EX-12.2 5 exh122_033107.htm EXHIBIT 12.2 Exhibit 12.2
 
Exhibit 12.2

PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(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
 
6
  
Preferred dividend requirements
 
    
132
    
528
   
2,868
   
572
   
586
   
586
   
586
 
7
  
Total Fixed Charges and Preferred dividend requirements
 
                                            
 
        
$
43,517
  
$
165,771
  
$
117,188
  
$
71,907
  
$
88,728
  
$
85,389
  
$
88,462
  
                                                   
                                                   
 
    Earnings, as defined by the Securities and Exchange Commission:                                              
                                                 
                                                   
8
  
Consolidated Net Earnings from Continuing Operations
 
  
$
30,101
  
$
122,642
  
$
71,021
  
$
88,258
  
$
59,138
  
$
64,272
  
$
150,433
  
9
  
Income Taxes
 
    
17,919
   
63,970
   
32,861
   
49,247
   
27,889
   
33,032
   
81,063
 
10
  
Add Fixed Charges as Above
 
    
43,385
   
165,243
   
114,320
   
71,335
   
88,142
   
84,803
   
87,876
 
                                                 
11
   Earnings Availabe for Fixed Charges
 
  
$
91,405
  
$
351,855
  
$
218,202
  
$
208,840
  
$
175,169
  
$
182,107
  
$
319,372
  
                                                   
12
  
Ratio for Earnings to Fixed Charges
 
    
2.10
   
2.12
   
1.86
   
2.90
   
1.97
   
2.13
   
3.61