Exhibit 12.1 | ||||||||||||||||||||||
PNM RESOURCES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||
(In thousands, except ratio) | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | ||||||||||||||||||||||
Interest expensed and capitalized | $ | 117,932 | $ | 117,337 | $ | 118,880 | $ | 125,379 | $ | 122,998 | ||||||||||||
Amortization of debt premium, discount, and expenses | 3,575 | 4,194 | 3,716 | 4,023 | 3,695 | |||||||||||||||||
Estimated interest factor of lease rental charges | 3,298 | 4,686 | 5,847 | 5,585 | 6,665 | |||||||||||||||||
Preferred dividend requirements of subsidiary | 784 | 809 | 800 | 769 | 864 | |||||||||||||||||
Total Fixed Charges | $ | 125,589 | $ | 127,026 | $ | 129,243 | $ | 135,756 | $ | 134,222 | ||||||||||||
Earnings, as defined by the Securities and Exchange Commission: | ||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and non-controlling interest | $ | 46,153 | $ | 200,647 | $ | 175,069 | $ | 175,035 | $ | 321,469 | ||||||||||||
Fixed charges as above | 125,589 | 127,026 | 129,243 | 135,756 | 134,222 | |||||||||||||||||
Interest capitalized | (9,753 | ) | (6,256 | ) | (5,209 | ) | (5,432 | ) | (2,697 | ) | ||||||||||||
Non-controlling interest in earnings of Valencia | (14,910 | ) | (14,127 | ) | (14,521 | ) | (14,050 | ) | (14,047 | ) | ||||||||||||
Preferred dividend requirements of subsidiary | (784 | ) | (809 | ) | (800 | ) | (769 | ) | (864 | ) | ||||||||||||
Earnings Available for Fixed Charges | $ | 146,295 | $ | 306,481 | $ | 283,782 | $ | 290,540 | $ | 438,083 | ||||||||||||
Ratio of Earnings to Fixed Charges | 1.16 | 1 | 2.41 | 2 | 2.20 | 3 | 2.14 | 3.26 | 4 | |||||||||||||
1 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2015 includes a pre-tax loss of $167.5 million due to the write-off of regulatory disallowances and restructuring costs at PNM. If those losses were excluded, the Ratio of Earnings to Fixed Charges would have been 2.50 for 2015. | ||||||||||||||||||||||
2 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2014 includes a pre-tax loss of $1.1 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 2.42 for 2014. | ||||||||||||||||||||||
3 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 for 2013. | ||||||||||||||||||||||
4 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. | ||||||||||||||||||||||
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10-K Filing
TXNM Energy (TXNM) 10-K2015 FY Annual report
Filed: 29 Feb 16, 12:00am