Exhibit 12.3
TEXAS-NEW MEXICO POWER COMPANY | ||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||
(In thousands, except ratio) | ||||||||||||
Year Ended December 31, | ||||||||||||
Six Months Ending | ||||||||||||
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) | $ 8,078 | $ 12,427 | $ 22,394 | $ 25,728 | $ 25,727 | $ 25,855 | ||||||
Amortization of debt premium, discount and expenses | 1,975 | 1,504 | 1,925 | 1,695 | 2,111 | 2,522 | ||||||
Other interest (including interest capitalized) | 2,718 | 5,434 | 1,129 | 1,646 | 179 | 442 | ||||||
Estimated interest factor of lease rental charges | 187 | 571 | 844 | 367 | 377 | 279 | ||||||
Total Fixed Charges | $ 12,958 | $ 19,936 | $ 26,292 | $ 29,436 | $ 28,394 | $ 29,098 | ||||||
Earnings, as defined by the Securities and Exchange | ||||||||||||
Commission: | ||||||||||||
Earnings from continuing operations before income taxes | $ 5,356 | $ 2,335 | $ 29,055 | $ 17,905 | $ 25,183 | $ 66,117 | ||||||
Fixed charges as above | 12,958 | 19,936 | 26,292 | 29,436 | 28,394 | 29,098 | ||||||
Interest capitalized | (737) | (1,025) | (332) | (209) | (200) | (370) | ||||||
Earnings Available for Fixed Charges | $ 17,577 | $ 21,246 | $ 55,015 | $ 47,132 | $ 53,377 | $ 94,845 | ||||||
Ratio of Earnings to Fixed Charges | 1.36 | 1.07 | 2.09 | 1.60 | 1.88 | 3.26 | ||||||
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