Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Cash Proceeds Received and Tax Benefit from Share-based Payment Awards

All excess tax benefits and deficiencies are recorded to tax expense and classified as operating cash flows when used to reduce taxes payable.

	Year Ended December 31,
Excess Tax Benefits	2021		2020		2019
	(In thousands)
PNM	$	564	$	279	$	559
TNMP	224		112		236
PNMR	788		391		795

Summary of Awards

The following table summarizes the weighted-average assumptions used to determine the awards grant date fair value:

	Year Ended December 31,
Restricted Shares and Performance-Based Shares	2021			2020			2019
Expected quarterly dividends per share	$	0.3275		$	0.3075		$	0.2900
Risk-free interest rate	0.32		%	0.72 %			2.47		%
Market-Based Shares
Dividend yield	2.76		%	2.51		%	2.59		%
Expected volatility	33.69		%	19.41		%	19.55		%
Risk-free interest rate	0.29		%	0.72		%	2.51		%

The following table summarizes activity in restricted stock awards including performance-based and market-based shares:

	Restricted Stock
	Shares	Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2020	168,061	$	40.77
Granted	213,515	43.48
Released	(211,587)	40.73
Forfeited	(2,719)	43.81
Outstanding at December 31, 2021	167,270	$	43.71

The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares, and stock options:

	Year Ended December 31,
Restricted Stock	2021		2020		2019
Weighted-average grant date fair value	$	43.48	$	36.73	$	37.92
Total fair value of restricted shares that vested (in thousands)	$	8,617	$	8,299	$	6,246
Stock Options
Total intrinsic value of options exercised (in thousands)	$	—	$	84	$	2,617