EX-12.1 8 exh121_093007.htm EXHIBIT 12.1 exh121_093007.htm
EXHIBIT 12.1
PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
 
   
Nine
                                
   
Months Ended
    
Year Ended December 31,         
  
   
September 30, 2007
    
2006
    
2005
    
2004
    
2003
    
2002
  
Fixed charges, as defined by the Securities and Exchange
                                    
Commission:
                                    
                                     
Interest on long-term debt
   $
67,910
     $
95,301
     $
75,736
     $
46,702
     $
59,429
     $
56,409
  
Amortization of debt premium, discount and expenses
    
4,869
      
4,417
      
3,642
      
2,697
      
2,838
      
2,302
  
Other interest
    
30,437
      
45,811
      
14,299
      
2,319
      
5,423
      
2,859
  
Estimated interest factor of lease rental charges
    
16,541
      
19,714
      
20,643
      
19,617
      
20,452
      
23,233
  
Interest capitalized
    
3,685
      
2,982
      
1,421
      
957
      
1,163
      
-
  
Preferred dividend requirements of subsidiaries
    
430
      
806
      
4,220
      
896
      
869
      
893
  
     Total Fixed Charges
   $
123,872
     $
169,031
     $
119,961
     $
73,188
     $
90,174
     $
85,696
  
                                                 
                                                 
                                                 
Earnings, as defined by the Securities and Exchange
                                                
Commission:
                                                
                                                 
Earnings from continuing operations before income taxes
   $
63,670
     $
185,316
     $
102,586
     $
136,209
     $
85,731
     $
96,007
  
(Earnings) of equity investee
     (12,166 )    
-
      
-
      
-
      
-
      
-
  
Earnings from continuing operations before income taxes and  investee earnings
    
51,504
      
185,316
      
102,586
      
136,209
      
85,731
      
96,007
  
Fixed charges as above
    
123,872
      
169,031
      
119,961
      
73,188
      
90,174
      
85,696
  
Interest capitalized
     (3,685 )     (2,982 )     (1,421 )     (957 )     (1,163 )    
-
  
Preferred dividend requirements of subsidiaries
     (430 )     (806 )     (4,220 )     (896 )     (869 )     (893 )
                                                 
Earnings Available for Fixed Charges
   $
171,261
     $
350,559
     $
216,906
     $
207,544
     $
173,873
     $
180,810
  
                                                 
Ratio for Earnings to Fixed Charges
    
1.38
      
2.07
      
1.81
      
2.84
      
1.93
      
2.11