EX-12.01 3 eeex_12012015123110k.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit



EXHIBIT 12.01
 
El Paso Electric Company
Computation of Ratios of Earnings to Fixed Charges
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings from Continuing
 
 
 
 
 
 
 
 
 
   Operations (a)
$
116,813

 
$
132,516

 
$
132,238

 
$
137,825

 
$
157,247

Fixed Charges (b)
 
 
 
 
 
 
 
 
 
   Interest charges
67,164

 
60,278

 
59,066

 
55,822

 
55,104

   Interest portion of rent expense
857

 
829

 
823

 
939

 
908

       Total Fixed Charges
68,021

 
61,107

 
59,889

 
56,761

 
56,012

Capitalized Interest
(22,544
)
 
(28,122
)
 
(21,362
)
 
(20,312
)
 
(18,186
)
Earnings (c)
$
162,290

 
$
165,501

 
$
170,765

 
$
174,274

 
$
195,073

Ratio of Earnings to Fixed Charges
2.4

 
2.7

 
2.9

 
3.1

 
3.5

_______________________
(a) Earnings from continuing operations consist of income from continuing operations before income taxes, extraordinary item and cumulative effects of accounting changes.
(b) Fixed charges consist of all interest on indebtedness, amortization of debt discount and expense and the estimated portion of rental expense that represents an interest factor.
(c) Earnings consist of earnings from continuing operations and fixed charges less AFUDC and capitalized interest.