	$	1.15
Adjusting items
Mark-to-market impact of economic hedges	0.02			—		—			0.02
Net change in unrealized impairments of available-for-sale securities	(0.01		)	—		—			(0.01		)
New Mexico corporate income tax rate change	0.01			—		—			0.01
Regulatory disallowances and restructuring costs	0.11			—		—			0.11
Pension expense related to previously disposed of gas distribution business	0.02			—		—			0.02
Building consolidation	—			0.01		—			0.01
Total Adjustments	0.15			0.01		—			0.16
Ongoing Earnings (Loss)	$	0.91		$	0.41	$	(0.01	)	$	1.31
Average Diluted Shares Outstanding: 80,129,604

PNM Resources, Inc. and Subsidiaries

Schedule 5

Condensed Consolidated Statement of Earnings

(Preliminary and Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
	(In thousands, except per share amounts)
Electric Operating Revenues	$	419,900		$	400,374		$	1,112,398		$	1,026,726
Operating Expenses:
Cost of energy	103,748			108,766			310,818			282,498
Administrative and general	46,268			46,942			138,923			139,214
Energy production costs	31,970			31,460			98,150			112,026
Regulatory disallowances and restructuring costs	—			16,451			—			17,225
Depreciation and amortization	58,821			53,017			172,829			153,801
Transmission and distribution costs	16,801			16,056			50,309			49,965
Taxes other than income taxes	19,808			19,611			57,820			57,598
Total operating expenses	277,416			292,303			828,849			812,327
Operating income	142,484			108,071			283,549			214,399
Other Income and Deductions:
Interest income	3,582			4,604			12,348			18,420
Gains on available-for-sale securities	5,406			4,531			17,730			15,380
Other income	6,275			4,884			14,626			13,413
Other (deductions)	(4,571		)	(3,764		)	(10,958		)	(10,866		)
Net other income and deductions	10,692			10,255			33,746			36,347
Interest Charges	32,106			32,467			96,137			97,179
Earnings before Income Taxes	121,070			85,859			221,158			153,567
Income Taxes	42,743			27,303			75,154			50,094
Net Earnings	78,327			58,556			146,004			103,473
(Earnings) Attributable to Valencia Non-controlling Interest	(4,456		)	(4,006		)	(11,452		)	(11,037		)
Preferred Stock Dividend Requirements of Subsidiary	(132		)	(132		)	(396		)	(396		)
Net Earnings Attributable to PNMR	$	73,739		$	54,418		$	134,156		$	92,040
Net Earnings Attributable to PNMR per Common Share:
Basic	$	0.92		$	0.68		$	1.68		$	1.15
Diluted	$	0.92		$	0.68		$	1.67		$	1.15
Dividends Declared per Common Share	$	0.2425		$	0.2200		$	0.7275		$	0.6600