Exhibit 12.2 | |||||||||||||||||||||||||
PUBLIC SERVICE COMPANY OF NEW MEXICO | |||||||||||||||||||||||||
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 | $ | 42,745 | $ | 86,121 | $ | 89,502 | $ | 84,695 | $ | 79,834 | $ | 79,769 | |||||||||||||
Amortization of debt premium, discount, and expenses | 1,220 | 2,677 | 2,312 | 1,978 | 1,944 | 1,879 | |||||||||||||||||||
Estimated interest factor of lease rental charges | 598 | 1,182 | 1,217 | 1,532 | 2,541 | 3,732 | |||||||||||||||||||
Total Fixed Charges | $ | 44,563 | $ | 89,980 | $ | 93,031 | $ | 88,205 | $ | 84,319 | $ | 85,380 | |||||||||||||
Earnings, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||||||
Earnings (loss) before income taxes and non-controlling interest | $ | 44,293 | $ | 168,968 | $ | 132,860 | $ | (13,082 | ) | $ | 154,086 | $ | 151,480 | ||||||||||||
Fixed charges as above | 44,563 | 89,980 | 93,031 | 88,205 | 84,319 | 85,380 | |||||||||||||||||||
Non-controlling interest in earnings of Valencia | (7,786 | ) | (15,017 | ) | (14,519 | ) | (14,910 | ) | (14,127 | ) | (14,521 | ) | |||||||||||||
Interest capitalized | (3,554 | ) | (6,917 | ) | (6,094 | ) | (8,530 | ) | (5,211 | ) | (4,420 | ) | |||||||||||||
Earnings Available for Fixed Charges | $ | 77,516 | $ | 237,014 | $ | 205,278 | $ | 51,683 | $ | 219,067 | $ | 217,919 | |||||||||||||
Ratio of Earnings to Fixed Charges | 1.74 | 1 | 2.63 | 2 | 2.21 | 3 | 0.59 | 4 | 2.60 | 5 | 2.55 | 6 | |||||||||||||
1 Earnings (loss) 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. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 1.78. | |||||||||||||||||||||||||
2 Earnings (loss) 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. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.93 for 2017. | |||||||||||||||||||||||||
3 Earnings (loss) 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. | |||||||||||||||||||||||||
4 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) 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. | |||||||||||||||||||||||||
5 Earnings (loss) 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. | |||||||||||||||||||||||||
6 Earnings (loss) 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-Q2018 Q2 Quarterly report
Filed: 31 Jul 18, 5:03pm