EX-12.1 4 exh121_033207.htm EXHIBIT 12.1 Exhibit 12.1

Exhibit 12.1

PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio or Earnings to Fixed Charges
(1,000's)
 
Line
      
Three Months Ended
  
Year Ended December 31,
  
No.
      
03/31/07
  
12/31/06
  
12/31/05
  
12/31/04
  
12/31/03
  
12/31/02
  
12/31/01
  
   
Fixed charges, as defined by the Securities and Exchange Commission:
                              
   
 
                              
                                   
1
   Interest on Long-term Debt  
$
24,009
  
$
95,301
  
$
75,736
  
$
46,702
  
$
59,429
  
$
56,409
  
$
62,716
  
2
   Amortization of Debt Premium, Discount and Expenses    
1,573
   
4,417
   
3,642
   
2,697
   
2,838
   
2,302
   
2,346
 
3
   Other Interest    
12,346
   
45,811
   
14,299
   
2,319
   
5,423
   
2,859
   
(42
)
4
   Estimated Interest Factor of Lease Rental Charges    
5,457
   
19,714
   
20,643
   
19,617
   
20,452
   
23,233
   
22,856
 
                                                   
5
   Total Fixed Charges  
$
43,385
  
$
165,243
  
$
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  
$
30,101
  
$
122,642
  
$
71,021
  
$
88,258
  
$
59,138
  
$
64,272
  
$
150,433
  
7
    Income Taxes    
17,919
   
63,970
   
32,861
   
49,247
   
27,889
   
33,032
   
81,063
 
8
    Add Fixed Charges as Above    
43,385
   
165,243
   
114,320
   
71,335
   
88,142
   
84,803
   
87,876
 
                                                   
9
   Earnings Availabe for Fixed Charges  
$
91,405
  
$
351,855
  
$
218,202
  
$
208,840
  
$
175,169
  
$
182,107
  
$
319,372
  
                                                   
10
    Ratio for Earnings to Fixed Charges    
2.11
   
2.13
   
1.91
   
2.93
   
1.99
   
2.15
   
3.63