TXNM Energy (TXNM) 10-Q2014 Q1 Quarterly report

Filed: 2 May 14, 12:00am

Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigious
Readability	H.S. freshman Avg

New words: absorb, adequacy, administering, advertising, Agricultural, appellate, attempt, attempting, ballot, bargaining, benchmark, BOKF, Bond, brand, Burgett, casualty, cent, citizenship, clock, contemplated, contrasted, copy, Dale, dba, Dock, dynamic, effectuate, effort, EIS, El, Encouraging, excellence, fingerprint, forest, franchise, half, hardware, headquartered, healthcare, hurricane, Ike, Injunctive, intervenor, issuer, launched, Lender, letter, Lightning, Likewise, Los, Marine, mobile, MOD, modern, movement, NA, nationwide, notably, notch, ordinance, Partnership, Paso, platform, pledge, predictor, prepayment, presence, proportionate, reassembled, recession, redesign, refiled, refocused, rely, rental, repeat, repositioning, revealed, root, Salt, sampling, scale, Similarly, slip, software, solution, sorbent, Southern, strong, stronger, superior, Syndication, thirty, traction, UFJ, Untimely, Verde, voluntarily, volunteerism, WACC

Removed: abandoned, accelerated, acceleration, accurately, acted, adder, affiliate, affirm, Alliance, annulled, answered, anticipation, applying, appointed, assert, avoidance, Biological, Black, brominated, ceased, collectively, College, complied, composed, consulting, consummated, continually, conversion, Council, creation, declaration, deny, denying, detection, Din, disapproved, dismissal, dismissing, double, downturn, dropping, East, electronic, Emergency, endangered, enriched, Establishment, exchanged, execute, exercising, expedited, finalize, fiscal, force, governmental, Granada, granting, harbor, implicated, inclusion, infrequently, intended, invoked, IRS, lifetime, light, losing, majeure, Manufacturing, misleading, mix, moderate, monoxide, moot, negotiating, NMAG, NMIEC, Northern, opposed, outsourcing, overturn, partly, payroll, Penn, people, premised, presently, priority, prohibit, protest, prudently, quantity, reaching, recording, refunded, reimbursable, rejection, repair, replacing, resale, rescinded, rescission, residue, rollout, Ruining, running, Sandia, scheduling, securing, shut, shutting, sited, spend, steam, substitute, TGP, Tortoise, TTO, unexecuted, University, unjust, unlimited, unopposed, unreasonable, unrecovered, unusual, uranium, vacate, vacated, vacating, variance, violate, waiting, waiver, workforce, worsen

Search this filing

Filing tables

Export all tables to Excel

Filing exhibits

Related press release

TXNM similar filings

Filing view

Default size S M L
Default font Times Arial

External links

Share this filing



Exhibit 12.1
PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)

	Three Months Ended			Year Ended December 31,
	March 31, 2014			2013				2012			2011				2010				2009
Fixed charges, as defined by the Securities and Exchange Commission:

Interest expensed and capitalized	$	28,683		$	118,880			$	125,379		$	122,998			$	123,633			$	123,833
Amortization of debt premium, discount and expenses	880			3,716				4,023			3,695				4,627				5,430
Interest from discontinued operations (including capitalized interest)	—			—				—			—				—				1,027
Estimated interest factor of lease rental charges	1,481			5,847				5,585			6,665				6,888				7,034
Preferred dividend requirements of subsidiary	185			800				769			864				1,075				759
Total Fixed Charges	$	31,229		$	129,243			$	135,756		$	134,222			$	136,223			$	138,083

Earnings, as defined by the Securities and Exchange Commission:

Earnings (loss) from continuing operations before income taxes and non-controlling interest	$	22,551		$	175,069			$	175,035		$	321,469			$	(63,379	)		$	94,751
(Earnings) loss of equity investee	—			—				—			—				15,223				30,145
Earnings (loss) from continuing operations before income taxes, non-controlling interest, and investee earnings	22,551			175,069				175,035			321,469				(48,156		)		124,896
Fixed charges as above	31,229			129,243				135,756			134,222				136,223				138,083
Interest capitalized	(1,316		)	(5,209		)		(5,432		)	(2,697		)		(3,401		)		(7,743		)
Non-controlling interest in earnings of Valencia	(3,531		)	(14,521		)		(14,050		)	(14,047		)		(13,563		)		(11,890		)
Preferred dividend requirements of subsidiary	(185		)	(800		)		(769		)	(864		)		(1,075		)		(759		)

Earnings Available for Fixed Charges	$	48,748		$	283,782			$	290,540		$	438,083			$	70,028			$	242,587

Ratio of Earnings to Fixed Charges	1.56			2.20			¹	2.14			3.26			²	0.51			³	1.76

¹ Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2013 includes a pre-tax loss of $12.2 million due to the write-off of regulatory disallowances at PNM. If those losses were excluded, the Ratio of Earnings to Fixed Charges would have been 2.29.

² Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2011 includes a pre-tax loss of $21.4 million due to the write-off of regulatory disallowances at PNM and TNMP. If those losses were excluded, the Ratio of Earnings to Fixed Charges would have been 3.42. In addition, 2011 includes a pre-tax gain on the sale of First Choice of $174.9 million. If that gain were also excluded, the Ratio of Earnings to Fixed Charges would have been 1.96.

³ The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $66.2 million for the year ended December 31, 2010. Earnings (loss) from continuing operations before income taxes and non-controlling interest includes a pre-tax loss of $188.2 million due to the impairment of PNMR's investment in an equity investee. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 1.90.

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.