EX-12.1 5 exh121_063006.htm EXHIBIT 12.1 Exhibit 12.1
 

Exhibit 12.1

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

       
Six
   
       
Months
    
Line
      
Ended
  
Year Ended December 31,
No.
      
6/30/06
  
2005
  
2004
  
2003
  
2002
  
2001
 
Fixed charges, as defined by the Securities and
                         
 
Exchange Commission:
                          
                             
1
Interest on Long-term Debt
    
$ 46,798
  
$ 75,736
  
$ 46,702
 
$ 59,429
 
$ 56,409
  
$ 62,716
2
Amortization of Debt Premium, Discount
                         
 
and Expenses
    
2,141
  
3,642
  
2,697
 
2,838
 
2,302
 
2,346
3
Other Interest
    
16,123
  
14,299
  
2,319
 
5,423
 
2,859
 
(42)
4
Estimated Interest Factor of Lease Rental Charges
    
10,681
  
20,643
  
19,617
 
20,452
 
23,233
 
22,856
                             
5
Total Fixed Charges
    
$ 75,743
  
$ 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
    
$ 46,896
  
$ 71,021
  
$ 88,258
 
$ 59,138
 
$ 64,272
 
$ 150,433
7
Income Taxes
    
25,372
  
32,861
  
49,247
 
27,889
 
33,032
 
81,063
8
Add Fixed Charges as Above
    
75,743
  
114,320
  
71,335
 
88,142
 
84,803
 
87,876
                             
9
Earnings Available for Fixed Charges
    
$144,011
  
$ 218,202
  
$ 208,840
 
$ 175,169
 
$ 182,107
 
$ 319,372
                             
10
Ratio for Earnings to Fixed Charges
    
1.90
  
1.91
  
2.93
 
1.99
 
2.15
 
3.63