EX-12.2 12 pnm12312014ex122.htm EXHIBIT 12.2 PNM 12.31.2014 EX 12.2


Exhibit 12.2
 
 
PUBLIC SERVICE COMPANY OF NEW MEXICO
 
Ratio of Earnings to Fixed Charges
 
(In thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
79,834

 
$
79,769

 
$
82,864

 
$
75,217

 
$
73,423

 
Amortization of debt premium, discount, and expenses
 
1,944

 
1,879

 
1,818

 
1,325

 
1,274

 
Estimated interest factor of lease rental charges
 
2,541

 
3,732

 
3,743

 
4,139

 
4,103

 
     Total Fixed Charges
 
$
84,319

 
$
85,380

 
$
88,425

 
$
80,681

 
$
78,800

 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations before income taxes and non-controlling interest
 
$
154,086

 
$
151,480

 
$
156,314

 
$
105,965

 
$
107,288

 
Fixed charges as above
 
84,319

 
85,380

 
88,425

 
80,681

 
78,800

 
Non-controlling interest in earnings of Valencia
 
(14,127
)
 
(14,521
)
 
(14,050
)
 
(14,047
)
 
(13,563
)
 
Interest capitalized
 
(5,211
)
 
(4,420
)
 
(4,314
)
 
(1,761
)
 
(2,811
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
219,067

 
$
217,919

 
$
226,375

 
$
170,838

 
$
169,714

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.60

1 
2.55

1 
2.56

 
2.12

2 
2.15

 
 
 
 
 
 
 
 
 
 
 
 
 
1 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the years ended December 31, 2104 and December 31, 2013 include pre-tax losses of $1.1 million and $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 2.61 for 2014 and 2.70 for 2013.
 
 
 
 
 
 
 
 
 
 
 
 
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 of $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.