EX-12.3 6 pnm3312013ex123.htm EXHIBIT 12.3 PNM 3.31.2013 EX.12.3


Exhibit 12.3
 
TEXAS-NEW MEXICO POWER COMPANY
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Year Ended December 31,
 
 
March 31, 2013
 
2012
 
2011
 
2010
 
2009
 
2008
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
6,711

 
$
26,233

 
$
27,914

 
$
28,632

 
$
25,609

 
$
17,861

Amortization of debt premium, discount and expenses
 
373

 
1,493

 
1,679

 
2,683

 
3,355

 
1,504

Estimated interest factor of lease rental charges
 
313

 
956

 
1,202

 
1,246

 
831

 
571

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
 
$
7,397

 
$
28,682

 
$
30,795

 
$
32,561

 
$
29,795

 
$
19,936

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes
 
$
6,016

 
$
42,099

 
$
36,138

 
$
26,026

 
$
20,151

 
$
2,335

Fixed charges as above
 
7,397

 
28,682

 
30,795

 
32,561

 
29,795

 
19,936

Interest capitalized
 
(124
)
 
(706
)
 
(593
)
 
(158
)
 
(1,144
)
 
(1,025
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
13,289

 
$
70,075

 
$
66,340

 
$
58,429

 
$
48,802

 
$
21,246

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.80

 
2.44

 
2.15

1 
1.79

 
1.64

 
1.07

 
 
 
 
 
 
 
 
 
 
 
 
 
1 Earnings from continuing operations before income taxes for the year ended December 31, 2011 includes a pre-tax loss of $3.9 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.28.