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, 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||||||
Interest expensed and capitalized | $ | 13,866 | $ | 25,875 | $ | 24,941 | $ | 24,481 | $ | 26,233 | $ | 27,914 | |||||||||||||
Amortization of debt premium, discount and expenses | 519 | 1,100 | 1,195 | 1,159 | 1,493 | 1,679 | |||||||||||||||||||
Estimated interest factor of lease rental charges | 587 | 1,229 | 1,311 | 1,241 | 956 | 1,202 | |||||||||||||||||||
Total Fixed Charges | $ | 14,972 | $ | 28,204 | $ | 27,447 | $ | 26,881 | $ | 28,682 | $ | 30,795 | |||||||||||||
Earnings, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||||||
Earnings from continuing operations before income taxes | $ | 28,373 | $ | 66,088 | $ | 60,330 | $ | 46,711 | $ | 42,099 | $ | 36,138 | |||||||||||||
Fixed charges as above | 14,972 | 28,204 | 27,447 | 26,881 | 28,682 | 30,795 | |||||||||||||||||||
Interest capitalized | (276 | ) | (593 | ) | (609 | ) | (361 | ) | (706 | ) | (593 | ) | |||||||||||||
Earnings Available for Fixed Charges | $ | 43,069 | $ | 93,699 | $ | 87,168 | $ | 73,231 | $ | 70,075 | $ | 66,340 | |||||||||||||
Ratio of Earnings to Fixed Charges | 2.88 | 3.32 | 3.18 | 2.72 | 2.44 | 2.15 | 1 | ||||||||||||||||||
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 was excluded, the Ratio of Earnings to Fixed Charges would have been 2.28. | |||||||||||||||||||||||||
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10-Q Filing
TXNM Energy (TXNM) 10-Q2016 Q2 Quarterly report
Filed: 9 Aug 16, 12:00am