EX-12.3 5 pnm12312015ex123.htm EXHIBIT 12.3 Exhibit


Exhibit 12.3
 
 
TEXAS-NEW MEXICO POWER COMPANY
 
Ratio of Earnings to Fixed Charges
 
(In thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
25,875

 
$
24,941

 
$
24,481

 
$
26,233

 
$
27,914

 
Amortization of debt premium, discount, and expenses
 
1,100

 
1,195

 
1,159

 
1,493

 
1,679

 
Estimated interest factor of lease rental charges
 
1,229

 
1,311

 
1,241

 
956

 
1,202

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
 
$
28,204

 
$
27,447

 
$
26,881

 
$
28,682

 
$
30,795

 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes
 
$
66,088

 
$
60,330

 
$
46,711

 
$
42,099

 
$
36,138

 
Fixed charges as above
 
28,204

 
27,447

 
26,881

 
28,682

 
30,795

 
Interest capitalized
 
(593
)
 
(609
)
 
(361
)
 
(706
)
 
(593
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
93,699

 
$
87,168

 
$
73,231

 
$
70,075

 
$
66,340

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
3.32

 
3.18

 
2.72

 
2.44

 
2.15

1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Earnings from continuing operations before income taxes for the year ended December 31, 2011 includes a pre-tax loss of $3.9 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.28.