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, 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||||||
Interest expensed and capitalized | $ | 40,695 | $ | 79,834 | $ | 79,769 | $ | 82,864 | $ | 75,217 | $ | 73,423 | |||||||||||||
Amortization of debt premium, discount and expenses | 894 | 1,944 | 1,879 | 1,818 | 1,325 | 1,274 | |||||||||||||||||||
Estimated interest factor of lease rental charges | 845 | 2,541 | 3,732 | 3,743 | 4,139 | 4,103 | |||||||||||||||||||
Total Fixed Charges | $ | 42,434 | $ | 84,319 | $ | 85,380 | $ | 88,425 | $ | 80,681 | $ | 78,800 | |||||||||||||
Earnings, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||||||
Earnings from continuing operations before income taxes and non-controlling interest | $ | 56,168 | $ | 154,086 | $ | 151,480 | $ | 156,314 | $ | 105,965 | $ | 107,288 | |||||||||||||
Fixed charges as above | 42,434 | 84,319 | 85,380 | 88,425 | 80,681 | 78,800 | |||||||||||||||||||
Non-controlling interest in earnings of Valencia | (7,231 | ) | (14,127 | ) | (14,521 | ) | (14,050 | ) | (14,047 | ) | (13,563 | ) | |||||||||||||
Interest capitalized | (2,852 | ) | (5,211 | ) | (4,420 | ) | (4,314 | ) | (1,761 | ) | (2,811 | ) | |||||||||||||
Earnings Available for Fixed Charges | $ | 88,519 | $ | 219,067 | $ | 217,919 | $ | 226,375 | $ | 170,838 | $ | 169,714 | |||||||||||||
Ratio of Earnings to Fixed Charges | 2.09 | 1 | 2.60 | 2 | 2.55 | 2 | 2.56 | 2.12 | 3 | 2.15 | |||||||||||||||
1 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the six months ended June 30, 2015 includes a pre-tax loss $1.7 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.13. | |||||||||||||||||||||||||
2 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the years ended December 31, 2014 and December 31, 2013 include pre-tax losses of $1.1 million and $12.2 million due to the write-off of regulatory disallowances. If these losses were excluded, the Ratio of Earnings to Fixed Charges would have been 2.61 for 2014 and 2.70 for 2013. | |||||||||||||||||||||||||
3 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2011 includes a pre-tax loss $17.5 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.33. |
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10-Q Filing
TXNM Energy (TXNM) 10-Q2015 Q2 Quarterly report
Filed: 31 Jul 15, 12:00am