Exhibit 12.2 | |||||||||||||||||||||||||
PUBLIC SERVICE COMPANY OF NEW MEXICO | |||||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | |||||||||||||||||||||||||
(In thousands, except ratio) | |||||||||||||||||||||||||
Nine Months Ended | Year Ended December 31, | ||||||||||||||||||||||||
September 30, 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||||||
Interest expensed and capitalized | $ | 64,588 | $ | 89,502 | $ | 84,695 | $ | 79,834 | $ | 79,769 | $ | 82,864 | |||||||||||||
Amortization of debt premium, discount and expenses | 1,632 | 2,312 | 1,978 | 1,944 | 1,879 | 1,818 | |||||||||||||||||||
Estimated interest factor of lease rental charges | 874 | 1,217 | 1,532 | 2,541 | 3,732 | 3,743 | |||||||||||||||||||
Total Fixed Charges | $ | 67,094 | $ | 93,031 | $ | 88,205 | $ | 84,319 | $ | 85,380 | $ | 88,425 | |||||||||||||
Earnings, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and non-controlling interest | $ | 174,734 | $ | 132,860 | $ | (13,082 | ) | $ | 154,086 | $ | 151,480 | $ | 156,314 | ||||||||||||
Fixed charges as above | 67,094 | 93,031 | 88,205 | 84,319 | 85,380 | 88,425 | |||||||||||||||||||
Non-controlling interest in earnings of Valencia | (11,452 | ) | (14,519 | ) | (14,910 | ) | (14,127 | ) | (14,521 | ) | (14,050 | ) | |||||||||||||
Interest capitalized | (4,831 | ) | (6,094 | ) | (8,530 | ) | (5,211 | ) | (4,420 | ) | (4,314 | ) | |||||||||||||
Earnings Available for Fixed Charges | $ | 225,545 | $ | 205,278 | $ | 51,683 | $ | 219,067 | $ | 217,919 | $ | 226,375 | |||||||||||||
Ratio of Earnings to Fixed Charges | 3.36 | 2.21 | 1 | 0.59 | 2 | 2.60 | 3 | 2.55 | 4 | 2.56 | |||||||||||||||
1 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2016 includes a pre-tax loss of $15.0 million due to the write-off of regulatory disallowances and restructuring costs. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.37 for 2016. | |||||||||||||||||||||||||
2 The shortfall in earnings available for fixed charges to achieve a ratio 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 that loss was 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 includes a pre-tax loss of $1.1 million due to the write-off of regulatory disallowances. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.61 for 2014. | |||||||||||||||||||||||||
4 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. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.70 for 2013. | |||||||||||||||||||||||||
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10-Q Filing
TXNM Energy (TXNM) 10-Q2017 Q3 Quarterly report
Filed: 27 Oct 17, 12:00am