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			TNMP			Corporate and Other			Consolidated
Three Months Ended September 30, 2013	(In thousands)
Electric operating revenues	$	326,026		$	73,704		$	—		$	399,730
Cost of energy	100,200			14,474			—			114,674
Margin	225,826			59,230			—			285,056
Other operating expenses	104,730			23,126			(3,282		)	124,574
Depreciation and amortization	25,879			13,850			3,014			42,743
Operating income	95,217			22,254			268			117,739
Interest income	2,298			—			(34		)	2,264
Other income (deductions)	2,211			716			(3,455		)	(528		)
Net interest charges	(20,124		)	(6,655		)	(3,586		)	(30,365		)
Segment earnings (loss) before income taxes	79,602			16,315			(6,807		)	89,110
Income taxes (benefit)	27,652			6,209			(3,565		)	30,296
Segment earnings (loss)	51,950			10,106			(3,242		)	58,814
Valencia non-controlling interest	(4,127		)	—			—			(4,127		)
Subsidiary preferred stock dividends	(132		)	—			—			(132		)
Segment earnings (loss) attributable to PNMR	$	47,691		$	10,106		$	(3,242	)	$	54,555

Nine Months Ended September 30, 2013
Electric operating revenues	$	863,609		$	201,384		$	—		$	1,064,993
Cost of energy	283,715			41,324			—			325,039
Margin	579,894			160,060			—			739,954
Other operating expenses	311,372			67,274			(10,192		)	368,454
Depreciation and amortization	77,763			37,810			9,616			125,189
Operating income	190,759			54,976			576			246,311
Interest income	7,839			—			(108		)	7,731
Other income (deductions)	6,977			1,409			(7,390		)	996
Net interest charges	(59,971		)	(20,661		)	(11,647		)	(92,279		)
Segment earnings (loss) before income taxes	145,604			35,724			(18,569		)	162,759
Income taxes (benefit)	49,184			13,554			(4,138		)	58,600
Segment earnings (loss)	96,420			22,170			(14,431		)	104,159
Valencia non-controlling interest	(10,904		)	—			—			(10,904		)
Subsidiary preferred stock dividends	(396		)	—			—			(396		)
Segment earnings (loss) attributable to PNMR	$	85,120		$	22,170		$	(14,431	)	$	92,859

At September 30, 2013:
Total Assets	$	4,192,470		$	1,162,587		$	73,757		$	5,428,814
Goodwill	$	51,632		$	226,665		$	—		$	278,297
Additions to utility and non-utility plant included in accounts payable	$	15,995		$	544		$	1,668		$	18,207



	PNM			TNMP			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