EX-12.4 10 pnm6302011ex124.htm EXHIBIT 12.4 PNM 6.30.2011 EX.12.4


Exhibit 12.4
 
TEXAS-NEW MEXICO POWER COMPANY
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended
 
Year Ended December 31,
 
 
June 30, 2011
 
2010
 
2009
 
2008
 
2007
 
2006
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
13,986

 
$
28,632

 
$
25,609

 
$
17,861

 
$
23,523

 
$
27,374

Amortization of debt premium, discount and expenses
 
873

 
2,683

 
3,355

 
1,504

 
1,925

 
1,695

Estimated interest factor of lease rental charges
 
660

 
1,246

 
831

 
571

 
844

 
367

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
 
$
15,519

 
$
32,561

 
$
29,795

 
$
19,936

 
$
26,292

 
$
29,436

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes
 
$
13,390

 
$
26,026

 
$
20,151

 
$
2,335

 
$
29,055

 
$
17,905

Fixed charges as above
 
15,519

 
32,561

 
29,795

 
19,936

 
26,292

 
29,436

Interest capitalized
 
(255
)
 
(158
)
 
(1,144
)
 
(1,025
)
 
(332
)
 
(209
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
28,654

 
$
58,429

 
$
48,802

 
$
21,246

 
$
55,015

 
$
47,132

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.85

1 
1.79

 
1.64

 
1.07

 
2.09

 
1.60

 
 
 
 
 
 
 
 
 
 
 
 
 
1 Earnings from continuing operations before income taxes for the six months ended June 30, 2011 includes a pre-tax loss of $3.9 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.10