EX-12.2 7 pnm3312014ex122.htm EXHIBIT 12.2 PNM 3.31.2014 EX.12.2


Exhibit 12.2
 
 
PUBLIC SERVICE COMPANY OF NEW MEXICO
 
Ratio of Earnings to Fixed Charges
 
(In thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Year Ended December 31,
 
 
 
March 31, 2014
 
2013
 
2012
 
2011
 
2010
 
2009
 
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
19,768

 
$
79,769

 
$
82,864

 
$
75,217

 
$
73,423

 
$
73,104

 
Amortization of debt premium, discount and expenses
 
465

 
1,879

 
1,818

 
1,325

 
1,274

 
1,336

 
Interest from discontinued operations (including capitalized interest)
 
—

 
—

 
—

 
—

 
—

 
1,027

 
Estimated interest factor of lease rental charges
 
882

 
3,732

 
3,743

 
4,139

 
4,103

 
4,517

 
     Total Fixed Charges
 
$
21,115

 
$
85,380

 
$
88,425

 
$
80,681

 
$
78,800

 
$
79,984

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes and non-controlling interest
 
$
15,288

 
$
151,480

 
$
156,314

 
$
105,965

 
$
107,288

 
$
45,627

 
Fixed charges as above
 
21,115

 
85,380

 
88,425

 
80,681

 
78,800

 
79,984

 
Non-controlling interest in earnings of Valencia
 
(3,531
)
 
(14,521
)
 
(14,050
)
 
(14,047
)
 
(13,563
)
 
(11,890
)
 
Interest capitalized
 
(1,099
)
 
(4,420
)
 
(4,314
)
 
(1,761
)
 
(2,811
)
 
(6,067
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
31,773

 
$
217,919

 
$
226,375

 
$
170,838

 
$
169,714

 
$
107,654

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.50

 
2.55

1 
2.56

 
2.12

2 
2.15

 
1.35

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2013 includes a pre-tax loss $12.2 million due to the write-off of regulatory disallowances. If those losses were excluded, the Ratio of Earnings to Fixed Charges would have been 2.70.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2011 includes a pre-tax loss $17.5 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.33.