PNM RESOURCES INC - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - April 28, 2017

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EX-31.6 - EXHIBIT 31.6 - PNM RESOURCES INCpnm3312017ex316.htm
EX-32.3 - EXHIBIT 32.3 - PNM RESOURCES INCpnm3312017ex323.htm
EX-32.2 - EXHIBIT 32.2 - PNM RESOURCES INCpnm3312017ex322.htm
EX-32.1 - EXHIBIT 32.1 - PNM RESOURCES INCpnm3312017ex321.htm
EX-31.5 - EXHIBIT 31.5 - PNM RESOURCES INCpnm3312017ex315.htm
EX-31.4 - EXHIBIT 31.4 - PNM RESOURCES INCpnm3312017ex314.htm
EX-31.3 - EXHIBIT 31.3 - PNM RESOURCES INCpnm3312017ex313.htm
EX-31.2 - EXHIBIT 31.2 - PNM RESOURCES INCpnm3312017ex312.htm
EX-31.1 - EXHIBIT 31.1 - PNM RESOURCES INCpnm3312017ex311.htm
EX-12.3 - EXHIBIT 12.3 - PNM RESOURCES INCpnm3312017ex123.htm
EX-12.2 - EXHIBIT 12.2 - PNM RESOURCES INCpnm3312017ex122.htm
EX-10.2 - EXHIBIT 10.2 - PNM RESOURCES INCpnm3312017ex102.htm
EX-10.1 - EXHIBIT 10.1 - PNM RESOURCES INCpnm3312017ex101.htm
10-Q - 10-Q - PNM RESOURCES INCpnm331201710-q.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, 2017
 
2016
 
2015
 
2014
 
2013
 
2012
 
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
31,754

 
$
129,592

 
$
117,932

 
$
117,337

 
$
118,880

 
$
125,379

 
Amortization of debt premium, discount, and expenses
 
949

 
3,779

 
3,575

 
4,194

 
3,716

 
4,023

 
Estimated interest factor of lease rental charges
 
646

 
2,747

 
3,298

 
4,686

 
5,847

 
5,585

 
Preferred dividend requirements of subsidiary
 
186

 
781

 
784

 
809

 
800

 
769

 
     Total Fixed Charges
 
$
33,535

 
$
136,899

 
$
125,589

 
$
127,026

 
$
129,243

 
$
135,756

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes and non-controlling interest
 
$
37,221

 
$
195,174

 
$
46,153

 
$
200,647

 
$
175,069

 
$
175,035

 
Fixed charges as above
 
33,535

 
136,899

 
125,589

 
127,026

 
129,243

 
135,756

 
Interest capitalized
 
(1,704
)
 
(7,964
)
 
(9,753
)
 
(6,256
)
 
(5,209
)
 
(5,432
)
 
Non-controlling interest in earnings of Valencia
 
(3,452
)
 
(14,519
)
 
(14,910
)
 
(14,127
)
 
(14,521
)
 
(14,050
)
 
Preferred dividend requirements of subsidiary
 
(186
)
 
(781
)
 
(784
)
 
(809
)
 
(800
)
 
(769
)
 
Earnings Available for Fixed Charges
 
$
65,414

 
$
308,809

 
$
146,295

 
$
306,481

 
$
283,782

 
$
290,540

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.95

 
2.26

1 
1.16

2 
2.41

3 
2.20

4 
2.14

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1  Earnings from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2016 includes a pre-tax loss of $15.0 million due to the write-off of regulatory disallowances and restructuring costs at PNM. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.37 for 2016.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2  Earnings from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2015 includes a pre-tax loss of $167.5 million due to the write-off of regulatory disallowances and restructuring costs at PNM. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.50 for 2015.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3  Earnings from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2014 includes a pre-tax loss of $1.1 million due to the write-off of regulatory disallowances at PNM. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.42 for 2014.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4  Earnings from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2013 includes a pre-tax loss of $12.2 million due to the write-off of regulatory disallowances at PNM. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.29 for 2013.
 
 
 
 
 
 
 
 
 
 
 
 
 
 


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