Exhibit 12.1 | |||||||||||||||||||||||||
PNM RESOURCES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | |||||||||||||||||||||||||
(In thousands, except ratio) | |||||||||||||||||||||||||
Six Months Ended | Year Ended December 31, | ||||||||||||||||||||||||
June 30, 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||||||
Interest expensed and capitalized | $ | 65,222 | $ | 117,932 | $ | 117,337 | $ | 118,880 | $ | 125,379 | $ | 122,998 | |||||||||||||
Amortization of debt premium, discount, and expenses | 1,873 | 3,575 | 4,194 | 3,716 | 4,023 | 3,695 | |||||||||||||||||||
Estimated interest factor of lease rental charges | 1,383 | 3,298 | 4,686 | 5,847 | 5,585 | 6,665 | |||||||||||||||||||
Preferred dividend requirements of subsidiary | 398 | 784 | 809 | 800 | 769 | 864 | |||||||||||||||||||
Total Fixed Charges | $ | 68,876 | $ | 125,589 | $ | 127,026 | $ | 129,243 | $ | 135,756 | $ | 134,222 | |||||||||||||
Earnings, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||||||
Earnings from continuing operations before income taxes and non-controlling interest | $ | 67,707 | $ | 46,153 | $ | 200,647 | $ | 175,069 | $ | 175,035 | $ | 321,469 | |||||||||||||
Fixed charges as above | 68,876 | 125,589 | 127,026 | 129,243 | 135,756 | 134,222 | |||||||||||||||||||
Interest capitalized | (4,020 | ) | (9,753 | ) | (6,256 | ) | (5,209 | ) | (5,432 | ) | (2,697 | ) | |||||||||||||
Non-controlling interest in earnings of Valencia | (7,031 | ) | (14,910 | ) | (14,127 | ) | (14,521 | ) | (14,050 | ) | (14,047 | ) | |||||||||||||
Preferred dividend requirements of subsidiary | (398 | ) | (784 | ) | (809 | ) | (800 | ) | (769 | ) | (864 | ) | |||||||||||||
Earnings Available for Fixed Charges | $ | 125,134 | $ | 146,295 | $ | 306,481 | $ | 283,782 | $ | 290,540 | $ | 438,083 | |||||||||||||
Ratio of Earnings to Fixed Charges | 1.82 | 1 | 1.16 | 2 | 2.41 | 3 | 2.20 | 3 | 2.14 | 3.26 | 4 | ||||||||||||||
1 Earnings from continuing operations before income taxes and non-controlling interest for the six months ended June 30, 2016 includes a pre-tax loss of $0.8 million due to the write-off of regulatory disallowances and restructuring costs at PNM. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 1.83. | |||||||||||||||||||||||||
2 Earnings 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 that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.50 for 2015. | |||||||||||||||||||||||||
3 Earnings 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 at PNM. If those losses were excluded, the Ratio of Earnings to Fixed Charges would have been 2.42 for 2014 and 2.29 for 2013. | |||||||||||||||||||||||||
4 Earnings from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2011 includes pre-tax losses of $21.4 million due to the write-off of regulatory disallowances at PNM and TNMP. If that loss was 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 was also excluded, the Ratio of Earnings to Fixed Charges would have been 1.96. | |||||||||||||||||||||||||
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10-Q Filing
TXNM Energy (TXNM) 10-Q2016 Q2 Quarterly report
Filed: 9 Aug 16, 12:00am