EX-12.2 10 pnm12312011ex122.htm EXHIBIT 12.2 PNM 12.31.2011 EX 12.2


Exhibit 12.2
 
PUBLIC SERVICE COMPANY OF NEW MEXICO
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
2011
 
2010
 
2009
 
2008
 
2007
Fixed charges, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
75,217

 
$
73,423

 
$
73,104

 
$
72,427

 
$
58,045

Amortization of debt premium, discount and expenses
 
1,325

 
1,274

 
1,336

 
4,345

 
4,618

Interest from discontinued operations (including capitalized interest)
 
—

 
—

 
1,027

 
13,758

 
12,546

Estimated interest factor of lease rental charges
 
4,139

 
4,103

 
4,517

 
4,553

 
4,661

     Total Fixed Charges
 
$
80,681

 
$
78,800

 
$
79,984

 
$
95,083

 
$
79,870

 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined by the Securities and Exchange Commission:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations before income taxes and non-controlling interest
 
$
105,965

 
$
107,288

 
$
45,627

 
$
(69,324
)
 
$
34,611

Fixed charges as above
 
80,681

 
78,800

 
79,984

 
95,083

 
79,870

Non-controlling interest in earnings of Valencia
 
(14,047
)
 
(13,563
)
 
(11,890
)
 
(7,179
)
 
—

Interest capitalized
 
(1,761
)
 
(2,811
)
 
(6,067
)
 
(7,363
)
 
(10,033
)
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
$
170,838

 
$
169,714

 
$
107,654

 
$
11,217

 
$
104,448

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.12

1 
2.15

 
1.35

 
0.12

2 
1.31

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2011 includes a pre-tax loss of $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.
 
 
 
 
 
 
 
 
 
 
 
2 The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $83.9 million for the year December 31, 2008.