EXHIBIT 12.1
PNM RESOURCES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||
(In thousands, except ratio) | ||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||
September 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 | $ | 72,622 | $ | 81,638 | $ | 84,773 | $ | 66,042 | $ | 34,488 | $ | 48,483 | ||||||||||||
Amortization of debt premium, discount and expenses | 5,227 | 6,566 | 4,729 | 3,962 | 3,036 | 2,990 | ||||||||||||||||||
Other interest | 21,247 | 32,242 | 44,918 | 13,734 | 1,976 | 3,922 | ||||||||||||||||||
Estimated interest factor of lease rental charges | 13,219 | 19,308 | 19,235 | 19,934 | 18,843 | 19,568 | ||||||||||||||||||
Interest capitalized | 415 | 4,119 | 2,982 | 1,421 | 957 | 1,163 | ||||||||||||||||||
Preferred dividend requirements of subsidiaries | 495 | 556 | 798 | 4,063 | 881 | 845 | ||||||||||||||||||
Total Fixed Charges | $ | 113,225 | $ | 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 | $ | (277,421 | ) | $ | 63,112 | $ | 164,018 | $ | 76,502 | $ | 107,060 | $ | 68,267 | |||||||||||
(Earnings) of equity investee | 29,091 | (7,581 | ) | - | - | - | - | |||||||||||||||||
Earnings from continuing operations before income taxes and investee earnings | (248,330 | ) | 55,531 | 164,018 | 76,502 | 107,060 | 68,267 | |||||||||||||||||
Fixed charges as above | 113,225 | 144,429 | 157,435 | 109,156 | 60,181 | 76,971 | ||||||||||||||||||
Interest capitalized | (415 | ) | (4,119 | ) | (2,982 | ) | (1,421 | ) | (957 | ) | (1,163 | ) | ||||||||||||
Preferred dividend requirements of subsidiaries | (495 | ) | (556 | ) | (798 | ) | (4,063 | ) | (881 | ) | (845 | ) | ||||||||||||
Earnings Available for Fixed Charges | $ | (136,015 | ) | $ | 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 nine months ended September 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 $249.2 million for the nine months ended September 30, 2008. | ||||||||||||||||||||||||