PNM RESOURCES INC - FORM 10-Q - EX-12.3 - EXHIBIT 12.3 - October 28, 2016

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EX-31.6 - EXHIBIT 31.6 - PNM RESOURCES INCpnm9302016ex316.htm
10-Q - 10-Q 9-30-2016 - PNM RESOURCES INCpnm930201610-q.htm
EX-32.3 - EXHIBIT 32.3 - PNM RESOURCES INCpnm9302016ex323.htm
EX-32.2 - EXHIBIT 32.2 - PNM RESOURCES INCpnm9302016ex322.htm
EX-32.1 - EXHIBIT 32.1 - PNM RESOURCES INCpnm9302016ex321.htm
EX-31.5 - EXHIBIT 31.5 - PNM RESOURCES INCpnm9302016ex315.htm
EX-31.4 - EXHIBIT 31.4 - PNM RESOURCES INCpnm9302016ex314.htm
EX-31.3 - EXHIBIT 31.3 - PNM RESOURCES INCpnm9302016ex313.htm
EX-31.2 - EXHIBIT 31.2 - PNM RESOURCES INCpnm9302016ex312.htm
EX-31.1 - EXHIBIT 31.1 - PNM RESOURCES INCpnm9302016ex311.htm
EX-12.2 - EXHIBIT 12.2 - PNM RESOURCES INCpnm9302016ex122.htm
EX-12.1 - EXHIBIT 12.1 - PNM RESOURCES INCpnm9302016ex121.htm


Exhibit 12.3
 
 
TEXAS-NEW MEXICO POWER COMPANY
 
Ratio of Earnings to Fixed Charges
 
(In thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
Year Ended December 31,
 
 
 
September 30, 2016
 
2015
 
2014
 
2013
 
2012
 
2011
 
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
20,806

 
$
25,875

 
$
24,941

 
$
24,481

 
$
26,233

 
$
27,914

 
Amortization of debt premium, discount and expenses
 
779

 
1,100

 
1,195

 
1,159

 
1,493

 
1,679

 
Estimated interest factor of lease rental charges
 
894

 
1,229

 
1,311

 
1,241

 
956

 
1,202

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
 
$
22,479

 
$
28,204

 
$
27,447

 
$
26,881

 
$
28,682

 
$
30,795

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes
 
$
50,277

 
$
66,088

 
$
60,330

 
$
46,711

 
$
42,099

 
$
36,138

 
Fixed charges as above
 
22,479

 
28,204

 
27,447

 
26,881

 
28,682

 
30,795

 
Interest capitalized
 
(539
)
 
(593
)
 
(609
)
 
(361
)
 
(706
)
 
(593
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
72,217

 
$
93,699

 
$
87,168

 
$
73,231

 
$
70,075

 
$
66,340

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
3.21

 
3.32

 
3.18

 
2.72

 
2.44

 
2.15

1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Earnings from continuing operations before income taxes for the year ended December 31, 2011 includes a pre-tax loss of $3.9 million due to the write-off of regulatory disallowances. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.28.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



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