Exhibit 12.2 | |||||||||||||||||||||||||
PUBLIC SERVICE COMPANY OF NEW MEXICO | |||||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | |||||||||||||||||||||||||
(In thousands, except ratio) | |||||||||||||||||||||||||
Three Months Ended | Year Ended December 31, | ||||||||||||||||||||||||
March 31, 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||||||
Interest expensed and capitalized | $ | 22,230 | $ | 84,695 | $ | 79,834 | $ | 79,769 | $ | 82,864 | $ | 75,217 | |||||||||||||
Amortization of debt premium, discount and expenses | 567 | 1,978 | 1,944 | 1,879 | 1,818 | 1,325 | |||||||||||||||||||
Estimated interest factor of lease rental charges | 314 | 1,532 | 2,541 | 3,732 | 3,743 | 4,139 | |||||||||||||||||||
Total Fixed Charges | $ | 23,111 | $ | 88,205 | $ | 84,319 | $ | 85,380 | $ | 88,425 | $ | 80,681 | |||||||||||||
Earnings, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and non-controlling interest | $ | 11,171 | $ | (13,082 | ) | $ | 154,086 | $ | 151,480 | $ | 156,314 | $ | 105,965 | ||||||||||||
Fixed charges as above | 23,111 | 88,205 | 84,319 | 85,380 | 88,425 | 80,681 | |||||||||||||||||||
Non-controlling interest in earnings of Valencia | (3,287 | ) | (14,910 | ) | (14,127 | ) | (14,521 | ) | (14,050 | ) | (14,047 | ) | |||||||||||||
Interest capitalized | (1,658 | ) | (8,530 | ) | (5,211 | ) | (4,420 | ) | (4,314 | ) | (1,761 | ) | |||||||||||||
Earnings Available for Fixed Charges | $ | 29,337 | $ | 51,683 | $ | 219,067 | $ | 217,919 | $ | 226,375 | $ | 170,838 | |||||||||||||
Ratio of Earnings to Fixed Charges | 1.27 | 1 | 0.59 | 2 | 2.60 | 3 | 2.55 | 4 | 2.56 | 2.12 | 5 | ||||||||||||||
1 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the three months ended March 31, 2016 include a pre-tax loss of $0.8 million due to the write-off of regulatory disallowances and restructuring costs. If these losses were excluded, the Ratio of Earnings to Fixed Charges would have been 1.30. | |||||||||||||||||||||||||
2 The shortfall in earnings available for fixed charges to achieve a ration of earnings to fixed charges of 1.00 amounted to $36.5 million for the year ended December 31, 2015. Earnings (loss) from continuing operations before income taxes includes a pre-tax loss of $167.5 million due to the write-off of regulatory disallowances and restructuring costs. If those losses were excluded, the Ratio of Earnings to Fixed Charges would have been 2.48 for 2015. | |||||||||||||||||||||||||
3 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2014 include a pre-tax loss of $1.1 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. | |||||||||||||||||||||||||
4 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2013 include a pre-tax loss of $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 2.70 for 2013. | |||||||||||||||||||||||||
5 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-Q2016 Q1 Quarterly report
Filed: 2 May 16, 12:00am