EX-12.01 5 eeex_12012014123110k.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES EE EX_12.01 2014.12.31 10K



EXHIBIT 12.01
El Paso Electric Company
Computation of Ratios of Earnings to Fixed Charges
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings from Continuing
 
 
 
 
 
 
 
 
 
   Operations (a)
$
132,516

 
$
132,238

 
$
137,825

 
$
157,247

 
$
141,333

Fixed Charges (b)
 
 
 
 
 
 
 
 
 
   Interest charges
60,278

 
59,066

 
55,822

 
55,104

 
51,080

   Interest portion of rent expense
829

 
823

 
939

 
908

 
830

       Total Fixed Charges
61,107

 
59,889

 
56,761

 
56,012

 
51,910

Capitalized Interest
(28,122
)
 
(21,362
)
 
(20,312
)
 
(18,186
)
 
(19,974
)
Earnings (c)
$
165,501

 
$
170,765

 
$
174,274

 
$
195,073

 
$
173,269

Ratio of Earnings to Fixed Charges
2.7

 
2.9

 
3.1

 
3.5

 
3.3

_______________________
(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.