TXNM Energy (TXNM) 10-Q 2013 Q3 Quarterly report

Exhibit 12.3
TEXAS-NEW MEXICO POWER COMPANY
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
	Nine Months Ended			Year Ended December 31,
	September 30, 2013			2012			2011				2010			2009			2008
Fixed charges, as defined by the Securities and Exchange Commission:
Interest expensed and capitalized	$	18,603		$	26,233		$	27,914			$	28,632		$	25,609		$	17,861
Amortization of debt premium, discount and expenses	897			1,493			1,679				2,683			3,355			1,504
Estimated interest factor of lease rental charges	839			956			1,202				1,246			831			571
Total Fixed Charges	$	20,339		$	28,682		$	30,795			$	32,561		$	29,795		$	19,936
Earnings, as defined by the Securities and Exchange Commission:
Earnings from continuing operations before income taxes	$	35,724		$	42,099		$	36,138			$	26,026		$	20,151		$	2,335
Fixed charges as above	20,339			28,682			30,795				32,561			29,795			19,936
Interest capitalized	(344		)	(706		)	(593		)		(158		)	(1,144		)	(1,025		)
Earnings Available for Fixed Charges	$	55,719		$	70,075		$	66,340			$	58,429		$	48,802		$	21,246
Ratio of Earnings to Fixed Charges	2.74			2.44			2.15			1	1.79			1.64			1.07
1 Earnings from continuing operations before income taxes for the year ended December 31, 2011 includes a pre-tax loss of $3.9 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.28.