EX-12.1 6 exh121.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES EXH12.1


Exhibit 12.1
El Paso Electric Company
Computation of Ratios of Earnings to Fixed Charges
(Dollars in Thousands)



 
 
 

Six Months
Ended June 30,
Years Ended December 31,
 
 
 
2014
2013
2012
2011
2010
2009
Earnings from Continuing
 
 
 
 
 
 
 
Operations (a)

$ 50,947

$
132,238

$
137,825

$
157,247

$
141,333

$
99,977

Fixed Charges (b)
 
 
 
 
 
 
 
Interest charges
29,647

59,066

55,822

55,104

51,080

50,908

 
Interest portion of rent expense
396

823

939

908

830

929

 
 
Total Fixed Charges
30,043

59,889

56,761

56,012

51,910

51,837

Capitalized Interest
(12,545)

(21,362)

(20,312)

(18,186)

(19,974)

(16,283)

Earnings (c)
$
68,445

$
170,765

$
174,274

$
195,073

$
173,269

$
135,531

Ratio of Earnings to Fixed Charges
2.3

2.9

3.1

3.5

3.3

2.6


(a) Earnings from continuing operations consist of income from continuing operations before income taxes,
extraordinary item and cumulative effects of accounting changes.            
(b) Fixed charges consist of all interest on indebtedness, amortization of debt discount and expense and the estimated portion of rental expense that represents an interest factor.        
(c) Earnings consist of earnings from continuing operations and fixed charges less AFUDC and capitalized interest.