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, 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||||||
Interest expensed and capitalized | $ | 67,649 | $ | 130,024 | $ | 129,592 | $ | 117,932 | $ | 117,337 | $ | 118,880 | |||||||||||||
Amortization of debt premium, discount, and expenses | 2,344 | 4,106 | 3,779 | 3,575 | 4,194 | 3,716 | |||||||||||||||||||
Estimated interest factor of lease rental charges | 1,343 | 2,567 | 2,747 | 3,298 | 4,686 | 5,847 | |||||||||||||||||||
Preferred dividend requirements of subsidiary | 290 | 1,249 | 781 | 784 | 809 | 800 | |||||||||||||||||||
Total Fixed Charges | $ | 71,626 | $ | 137,946 | $ | 136,899 | $ | 125,589 | $ | 127,026 | $ | 129,243 | |||||||||||||
Earnings, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||||||
Earnings before income taxes and non-controlling interest | $ | 67,187 | $ | 225,759 | $ | 195,174 | $ | 46,153 | $ | 200,647 | $ | 175,069 | |||||||||||||
Fixed charges as above | 71,626 | 137,946 | 136,899 | 125,589 | 127,026 | 129,243 | |||||||||||||||||||
Interest capitalized | (4,673 | ) | (8,806 | ) | (7,964 | ) | (9,753 | ) | (6,256 | ) | (5,209 | ) | |||||||||||||
Non-controlling interest in earnings of Valencia | (7,786 | ) | (15,017 | ) | (14,519 | ) | (14,910 | ) | (14,127 | ) | (14,521 | ) | |||||||||||||
(Earnings) loss of equity investee | (251 | ) | — | — | — | — | — | ||||||||||||||||||
Preferred dividend requirements of subsidiary | (290 | ) | (1,249 | ) | (781 | ) | (784 | ) | (809 | ) | (800 | ) | |||||||||||||
Earnings Available for Fixed Charges | $ | 125,813 | $ | 338,633 | $ | 308,809 | $ | 146,295 | $ | 306,481 | $ | 283,782 | |||||||||||||
Ratio of Earnings to Fixed Charges | 1.76 | 1 | 2.45 | 2 | 2.26 | 3 | 1.16 | 4 | 2.41 | 5 | 2.20 | 6 | |||||||||||||
1 Earnings before income taxes and non-controlling interest for the six months ended June 30, 2018 includes a pre-tax loss of $1.8 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 1.78. | |||||||||||||||||||||||||
2 Earnings before income taxes and non-controlling interest for the year ended December 31, 2017 includes a pre-tax loss of $27.0 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 2.65 for 2017. | |||||||||||||||||||||||||
3 Earnings 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 at PNM. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.37 for 2016. | |||||||||||||||||||||||||
4 Earnings 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. | |||||||||||||||||||||||||
5 Earnings 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 that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.42 for 2014. | |||||||||||||||||||||||||
6 Earnings 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 that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.29 for 2013. | |||||||||||||||||||||||||
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10-Q Filing
TXNM Energy (TXNM) 10-Q2018 Q2 Quarterly report
Filed: 31 Jul 18, 5:03pm