EX-12.2 18 exh12-2_123108.htm EXHIBIT 12.2 exh12-2_123108.htm

 
Exhibit 12.2
PUBLIC SERVICE COMPANY OF NEW MEXICO
  
Ratio of Earnings to Fixed Charges
  
(In thousands, except ratio)
  
                               
                               
   
Year Ended December 31,
  
   
2008
    
2007
    
2006
    
2005
    
2004
  
Fixed charges, as defined by the Securities and Exchange
                              
Commission:
                              
                               
Interest on long-term debt
   $ 57,473     $ 38,534     $ 40,541     $ 39,408     $ 36,801  
Amortization of debt premium, discount and expenses
     4,345       4,618       2,871       2,856       3,036  
Other interest
     8,139       9,799       3,956       1,921       1,719  
Estimated interest factor of lease rental charges
     15,720       16,630       16,448       16,954       16,406  
Interest capitalized
     6,815       9,712       4,882       3,113       2,158  
                                         
                                         
     Total Fixed Charges
   $ 92,492     $ 79,293     $ 68,698     $ 64,252     $ 60,120  
                                         
Earnings, as defined by the Securities and Exchange
                                        
Commission:
                                        
                                         
Earnings before income taxes
   $ (76,502 )   $ 34,611     $ 89,657     $ 51,034     $ 114,690  
Fixed charges as above
     92,492       79,293       68,698       64,252       60,120  
Interest capitalized
     (6,815 )     (9,712 )     (4,882 )     (3,113 )     (2,158 )
                                         
Earnings Available for Fixed Charges
   $ 9,175 *   $ 104,192     $ 153,473     $ 112,173     $ 172,652  
                                         
Ratio of Earnings to Fixed Charges
     0.10       1.31       2.23       1.75       2.87  
                                         
                                         
* The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $83.3 million for the year ended December 31, 2008.