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PNM RESOURCES, INC. AND SUBSIDIARIES | Exhibit 12.2 | |||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | ||||||||||||
(1,000'S) | ||||||||||||
Line | Year Ended December 31, | |||||||||||
No. | 12/31/04 | 12/31/03 | 12/31/02 | 12/31/01 | 12/31/00 | |||||||
Fixed charges, as defined by the Securities and Exchange Commission: | ||||||||||||
1 | Interest on Long-term Debt | $ 46,702 | $ 59,429 | $ 56,409 | $ 62,716 | $ 62,823 | ||||||
2 | Amortization of Debt Premium, Discount and Expenses | 2,697 | 2,838 | 2,302 | 2,346 | 2,037 | ||||||
3 | Other Interest | 2,319 | 5,423 | 2,859 | (42) | 752 | ||||||
4 | Estimated Interest Factor of Lease Rental Charges | 19,617 | 20,452 | 23,233 | 22,856 | 19,716 | ||||||
5 | Total Fixed Charges | 71,335 | 88,142 | 84,803 | 87,876 | 85,328 | ||||||
6 | Preferred dividend requirements | 572 | 586 | 586 | 586 | 586 | ||||||
7 | Total Fixed Charges and Preferred dividend requirements | $ 71,907 | $ 88,728 | $ 85,389 | $ 88,462 | $ 85,914 | ||||||
Earnings, as defined by the Securities and Exchange Commission: | ||||||||||||
8 | Consolidated Net Earnings from Continuing Operations | $ 88,258 | $ 59,138 | $ 64,272 | $150,433 | $ 100,946 | ||||||
9 | Income Taxes | 49,247 | 27,889 | 33,032 | 81,063 | 74,345 | ||||||
10 | Add Fixed Charges as Above | 71,335 | 88,142 | 84,803 | 87,876 | 85,328 | ||||||
11 | Earnings Available for Fixed Charges | $ 208,840 | $ 175,169 | $ 182,107 | $ 319,372 | $ 260,619 | ||||||
12 | Ratio for Earnings to Fixed Charges | 2.90 | 1.97 | 2.13 | 3.61 | 3.03 |