Exhibit 12.1
PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio or Earnings to Fixed Charges
(1,000's)
Line | Year Ended December 31, | |||||||||||||||||||
No. | 12/31/06 | 12/31/05 | 12/31/04 | 12/31/03 | 12/31/02 | 12/31/01 | ||||||||||||||
Fixed charges, as defined by the Securities and Exchange | ||||||||||||||||||||
Commission: | ||||||||||||||||||||
1 | Interest on Long-term Debt | $ | 95,301 | $ | 75,736 | $ | 46,702 | $ | 59,429 | $ | 56,409 | $ | 62,716 | |||||||
2 | Amortization of Debt Premium, Discount and Expenses | 4,417 | 3,642 | 2,697 | 2,838 | 2,302 | 2,346 | |||||||||||||
3 | Other Interest | 45,811 | 14,299 | 2,319 | 5,423 | 2,859 | (42 | ) | ||||||||||||
4 | Estimated Interest Factor of Lease Rental Charges | 19,714 | 20,643 | 19,617 | 20,452 | 23,233 | 22,856 | |||||||||||||
5 | Total Fixed Charges | $ | 165,243 | $ | 114,320 | $ | 71,335 | $ | 88,142 | $ | 84,803 | $ | 87,876 | |||||||
Earnings, as defined by the Securities and Exchange | ||||||||||||||||||||
Commission: | ||||||||||||||||||||
6 | Consolidated Net Earnings from Continuing Operations | $ | 121,346 | $ | 69,725 | $ | 86,962 | $ | 57,842 | $ | 62,976 | $ | 149,137 | |||||||
7 | Income Taxes | 63,970 | 32,861 | 49,247 | 27,889 | 33,032 | 81,063 | |||||||||||||
8 | Add Fixed Charges as Above | 165,243 | 114,320 | 71,335 | 88,142 | 84,803 | 87,876 | |||||||||||||
9 | Earnings Availabe for Fixed Charges | $ | 350,559 | $ | 216,906 | $ | 207,544 | $ | 173,873 | $ | 180,811 | $ | 318,076 | |||||||
10 | Ratio for Earnings to Fixed Charges | 2.12 | 1.91 | 2.93 | 1.99 | 2.15 | 3.63 |