Exhibit 12.3 | ||||||||||||||||||||||||
TEXAS-NEW MEXICO POWER COMPANY | ||||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||
(In thousands, except ratio) | ||||||||||||||||||||||||
Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||
June 30, 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | ||||||||||||||||||||||||
Interest expensed and capitalized | $ | 11,700 | $ | 24,481 | $ | 26,233 | $ | 27,914 | $ | 28,632 | $ | 25,609 | ||||||||||||
Amortization of debt premium, discount and expenses | 578 | 1,159 | 1,493 | 1,679 | 2,683 | 3,355 | ||||||||||||||||||
Estimated interest factor of lease rental charges | 629 | 1,241 | 956 | 1,202 | 1,246 | 831 | ||||||||||||||||||
Total Fixed Charges | $ | 12,907 | $ | 26,881 | $ | 28,682 | $ | 30,795 | $ | 32,561 | $ | 29,795 | ||||||||||||
Earnings, as defined by the Securities and Exchange Commission: | ||||||||||||||||||||||||
Earnings from continuing operations before income taxes | $ | 25,976 | $ | 46,711 | $ | 42,099 | $ | 36,138 | $ | 26,026 | $ | 20,151 | ||||||||||||
Fixed charges as above | 12,907 | 26,881 | 28,682 | 30,795 | 32,561 | 29,795 | ||||||||||||||||||
Interest capitalized | (244 | ) | (361 | ) | (706 | ) | (593 | ) | (158 | ) | (1,144 | ) | ||||||||||||
Earnings Available for Fixed Charges | $ | 38,639 | $ | 73,231 | $ | 70,075 | $ | 66,340 | $ | 58,429 | $ | 48,802 | ||||||||||||
Ratio of Earnings to Fixed Charges | 2.99 | 2.72 | 2.44 | 2.15 | 1 | 1.79 | 1.64 | |||||||||||||||||
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. | ||||||||||||||||||||||||
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10-Q Filing
TXNM Energy (TXNM) 10-Q2014 Q2 Quarterly report
Filed: 1 Aug 14, 12:00am