Exhibit 12.2
PUBLIC SERVICE COMPANY OF NEW MEXICO | ||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||
(In thousands, except ratio) | ||||||||||||||
Six Months Ended | Year Ended December 31, | |||||||||||||
June 30, 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||
Fixed charges, as defined by the Securities and Exchange | ||||||||||||||
Commission: | ||||||||||||||
Interest on long-term debt (including interest capitalized) | $ 35,249 | $ 58,003 | $ 42,272 | $ 42,487 | $ 40,462 | $ 37,553 | ||||||||
Amortization of debt premium, discount and expenses | 673 | 4,345 | 4,618 | 2,871 | 2,856 | 3,036 | ||||||||
Other interest (including interest capitalized) | 1,644 | 14,424 | 15,773 | 6,892 | 3,980 | 3,125 | ||||||||
Estimated interest factor of lease rental charges | 6,828 | 15,720 | 16,630 | 16,448 | 16,954 | 16,406 | ||||||||
Total Fixed Charges | $ 44,394 | $ 92,492 | $ 79,293 | $ 68,698 | $ 64,252 | $ 60,120 | ||||||||
Earnings, as defined by the Securities and Exchange | ||||||||||||||
Commission: | ||||||||||||||
Earnings from continuing operations before income taxes and non-controlling interest | $ (15,977) | $ (69,324) | * | $ 34,611 | $ 89,657 | $ 51,034 | $ 114,690 | |||||||
Fixed charges as above | 44,394 | 92,492 | 79,293 | 68,698 | 64,252 | 60,120 | ||||||||
Non-controlling interest in earnings of Valencia | (5,354) | (7,179) | ||||||||||||
Interest capitalized | (3,329) | (6,815) | (9,712) | (4,882) | (3,113) | (2,158) | ||||||||
Earnings Available for Fixed Charges | $ 19,734 | ** | $ 9,174 | *** | $ 104,192 | $ 153,473 | $ 112,173 | $ 172,652 | ||||||
Ratio of Earnings to Fixed Charges | 0.44 | 0.10 | 1.31 | 2.23 | 1.75 | 2.87 |
* The presentation of non-controlling interest in earnings of Valencia was changed effective January 1, 2009 in accordance with SFAS 160. The 2008 presentation has been changed | ||||||||||||||
to be consistent with 2009. There is no impact on periods prior to 2008. | ||||||||||||||
** The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $24.7 million for the six months June 30, 2009. | ||||||||||||||
*** The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $83.3 million for the year December 31, 2008 | ||||||||||||||