Earnings Per Share

6 Months Ended

Jun. 30, 2015

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				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
	(In thousands, except per share amounts)
Net Earnings Attributable to PNMR	$	31,673	$	29,141	$	46,013	$	41,609
Average Number of Common Shares:
Outstanding during period	79,654		79,654		79,654		79,654
Vested awards of restricted stock	99		110		105		146
Average Shares – Basic	79,753		79,764		79,759		79,800
Dilutive Effect of Common Stock Equivalents ⁽¹⁾:
Stock options and restricted stock	380		464		384		508
Average Shares – Diluted	80,133		80,228		80,143		80,308
Net Earnings Per Share of Common Stock:
Basic	$	0.40	$	0.37	$	0.58	$	0.52
Diluted	$	0.40	$	0.36	$	0.57	$	0.52


⁽¹⁾	Excludes the effect of out-of-the-money options for 245,950 shares of common stock at June 30, 2015.