Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

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 (Deficiencies)	2022		2021		2020
	(In thousands)
PNM	$	(65)	$	564	$	279
TNMP	(26)		224		112
PNMR	(91)		788		391

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	2022			2021			2020
Expected quarterly dividends per share	$	0.3475		$	0.3275		$	0.3075
Risk-free interest rate	1.46		%	0.32		%	0.72 %
Market-Based Shares (1)
Dividend yield	N/A			2.76		%	2.51		%
Expected volatility	N/A			33.69		%	19.41		%
Risk-free interest rate	N/A			0.29		%	0.72		%

(1) Restricted stock expected to be awarded under the PEP for performance periods ending after 2023 no longer have market targets.

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, 2021	167,270	$	43.71
Granted	193,943	41.04
Released	(173,474)	42.47
Forfeited	(5,293)	42.31
Outstanding at December 31, 2022	182,446	$	42.09

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	2022		2021		2020
Weighted-average grant date fair value	$	41.04	$	43.48	$	36.73
Total fair value of restricted shares that vested (in thousands)	$	7,368	$	8,617	$	8,299
Stock Options
Total intrinsic value of options exercised (in thousands)	$	—	$	—	$	84