PNM RESOURCES INC - FORM 10-Q - EX-12.2 - EXHIBIT 12.2 PNM 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-12.1 - EXHIBIT 12.1 PNMR RATIO OF EARNINGS TO FIXED CHARGES - PNM RESOURCES INCpnm3312015ex121.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-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 12.2
 
 
PUBLIC SERVICE COMPANY OF NEW MEXICO
 
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
 
$
20,434

 
$
79,834

 
$
79,769

 
$
82,864

 
$
75,217

 
$
73,423

 
Amortization of debt premium, discount and expenses
 
449

 
1,944

 
1,879

 
1,818

 
1,325

 
1,274

 
Estimated interest factor of lease rental charges
 
462

 
2,541

 
3,732

 
3,743

 
4,139

 
4,103

 
     Total Fixed Charges
 
$
21,345

 
$
84,319

 
$
85,380

 
$
88,425

 
$
80,681

 
$
78,800

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes and non-controlling interest
 
$
19,277

 
$
154,086

 
$
151,480

 
$
156,314

 
$
105,965

 
$
107,288

 
Fixed charges as above
 
21,345

 
84,319

 
85,380

 
88,425

 
80,681

 
78,800

 
Non-controlling interest in earnings of Valencia
 
(3,380
)
 
(14,127
)
 
(14,521
)
 
(14,050
)
 
(14,047
)
 
(13,563
)
 
Interest capitalized
 
(1,375
)
 
(5,211
)
 
(4,420
)
 
(4,314
)
 
(1,761
)
 
(2,811
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
35,867

 
$
219,067

 
$
217,919

 
$
226,375

 
$
170,838

 
$
169,714

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.68

1 
2.60

2 
2.55

2 
2.56

 
2.12

3 
2.15

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $0.2 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 1.69.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the years ended December 31, 2014 and December 31, 2013 include pre-tax losses of $1.1 million and $12.2 million due to the write-off of regulatory disallowances. If these losses were excluded, the Ratio of Earnings to Fixed Charges would have been 2.61 for 2014 and 2.70 for 2013.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2011 includes a pre-tax loss $17.5 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.33.



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