The following tables present summarized financial information for PNMR by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP.

PNMR SEGMENT INFORMATION



	PNM Electric			TNMP Electric			Corporate and Other			Consolidated
Three Months Ended September 30, 2012	(In thousands)
Electric operating revenues	$	321,731		$	68,680		$	—		$	390,411
Cost of energy	99,217			11,560			—			110,777
Margin	222,514			57,120			—			279,634
Other operating expenses	101,104			22,331			(4,771		)	118,664
Depreciation and amortization	24,437			13,819			4,564			42,820
Operating income	96,973			20,970			207			118,150
Interest income	3,173			—			(43		)	3,130
Other income (deductions)	5,210			366			(827		)	4,749
Net interest charges	(19,230		)	(7,047		)	(4,238		)	(30,515		)
Segment earnings (loss) before income taxes	86,126			14,289			(4,901		)	95,514
Income taxes (benefit)	31,235			5,205			(2,902		)	33,538
Segment earnings (loss)	54,891			9,084			(1,999		)	61,976
Valencia non-controlling interest	(3,980		)	—			—			(3,980		)
Subsidiary preferred stock dividends	(132		)	—			—			(132		)
Segment earnings (loss) attributable to PNMR	$	50,779		$	9,084		$	(1,999	)	$	57,864

Nine Months Ended September 30, 2012
Electric operating revenues	$	832,242		$	187,404		$	—		$	1,019,646
Cost of energy	263,009			34,333			—			297,342
Margin	569,233			153,071			—			722,304
Other operating expenses	311,468			64,239			(12,676		)	363,031
Depreciation and amortization	72,017			37,173			13,099			122,289
Operating income (loss)	185,748			51,659			(423		)	236,984
Interest income	9,938			1			(131		)	9,808
Other income (deductions)	9,201			1,244			(4,797		)	5,648
Net interest charges	(56,652		)	(21,214		)	(12,414		)	(90,280		)
Segment earnings (loss) before income taxes	148,235			31,690			(17,765		)	162,160
Income taxes (benefit)	51,929			11,577			(8,897		)	54,609
Segment earnings (loss)	96,306			20,113			(8,868		)	107,551
Valencia non-controlling interest	(10,699		)	—			—			(10,699		)
Subsidiary preferred stock dividends	(396		)	—			—			(396		)
Segment earnings (loss) attributable to PNMR	$	85,211		$	20,113		$	(8,868	)	$	96,456

At September 30, 2012:
Total Assets	$	4,073,331		$	1,060,062		$	126,814		$	5,260,207
Goodwill	$	51,632		$	226,665		$	—		$	278,297
Additions to utility and non-utility plant included in accounts payable	$	6,056		$	886		$	1,063		$	8,005



	PNM Electric			TNMP Electric			First Choice			Corporate and Other			Consolidated
Three Months Ended September 30, 2011	(In thousands)
Electric revenues from non-affiliates	$	323,760		$	54,787		$	170,999		$	(48	)	$	549,498
Intersegment revenues	—			12,196			—			(12,196		)	—
Total electric operating revenues	323,760			66,983			170,999			(12,244		)	549,498
Cost of energy	108,708			10,307			144,035			(12,196		)	250,854
Margin	215,052			56,676			26,964			(48		)	298,644
Other operating expenses	102,080			22,451			25,076			(1,617		)	147,990
Depreciation and amortization	25,058			12,674			346			4,292			42,370
Operating income (loss)	87,914			21,551			1,542			(2,723		)	108,284
Interest income	3,770			1			29			(52		)	3,748
Other income (deductions)	(5,573		)	313			(115		)	(1,664		)	(7,039		)
Net interest charges	(18,487		)	(7,276		)	(249		)	(5,112		)	(31,124		)
Segment earnings (loss) before income taxes	67,624			14,589			1,207			(9,551		)	73,869
Income taxes (benefit)	25,052			5,721			594			(5,403		)	25,964
Segment earnings (loss)	42,572			8,868			613			(4,148		)	47,905
Valencia non-controlling interest	(4,111		)	—			—			—			(4,111		)
Subsidiary preferred stock dividends	(132		)	—			—			—			(132		)
Segment earnings (loss) attributable to PNMR	$	38,329		$	8,868		$	613		$	(4,148	)	$	43,662

Nine Months Ended September 30, 2011
Electric revenues from non-affiliates	$	797,232		$	150,175		$	405,485		$	(145	)	$	1,352,747
Intersegment revenues	—			30,608			—			(30,608		)	—
Total electric operating revenues	797,232			180,783			405,485			(30,753		)	1,352,747
Cost of energy	279,419			30,719			303,285			(30,609		)	582,814
Margin	517,813			150,064			102,200			(144		)	769,933
Other operating expenses	329,502			67,431			67,693			(7,172		)	457,454
Depreciation and amortization	71,691			33,662			987			12,775			119,115
Operating income (loss)	116,620			48,971			33,520			(5,747		)	193,364
Interest income	12,052			1			63			(106		)	12,010
Other income (deductions)	4,129			887			(494		)	(4,913		)	(391		)
Net interest charges	(54,593		)	(21,880		)	(535		)	(15,243		)	(92,251		)
Segment earnings (loss) before income taxes	78,208			27,979			32,554			(26,009		)	112,732
Income taxes (benefit)	26,574			10,845			11,833			(12,046		)	37,206
Segment earnings (loss)	51,634			17,134			20,721			(13,963		)	75,526
Valencia non-controlling interest	(10,764		)	—			—			—			(10,764		)
Subsidiary preferred stock dividends	(396		)	—			—			—			(396		)
Segment earnings (loss) attributable to PNMR	$	40,474		$	17,134		$	20,721		$	(13,963	)	$	64,366

At September 30, 2011:
Total Assets	$	3,936,468		$	1,041,613		$	274,741		$	119,818		$	5,372,640
Goodwill	$	51,632		$	226,665		$	43,013		$	—		$	321,310
Additions to utility and non-utility plant included in accounts payable	$	6,811		$	4,672		$	106		$	253		$	11,842