Earnings Per Share

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
	(In thousands, except per share amounts)
Net Earnings Attributable to PNMR	$	61,045	$	55,653	$	107,058	$	97,262
Average Number of Common Shares:
Outstanding during period	79,654		79,654		79,654		79,654
Vested awards of restricted stock	100		112		103		134
Average Shares – Basic	79,754		79,766		79,757		79,788
Dilutive Effect of Common Stock Equivalents ⁽¹⁾:
Stock options and restricted stock	362		457		377		491
Average Shares – Diluted	80,116		80,223		80,134		80,279
Net Earnings Per Share of Common Stock:
Basic	$	0.77	$	0.70	$	1.34	$	1.22
Diluted	$	0.76	$	0.69	$	1.34	$	1.21


⁽¹⁾	Excludes the effect of out-of-the-money options for 244,900 shares of common stock at September 30, 2015.