EX-12.1 3 exh121_033108pnmr.htm EXHIBIT 12.1 exh121_033108pnmr.htm
 
Exhibit 12.1
 
PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)

   
Three Months Ended
                                
   
March 31,
    
Year Ended December 31,
  
   
2008
    
2007
    
2006
    
2005
    
2004
    
2003
  
Fixed charges, as defined by the Securities and Exchange
                                    
Commission:
                                    
                                     
Interest on long-term debt
   $ 18,908     $ 81,638     $ 84,773     $ 66,042     $ 34,488     $ 48,483  
Amortization of debt premium, discount and expenses
     1,758       6,566       4,729       3,962       3,036       2,990  
Other interest
     7,237       32,242       44,918       13,734       1,976       3,922  
Estimated interest factor of lease rental charges
     4,463       19,308       19,235       19,934       18,843       19,568  
Interest capitalized
     172       4,119       2,982       1,421       957       1,163  
Preferred dividend requirements of subsidiaries
     210       556       798       4,063       881       845  
     Total Fixed Charges
   $ 32,748     $ 144,429     $ 157,435     $ 109,156     $ 60,181     $ 76,971  
                                                 
                                                 
                                                 
Earnings, as defined by the Securities and Exchange
                                                
Commission:
                                                
                                                 
Earnings (loss) from continuing operations before income taxes
   $ (113,056 )   $ 63,112     $ 164,018     $ 76,502     $ 107,060     $ 68,267  
(Earnings) loss of equity investee
     25,083       (7,581 )     -       -       -       -  
Earnings (loss) from continuing operations before income taxes and  investee earnings
     (87,973 )     55,531       164,018       76,502       107,060       68,267  
Fixed charges as above
     32,748       144,429       157,435       109,156       60,181       76,971  
Interest capitalized
     (172 )     (4,119 )     (2,982 )     (1,421 )     (957 )     (1,163 )
Preferred dividend requirements of subsidiaries
     (210 )     (556 )     (798 )     (4,063 )     (881 )     (845 )
                                                 
Earnings (Loss) Available for Fixed Charges
   $ (55,607 )   $ 195,285     $ 317,673     $ 180,174     $ 165,403     $ 143,230  
                                                 
Ratio of Earnings to Fixed Charges
     N/M *     1.35       2.02       1.65       2.75       1.86  
                                                 
 
* The ratio of earnings to fixed charges for the three months ended March 31, 2008 is not meaningful since earnings available for fixed charges is negative. The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $88.4 million for the three months ended March 31, 2008.