EX-12.2 3 exh12-2_080509.htm EXHIBIT 12.2 exh12-2_080509.htm
Exhibit 12.2

PUBLIC SERVICE COMPANY OF NEW MEXICO
Ratio of Earnings to Fixed Charges
  
(In thousands, except ratio)
  
                             
                             
     
Six Months Ended
  
Year Ended December 31,
  
     
June 30, 2009
  
 2008
  
2007
  
2006
  
2005
  
2004
  
 
Fixed charges, as defined by the Securities and Exchange
                          
 
Commission:
                          
                             
 
Interest on long-term debt (including interest capitalized)
  
 $                    35,249
  
 $                    58,003
  
 $          42,272
  
 $         42,487
  
 $        40,462
  
 $            37,553
  
 
Amortization of debt premium, discount and expenses
  
                            673
  
                         4,345
  
               4,618
  
              2,871
  
             2,856
  
                 3,036
  
 
Other interest (including interest capitalized)
  
                         1,644
  
                       14,424
  
             15,773
  
              6,892
  
             3,980
  
                 3,125
  
 
Estimated interest factor of lease rental charges
  
                         6,828
  
                       15,720
  
             16,630
  
            16,448
  
           16,954
  
               16,406
  
                             
                             
 
     Total Fixed Charges
  
 $                    44,394
  
 $                    92,492
  
 $          79,293
  
 $         68,698
  
 $        64,252
  
 $            60,120
  
                             
 
Earnings, as defined by the Securities and Exchange
                          
 
Commission:
                          
                             
 
Earnings from continuing operations before income taxes and non-controlling interest
 $                  (15,977)
  
 $                  (69,324)
*
 $          34,611
  
 $         89,657
  
 $        51,034
  
 $          114,690
  
 
Fixed charges as above
  
                       44,394
  
                       92,492
  
79,293
  
68,698
  
64,252
  
60,120
  
 
Non-controlling interest in earnings of Valencia
  
                       (5,354)
  
                       (7,179)
                  
 
Interest capitalized
  
                       (3,329)
  
                       (6,815)
  
              (9,712)
  
             (4,882)
  
           (3,113)
  
               (2,158)
  
                             
 
Earnings Available for Fixed Charges
  
 $                    19,734
**
 $                      9,174
***
 $        104,192
  
 $       153,473
  
 $      112,173
  
 $          172,652
  
                             
 
Ratio of Earnings to Fixed Charges
  
                           0.44
  
0.10
  
1.31
  
2.23
  
1.75
  
2.87
  
 
                             
 
* The presentation of non-controlling interest in earnings of Valencia was changed effective January 1, 2009 in accordance with SFAS 160.  The 2008 presentation has been changed
  
 
to be consistent with 2009.  There is no impact on periods prior to 2008.
                      
                             
 
** The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $24.7 million for the six months June 30, 2009.
  
 
*** 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 December 31, 2008