The following tables present summarized financial information for PNMR by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP.

PNMR SEGMENT INFORMATION



	PNM			TNMP			Corporate and Other			Consolidated
	(In thousands)
Three Months Ended September 30, 2014
Electric operating revenues	$	334,993		$	78,958		$	—		$	413,951
Cost of energy	115,097			17,402			—			132,499
Margin	219,896			61,556			—			281,452
Other operating expenses	101,757			22,251			(3,650		)	120,358
Depreciation and amortization	27,524			13,432			3,339			44,295
Operating income	90,615			25,873			311			116,799
Interest income	2,102			—			(18		)	2,084
Other income (deductions)	1,569			793			(589		)	1,773
Net interest charges	(20,092		)	(6,870		)	(3,153		)	(30,115		)
Segment earnings (loss) before income taxes	74,194			19,796			(3,449		)	90,541
Income taxes (benefit)	25,142			7,441			(1,528		)	31,055
Segment earnings (loss)	49,052			12,355			(1,921		)	59,486
Valencia non-controlling interest	(3,701		)	—			—			(3,701		)
Subsidiary preferred stock dividends	(132		)	—			—			(132		)
Segment earnings (loss) attributable to PNMR	$	45,219		$	12,355		$	(1,921	)	$	55,653

Nine Months Ended September 30, 2014
Electric operating revenues	$	873,434		$	215,574		$	—		$	1,089,008
Cost of energy	304,365			50,167			—			354,532
Margin	569,069			165,407			—			734,476
Other operating expenses	315,714			63,732			(10,243		)	369,203
Depreciation and amortization	81,629			37,276			9,519			128,424
Operating income	171,726			64,399			724			236,849
Interest income	6,295			—			(54		)	6,241
Other income (deductions)	8,749			1,495			(1,547		)	8,697
Net interest charges	(59,927		)	(20,122		)	(9,572		)	(89,621		)
Segment earnings (loss) before income taxes	126,843			45,772			(10,449		)	162,166
Income taxes (benefit)	42,331			17,081			(6,044		)	53,368
Segment earnings (loss)	84,512			28,691			(4,405		)	108,798
Valencia non-controlling interest	(11,140		)	—			—			(11,140		)
Subsidiary preferred stock dividends	(396		)	—			—			(396		)
Segment earnings (loss) attributable to PNMR	$	72,976		$	28,691		$	(4,405	)	$	97,262

At September 30, 2014:
Total Assets	$	4,358,474		$	1,216,545		$	134,190		$	5,709,209
Goodwill	$	51,632		$	226,665		$	—		$	278,297



	PNM			TNMP			Corporate and Other			Consolidated
	(In thousands)
Three Months Ended September 30, 2013
Electric operating revenues	$	326,026		$	73,704		$	—		$	399,730
Cost of energy	100,200			14,474			—			114,674
Margin	225,826			59,230			—			285,056
Other operating expenses	104,730			23,126			(3,282		)	124,574
Depreciation and amortization	25,879			13,850			3,014			42,743
Operating income (loss)	95,217			22,254			268			117,739
Interest income	2,298			—			(34		)	2,264
Other income (deductions)	2,211			716			(3,455		)	(528		)
Net interest charges	(20,124		)	(6,655		)	(3,586		)	(30,365		)
Segment earnings (loss) before income taxes	79,602			16,315			(6,807		)	89,110
Income taxes (benefit)	27,652			6,209			(3,565		)	30,296
Segment earnings (loss)	51,950			10,106			(3,242		)	58,814
Valencia non-controlling interest	(4,127		)	—			—			(4,127		)
Subsidiary preferred stock dividends	(132		)	—			—			(132		)
Segment earnings (loss) attributable to PNMR	$	47,691		$	10,106		$	(3,242	)	$	54,555

Nine Months Ended September 30, 2013
Electric operating revenues	$	863,609		$	201,384		$	—		$	1,064,993
Cost of energy	283,715			41,324			—			325,039
Margin	579,894			160,060			—			739,954
Other operating expenses	311,372			67,274			(10,192		)	368,454
Depreciation and amortization	77,763			37,810			9,616			125,189
Operating income	190,759			54,976			576			246,311
Interest income	7,839			—			(108		)	7,731
Other income (deductions)	6,977			1,409			(7,390		)	996
Net interest charges	(59,971		)	(20,661		)	(11,647		)	(92,279		)
Segment earnings (loss) before income taxes	145,604			35,724			(18,569		)	162,759
Income taxes (benefit)	49,184			13,554			(4,138		)	58,600
Segment earnings (loss)	96,420			22,170			(14,431		)	104,159
Valencia non-controlling interest	(10,904		)	—			—			(10,904		)
Subsidiary preferred stock dividends	(396		)	—			—			(396		)
Segment earnings (loss) attributable to PNMR	$	85,120		$	22,170		$	(14,431	)	$	92,859

At September 30, 2013:
Total Assets	$	4,192,470		$	1,162,587		$	73,757		$	5,428,814
Goodwill	$	51,632		$	226,665		$	—		$	278,297