EX-12.1 3 exh121_033106.htm EXHIBIT 12.1 Exhibit 12.1


Exhibit 12.1

PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio or Earnings to Fixed Charges
(1,000's)

       
Three
   
       
Months
   
Line
     
Ended
 
Year Ended December 31,
No.
     
3/31/06
 
2005
 
2004
 
2003
 
2002
 
2001
 
Fixed charges, as defined by the Securities and
                         
 
Exchange Commission:
                         
                             
1
Interest on Long-term Debt
   
$ 22,351
 
$ 75,736
 
$ 46,702
 
$ 59,429
 
$ 56,409
 
$ 62,716
2
Amortization of Debt Premium, Discount
                         
 
and Expenses
   
1,058
 
3,642
 
2,697
 
2,838
 
2,302
 
2,346
3
Other Interest
   
4,974
 
14,299
 
2,319
 
5,423
 
2,859
 
(42)
4
Estimated Interest Factor of Lease Rental Charges
   
5,568
 
20,643
 
19,617
 
20,452
 
23,233
 
22,856
                             
5
Total Fixed Charges
   
$ 34,131
 
$ 114,320
 
$ 71,335
 
$ 88,142
 
$ 84,803
 
$ 87,876
                             
 
Earnings, as defined by the Securities and
                         
 
Exchange Commission:
                         
                             
6
Consolidated Net Earnings from Continuing
                         
 
Operations
   
$ 26,457
 
$ 71,021
 
$ 88,258
 
$ 59,138
 
$ 64,272
 
$ 150,433
7
Income Taxes
   
15,348
 
32,861
 
49,247
 
27,889
 
33,032
 
81,063
8
Add Fixed Charges as Above
   
34,131
 
114,320
 
71,335
 
88,142
 
84,803
 
87,876
                             
9
Earnings Available for Fixed Charges
   
$ 75,936
 
$ 218,202
 
$ 208,840
 
$ 175,169
 
$ 182,107
 
$ 319,372
                             
10
Ratio for Earnings to Fixed Charges
   
2.22
 
1.91
 
2.93
 
1.99
 
2.15
 
3.63