Quarterly Operating Results (Unaudited)

12 Months Ended

Dec. 31, 2015

Unaudited operating results by quarters for 2015 and 2014 are presented below. In the opinion of management of the Company, all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results of operations for such periods have been included.



	Quarter Ended
	March 31		June 30		September 30		December 31
	(In thousands, except per share amounts)
PNMR
2015
Operating revenues	$	332,868	$	352,887	$	417,433	$	335,894
Operating income	49,569		72,414		121,505		(119,138		)	⁽¹⁾
Net earnings	17,852		35,655		64,855		(87,284		)
Net earnings attributable to PNMR	14,340		31,673		61,045		(91,418		)
Net Earnings Attributable to PNMR per Common Share:
Basic	0.18		0.40		0.77		(1.15		)
Diluted	0.18		0.40		0.76		(1.15		)
2014
Operating revenues	$	328,897	$	346,160	$	413,951	$	346,845
Operating income	48,753		71,296		116,799		62,849
Net earnings	16,131		33,181		59,486		22,111
Net earnings attributable to PNMR	12,468		29,141		55,653		18,992
Net Earnings Attributable to PNMR per Common Share:
Basic	0.16		0.37		0.70		0.24
Diluted	0.16		0.36		0.69		0.24
PNM
2015
Operating revenues	$	261,940	$	275,450	$	333,437	$	260,368
Operating income	31,655		47,179		93,710		(139,164		)
Net earnings (loss)	13,502		25,363		53,056		(92,245		)
Net earnings (loss) attributable to PNM	10,122		21,513		49,378		(96,247		)
2014
Operating revenues	$	262,736	$	275,704	$	334,993	$	274,481
Operating income	31,304		49,806		90,615		40,988
Net earnings	11,205		24,254		49,052		16,942
Net earnings attributable to PNM	7,674		20,346		45,351		13,955
TNMP
2015
Operating revenues	$	70,928	$	77,437	$	83,996	$	75,526
Operating income	17,931		24,729		27,667		19,706
Net earnings	7,694		11,865		13,689		8,715
2014
Operating revenues	$	66,161	$	70,456	$	78,958	$	72,364
Operating income	17,262		21,265		25,873		21,188
Net earnings	6,803		9,534		12,355		9,115

⁽¹⁾Includes an expense of $165.7 million related to the BART determination for SJGS discussed in Note 16.