Unaudited operating results by quarters for 2016 and 2015 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
2016
Operating revenues	$	310,961	$	315,391	$	400,374	$	336,225
Operating income	41,508		64,822		108,071		63,584
Net earnings	13,965		30,952		58,556		28,423
Net earnings attributable to PNMR	10,546		27,076		54,418		24,809
Net Earnings Attributable to PNMR per Common Share:
Basic	0.13		0.34		0.68		0.32
Diluted	0.13		0.34		0.68		0.31
2015
Operating revenues	$	332,868	$	352,887	$	417,433	$	335,894
Operating income (loss)	49,569		72,414		121,505		(119,138		)	⁽¹⁾
Net earnings (loss)	17,852		35,655		64,855		(87,284		)
Net earnings attributable (loss) to PNMR	14,340		31,673		61,045		(91,418		)
Net Earnings (Loss) Attributable to PNMR per Common Share:
Basic	0.18		0.40		0.77		(1.15		)
Diluted	0.18		0.40		0.76		(1.15		)
PNM
2016
Operating revenues	$	235,606	$	233,346	$	311,276	$	255,685
Operating income	23,297		41,760		80,057		42,976
Net earnings	7,561		19,793		44,990		19,594
Net earnings attributable to PNM	4,274		16,049		40,984		16,112
2015
Operating revenues	$	261,940	$	275,450	$	333,437	$	260,368
Operating income (loss)	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		)
TNMP
2016
Operating revenues	$	75,355	$	82,045	$	89,098	$	80,540
Operating income	18,554		23,375		28,359		21,353
Net earnings	7,456		10,508		13,853		9,855
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

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