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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Cash Proceeds Received and Tax Benefit from Share-based Payment Awards | All excess tax benefits and deficiencies are recorded to tax expense and classified as operating cash flows when used to reduce taxes payable.
|  | Year Ended December 31,
Excess Tax Benefits (Deficiencies) |  | 2022 |  | 2021 |  | 2020 |  |
|  | (In thousands) |  |
PNM |  | $ | (65) |  |  | $ | 564 |  |  | $ | 279 |  |  |
TNMP |  | (26) |  |  | 224 |  |  | 112 |  |  |
PNMR |  | (91) |  |  | 788 |  |  | 391 |  |  |
Summary of Awards | The following table summarizes the weighted-average assumptions used to determine the awards grant date fair value:
|  | Year Ended December 31,
Restricted Shares and Performance-Based Shares |  | 2022 |  | 2021 |  | 2020 |  |
Expected quarterly dividends per share |  | $ | 0.3475 |  |  | $ | 0.3275 |  |  | $ | 0.3075 |  |  |
Risk-free interest rate |  | 1.46 | % |  | 0.32 | % |  | 0.72 % |  |
Market-Based Shares (1) |  |  |  |  |  |  |  |
Dividend yield |  | N/A |  | 2.76 | % |  | 2.51 | % |  |
Expected volatility |  | N/A |  | 33.69 | % |  | 19.41 | % |  |
Risk-free interest rate |  | N/A |  | 0.29 | % |  | 0.72 | % |  |
(1) Restricted stock expected to be awarded under the PEP for performance periods ending after 2023 no longer have market targets. The following table summarizes activity in restricted stock awards including performance-based and market-based shares:
|  | Restricted Stock |
|  | Shares |  | Weighted-Average Grant Date Fair Value |  |  |
Outstanding at December 31, 2021 |  | 167,270 |  |  | $ | 43.71 |  |  |  |
Granted |  | 193,943 |  |  | 41.04 |  |  |  |
Released |  | (173,474) |  |  | 42.47 |  |  |  |
Forfeited |  | (5,293) |  |  | 42.31 |  |  |  |
Outstanding at December 31, 2022 |  | 182,446 |  |  | $ | 42.09 |  |  |  |
The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares, and stock options:
|  | Year Ended December 31,
Restricted Stock |  | 2022 |  | 2021 |  | 2020
Weighted-average grant date fair value |  | $ | 41.04 |  |  | $ | 43.48 |  |  | $ | 36.73 |
Total fair value of restricted shares that vested (in thousands) |  | $ | 7,368 |  |  | $ | 8,617 |  |  | $ | 8,299 |
Stock Options |  |  |  |  |  |
Total intrinsic value of options exercised (in thousands) |  | $ | — |  |  | $ | — |  |  | $ | 84 |

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