PNM RESOURCES INC - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 PNMR RATIO OF EARNINGS TO FIXED CHARGES - May 1, 2015

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EX-32.2 - EXHIBIT 32.2 CERTIFICATION - PNM RESOURCES INCpnm3312015ex322.htm
EX-10.1 - EXHIBIT 10.1 2015 OFFICER ANNUAL INCENTIVE PLAN - PNM RESOURCES INCpnm3312015ex101.htm
EX-31.4 - EXHIBIT 31.4 CERTIFICATION - PNM RESOURCES INCpnm3312015ex314.htm
EX-31.3 - EXHIBIT 31.3 CERTIFICATION - PNM RESOURCES INCpnm3312015ex313.htm
EX-31.2 - EXHIBIT 31.2 CERTIFICATION - PNM RESOURCES INCpnm3312015ex312.htm
EX-10.3 - EXHIBIT 10.3 CHIEF EXECUTIVE OFFICER RETENTION PLAN - PNM RESOURCES INCpnm3312015ex103.htm
EX-12.3 - EXHIBIT 12.3 TNMP RATIO OF EARNINGS TO FIXED CHARGES - PNM RESOURCES INCpnm3312015ex123.htm
EX-32.3 - EXHIBIT 32.3 CERTIFICATION - PNM RESOURCES INCpnm3312015ex323.htm
EX-31.1 - EXHIBIT 31.1 CERTIFICATION - PNM RESOURCES INCpnm3312015ex311.htm
EX-10.2 - EXHIBIT 10.2 2015 LONG-TERM INCENTIVE PLAN - PNM RESOURCES INCpnm3312015ex102.htm
EX-32.1 - EXHIBIT 32.1 CERTIFICATION - PNM RESOURCES INCpnm3312015ex321.htm
EX-12.2 - EXHIBIT 12.2 PNM RATIO OF EARNINGS TO FIXED CHARGES - PNM RESOURCES INCpnm3312015ex122.htm
EX-31.6 - EXHIBIT 31.6 CERTIFICATION - PNM RESOURCES INCpnm3312015ex316.htm
EXCEL - IDEA: XBRL DOCUMENT - PNM RESOURCES INCFinancial_Report.xls
10-Q - Q1 2015 10-Q - PNM RESOURCES INCpnm331201510-q.htm
EX-31.5 - EXHIBIT 31.5 CERTIFICATION - PNM RESOURCES INCpnm3312015ex315.htm


Exhibit 12.1
PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Year Ended December 31,
 
 
 
March 31, 2015
 
2014
 
2013
 
2012
 
2011
 
2010
 
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
30,196

 
$
117,337

 
$
118,880

 
$
125,379

 
$
122,998

 
$
123,633

 
Amortization of debt premium, discount, and expenses
 
852

 
4,194

 
3,716

 
4,023

 
3,695

 
4,627

 
Estimated interest factor of lease rental charges
 
1,045

 
4,686

 
5,847

 
5,585

 
6,665

 
6,888

 
Preferred dividend requirements of subsidiary
 
195

 
809

 
800

 
769

 
864

 
1,075

 
     Total Fixed Charges
 
$
32,288

 
$
127,026

 
$
129,243

 
$
135,756

 
$
134,222

 
$
136,223

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations before income taxes and non-controlling interest
 
$
26,369

 
$
200,647

 
$
175,069

 
$
175,035

 
$
321,469

 
$
(63,379
)
 
(Earnings) loss of equity investee
 
—

 
—

 
—

 
—

 
—

 
15,223

 
Earnings (loss) from continuing operations before income taxes, non-controlling interest, and investee earnings
 
26,369

 
200,647

 
175,069

 
175,035

 
321,469

 
(48,156
)
 
Fixed charges as above
 
32,288

 
127,026

 
129,243

 
135,756

 
134,222

 
136,223

 
Interest capitalized
 
(1,552
)
 
(6,256
)
 
(5,209
)
 
(5,432
)
 
(2,697
)
 
(3,401
)
 
Non-controlling interest in earnings of Valencia
 
(3,380
)
 
(14,127
)
 
(14,521
)
 
(14,050
)
 
(14,047
)
 
(13,563
)
 
Preferred dividend requirements of subsidiary
 
(195
)
 
(809
)
 
(800
)
 
(769
)
 
(864
)
 
(1,075
)
 
Earnings Available for Fixed Charges
 
$
53,530

 
$
306,481

 
$
283,782

 
$
290,540

 
$
438,083

 
$
70,028

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.66

1 
2.41

2 
2.20

2 
2.14

3 
3.26

4 
0.51

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1  Earnings (loss) from continuing operations before income taxes and non-controlling interest for the three months ended March 31, 2015 includes a pre-tax loss of $0.2 million due to the write-off of regulatory disallowances at PNM. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have remained 1.66.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2  Earnings (loss) from continuing operations before income taxes and non-controlling interest for the years ended December 31, 2014 and December 31, 2013 includes pre-tax losses of $1.1 and $12.2 million due to the write-off of regulatory disallowances at PNM. If those losses were excluded, the Ratio of Earnings to Fixed Charges would have been 2.42 for 2014 and 2.29 for 2013.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3  Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2011 includes pre-tax losses of $21.4 million due to the write-off of regulatory disallowances at PNM and TNMP. If those losses were excluded, the Ratio of Earnings to Fixed Charges would have been 3.42. In addition, 2011 includes a pre-tax gain on the sale of First Choice of $174.9 million. If that gain were also excluded, the Ratio of Earnings to Fixed Charges would have been 1.96.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4 The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $66.2 million for the year ended December 31, 2010. Earnings (loss) from continuing operations before income taxes and non-controlling interest includes a pre-tax loss of $188.2 million due to the impairment of PNMR's investment in an equity investee. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 1.90.


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