EX-12.3 10 dex123.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

Exhibit 12.3

PUBLIC SERVICE COMPANY OF NEW MEXICO

Ratio of Earnings to Fixed Charges

(In thousands, except ratio)

 

     Three Months Ended
March 31, 2011		     Year Ended December 31,  
     2010     2009     2008     2007     2006  

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

             

Interest expensed and capitalized

    $ 17,994      $ 73,423      $ 73,104      $ 72,427      $ 58,045      $ 49,379   

Amortization of debt premium, discount and expenses

      306        1,274        1,336        4,345        4,618        2,871   

Interest from discontinued operations (including capitalized interest)

      —          —          1,027        13,758        12,546        11,790   

Estimated interest factor of lease rental charges

      1,027        4,103        4,517        4,553        4,661        4,337   
                                                

Total Fixed Charges

    $ 19,327      $ 78,800      $ 79,984      $ 95,083      $ 79,870      $ 68,377   
                                                

Earnings, as defined by the Securities and Exchange Commission:

             

Earnings (loss) from continuing operations before income taxes and non-controlling interest

    $ 9,359      $ 107,288      $ 45,627      $ (69,324 )    $ 34,611      $ 89,657   

Fixed charges as above

      19,327        78,800        79,984        95,083        79,870        68,377   

Non-controlling interest in earnings of Valencia

      (3,183 )      (13,563 )      (11,890 )      (7,179 )      —          —     

Interest capitalized

      (362 )      (2,811 )      (6,067 )      (7,363 )      (10,033 )      (5,257 ) 
                                                

Earnings Available for Fixed Charges

    $ 25,141      $ 169,714      $ 107,654      $ 11,217      $ 104,448      $ 152,777   
                                                

Ratio of Earnings to Fixed Charges

      1.30        2.15        1.35        0.12 1      1.31        2.23   
                                                

 

1 

The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $83.9 million for the year December 31, 2008.