PUBLIC SERVICE COMPANY OF NEW MEXICO | Exhibit 12.3 | ||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | |||||||||||||||
(In thousands, except ratio) | |||||||||||||||
Six Months | |||||||||||||||
Ended | Year Ended December 31, | ||||||||||||||
June 30, 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||
Fixed charges, as defined by the Securities and Exchange | |||||||||||||||
Commission: | |||||||||||||||
Interest on long-term debt | $ 25,297 | $ 38,534 | $40,541 | $ 39,408 | $ 36,801 | $ 48,067 | |||||||||
Amortization of debt premium, discount and expenses | 2,365 | 4,618 | 2,871 | 2,856 | 3,036 | 2,958 | |||||||||
Other interest | 4,155 | 9,799 | 3,956 | 1,921 | 1,719 | 3,859 | |||||||||
Estimated interest factor of lease rental charges | 7,995 | 16,630 | 16,448 | 16,954 | 16,406 | 17,007 | |||||||||
Interest capitalized | 178 | 3,738 | 1,946 | 1,054 | 752 | 909 | |||||||||
Total Fixed Charges | 39,990 | 73,319 | 65,762 | 62,193 | 58,714 | 72,800 | |||||||||
Preferred dividend requirements | 316 | 781 | 815 | 746 | 891 | 859 | |||||||||
Total Fixed Charges and Preferred Dividend Requirements | $ 40,306 | $ 74,100 | $ 66,577 | $ 62,939 | $ 59,605 | $ 73,659 | |||||||||
Earnings, as defined by the Securities and Exchange | |||||||||||||||
Commission: | |||||||||||||||
Earnings before income taxes | $ �� (88,633) | $ 34,611 | $ 89,657 | $ 51,034 | $ 114,690 | $ 74,400 | |||||||||
Fixed charges as above | 39,990 | 73,319 | 65,762 | 62,193 | 58,714 | 72,800 | |||||||||
Interest capitalized | (178) | (3,738) | (1,946) | (1,054) | (752) | (909) | |||||||||
Earnings Available for Fixed Charges | $ (48,821) | $ 104,192 | $ 153,473 | $ 112,173 | $ 172,652 | $ 146,291 | |||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | N/M | * | 1.41 | 2.31 | 1.78 | 2.90 | 1.99 | ||||||||
* 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 $89.1 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