Earnings Per Share

9 Months Ended

Sep. 30, 2012

In accordance with GAAP, dual presentation of basic and diluted earnings per share is presented in the Condensed Consolidated Statements of Earnings of PNMR. Information regarding the computation of earnings per share is as follows:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2012		2011		2012		2011
	(In thousands, except per share amounts)
Net Earnings Attributable to PNMR	$	57,864	$	43,662	$	96,456	$	64,366
Average Number of Common Shares:
Outstanding during period	79,654		86,673		79,654		86,673
Equivalents from convertible preferred stock (Note 7)	—		4,363		—		4,638
Vested awards of restricted stock	114		164		156		154
Average Shares - Basic	79,768		91,200		79,810		91,465
Dilutive Effect of Common Stock Equivalents ⁽¹⁾:
Stock options and restricted stock	622		542		600		516
Average Shares - Diluted	80,390		91,742		80,410		91,981
Net Earnings Per Share of Common Stock:
Basic	$	0.73	$	0.48	$	1.21	$	0.70
Diluted	$	0.72	$	0.48	$	1.20	$	0.70


⁽¹⁾	Excludes the effect of out-of-the-money options for 1,108,946 shares of common stock at September 30, 2012.

- Definition

The entire disclosure for earnings per share.

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