EX-12.3 4 dex123.htm RATIO OF EARNINGS TO FIXED CHARGES - TNMP Ratio of Earnings to Fixed Charges - TNMP

Exhibit 12.3

TEXAS-NEW MEXICO POWER COMPANY

Ratio of Earnings to Fixed Charges

(In thousands, except ratio)

 

     Year Ended December 31,  
     2010     2009     2008     2007     2006  

Fixed charges, as defined by the Securities and Exchange Commission:

           

Interest expensed and capitalized

    $ 28,632      $ 25,609      $ 17,861      $ 23,523      $ 27,374   

Amortization of debt premium, discount and expenses

      2,683        3,355        1,504        1,925        1,695   

Estimated interest factor of lease rental charges

      1,246        831        571        844        367   
                                        

Total Fixed Charges

    $ 32,561      $ 29,795      $ 19,936      $ 26,292      $ 29,436   
                                        

Earnings, as defined by the Securities and Exchange Commission:

           

Earnings from continuing operations before income taxes

    $ 26,026      $ 20,151      $ 2,335      $ 29,055      $ 17,905   

Fixed charges as above

      32,561        29,795        19,936        26,292        29,436   

Interest capitalized

      (158 )      (1,144 )      (1,025 )      (332 )      (209 ) 
                                        

Earnings Available for Fixed Charges

    $ 58,429      $ 48,802      $ 21,246      $ 55,015      $ 47,132   
                                        

Ratio of Earnings to Fixed Charges

      1.79        1.64        1.07        2.09        1.60