PNM RESOURCES INC - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - July 31, 2018

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EX-32.2 - EXHIBIT 32.2 - PNM RESOURCES INCpnm6302018ex322.htm
10-Q - 10-Q - PNM RESOURCES INCpnm630201810-q.htm
EX-32.3 - EXHIBIT 32.3 - PNM RESOURCES INCpnm6302018ex323.htm
EX-32.1 - EXHIBIT 32.1 - PNM RESOURCES INCpnm6302018ex321.htm
EX-31.6 - EXHIBIT 31.6 - PNM RESOURCES INCpnm6302018ex316.htm
EX-31.5 - EXHIBIT 31.5 - PNM RESOURCES INCpnm6302018ex315.htm
EX-31.4 - EXHIBIT 31.4 - PNM RESOURCES INCpnm6302018ex314.htm
EX-31.3 - EXHIBIT 31.3 - PNM RESOURCES INCpnm6302018ex313.htm
EX-31.2 - EXHIBIT 31.2 - PNM RESOURCES INCpnm6302018ex312.htm
EX-31.1 - EXHIBIT 31.1 - PNM RESOURCES INCpnm6302018ex311.htm
EX-12.3 - EXHIBIT 12.3 - PNM RESOURCES INCpnm6302018ex123.htm
EX-12.2 - EXHIBIT 12.2 - PNM RESOURCES INCpnm6302018ex122.htm


Exhibit 12.1
PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended
 
Year Ended December 31,
 
 
 
June 30, 2018
 
2017
 
2016
 
2015
 
2014
 
2013
 
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
67,649

 
$
130,024

 
$
129,592

 
$
117,932

 
$
117,337

 
$
118,880

 
Amortization of debt premium, discount, and expenses
 
2,344

 
4,106

 
3,779

 
3,575

 
4,194

 
3,716

 
Estimated interest factor of lease rental charges
 
1,343

 
2,567

 
2,747

 
3,298

 
4,686

 
5,847

 
Preferred dividend requirements of subsidiary
 
290

 
1,249

 
781

 
784

 
809

 
800

 
     Total Fixed Charges
 
$
71,626

 
$
137,946

 
$
136,899

 
$
125,589

 
$
127,026

 
$
129,243

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes and non-controlling interest
 
$
67,187

 
$
225,759

 
$
195,174

 
$
46,153

 
$
200,647

 
$
175,069

 
Fixed charges as above
 
71,626

 
137,946

 
136,899

 
125,589

 
127,026

 
129,243

 
Interest capitalized
 
(4,673
)
 
(8,806
)
 
(7,964
)
 
(9,753
)
 
(6,256
)
 
(5,209
)
 
Non-controlling interest in earnings of Valencia
 
(7,786
)
 
(15,017
)
 
(14,519
)
 
(14,910
)
 
(14,127
)
 
(14,521
)
 
(Earnings) loss of equity investee
 
(251
)
 
—

 
—

 
—

 
—

 
—

 
Preferred dividend requirements of subsidiary
 
(290
)
 
(1,249
)
 
(781
)
 
(784
)
 
(809
)
 
(800
)
 
Earnings Available for Fixed Charges
 
$
125,813

 
$
338,633

 
$
308,809

 
$
146,295

 
$
306,481

 
$
283,782

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.76

1 
2.45

2 
2.26

3 
1.16

4 
2.41

5 
2.20

6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1  Earnings before income taxes and non-controlling interest for the six months ended June 30, 2018 includes a pre-tax loss of $1.8 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 1.78.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2  Earnings before income taxes and non-controlling interest for the year ended December 31, 2017 includes a pre-tax loss of $27.0 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 2.65 for 2017.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3  Earnings 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4  Earnings 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5  Earnings 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6  Earnings 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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