PNM RESOURCES, INC. AND SUBSIDIARIES | Exhibit 12.1 | |||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||
(In thousands, except ratio) | ||||||||||||||
Six Months Ended | ||||||||||||||
June 30, | Year Ended December 31, | |||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||
Fixed charges, as defined by the Securities and Exchange | ||||||||||||||
Commission: | ||||||||||||||
Interest on long-term debt | $ 43,105 | $ 81,638 | $ 84,773 | $ 66,042 | $ 34,488 | $ 48,483 | ||||||||
Amortization of debt premium, discount and expenses | 3,547 | 6,566 | 4,729 | 3,962 | 3,036 | 2,990 | ||||||||
Other interest | 13,293 | 32,242 | 44,918 | 13,734 | 1,976 | 3,922 | ||||||||
Estimated interest factor of lease rental charges | 9,156 | 19,308 | 19,235 | 19,934 | 18,843 | 19,568 | ||||||||
Interest capitalized | 280 | 4,119 | 2,982 | 1,421 | 957 | 1,163 | ||||||||
Preferred dividend requirements of subsidiaries | 328 | 556 | 798 | 4,063 | 881 | 845 | ||||||||
Total Fixed Charges | $ 69,709 | $ 144,429 | $ 157,435 | $ 109,156 | $ 60,181 | $ 76,971 | ||||||||
Earnings, as defined by the Securities and Exchange | ||||||||||||||
Commission: | ||||||||||||||
Earnings from continuing operations before income taxes | $ (269,597) | $ 63,112 | $ 164,018 | $ 76,502 | $ 107,060 | $ 68,267 | ||||||||
(Earnings) of equity investee | 27,606 | (7,581) | - | - | - | - | ||||||||
Earnings from continuing operations before income taxes and investee earnings | (241,991) | 55,531 | 164,018 | 76,502 | 107,060 | 68,267 | ||||||||
Fixed charges as above | 69,709 | 144,429 | 157,435 | 109,156 | 60,181 | 76,971 | ||||||||
Interest capitalized | (280) | (4,119) | (2,982) | (1,421) | (957) | (1,163) | ||||||||
Preferred dividend requirements of subsidiaries | (328) | (556) | (798) | (4,063) | (881) | (845) | ||||||||
Earnings Available for Fixed Charges | $ (172,890) | $ 195,285 | $ 317,673 | $ 180,174 | $ 165,403 | $ 143,230 | ||||||||
Ratio of Earnings to Fixed Charges | N/M* | 1.35 | 2.02 | 1.65 | 2.75 | 1.86 | ||||||||
* The ratio of earnings to fixed charges for the six months ended June 30, 2008 is not meaningful since earnings available for fixed charges is negative. The shortfall in the earnings available | ||||||||||||||
for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $242.6 million for the six months ended June 30, 2008. |
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10-Q Filing
PNM Resources (PNM) 10-Q2008 Q2 Quarterly report
Filed: 14 Aug 08, 12:00am