EX-12.3 13 pnm12312014ex123.htm EXHIBIT 12.3 PNM 12.31.2014 EX 12.3


Exhibit 12.3
 
TEXAS-NEW MEXICO POWER COMPANY
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
 
$
24,941

 
$
24,481

 
$
26,233

 
$
27,914

 
$
28,632

Amortization of debt premium, discount, and expenses
 
1,195

 
1,159

 
1,493

 
1,679

 
2,683

Estimated interest factor of lease rental charges
 
1,311

 
1,241

 
956

 
1,202

 
1,246

 
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
 
$
27,447

 
$
26,881

 
$
28,682

 
$
30,795

 
$
32,561

 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes
 
$
60,330

 
$
46,711

 
$
42,099

 
$
36,138

 
$
26,026

Fixed charges as above
 
27,447

 
26,881

 
28,682

 
30,795

 
32,561

Interest capitalized
 
(609
)
 
(361
)
 
(706
)
 
(593
)
 
(158
)
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
87,168

 
$
73,231

 
$
70,075

 
$
66,340

 
$
58,429

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
3.18

 
2.72

 
2.44

 
2.15

1 
1.79

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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.