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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, 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||||||
Interest expensed and capitalized | $ | 15,176 | $ | 28,739 | $ | 27,698 | $ | 25,875 | $ | 24,941 | $ | 24,481 | |||||||||||||
Amortization of debt premium, discount, and expenses | 628 | 1,048 | 1,039 | 1,100 | 1,195 | 1,159 | |||||||||||||||||||
Estimated interest factor of lease rental charges | 653 | 1,190 | 1,249 | 1,229 | 1,311 | 1,241 | |||||||||||||||||||
Total Fixed Charges | $ | 16,457 | $ | 30,977 | $ | 29,986 | $ | 28,204 | $ | 27,447 | $ | 26,881 | |||||||||||||
Earnings, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||||||
Earnings from continuing operations before income taxes | $ | 31,747 | $ | 67,071 | $ | 65,508 | $ | 66,088 | $ | 60,330 | $ | 46,711 | |||||||||||||
Fixed charges as above | 16,457 | 30,977 | 29,986 | 28,204 | 27,447 | 26,881 | |||||||||||||||||||
Interest capitalized | (924 | ) | (1,189 | ) | (877 | ) | (593 | ) | (609 | ) | (361 | ) | |||||||||||||
Earnings Available for Fixed Charges | $ | 47,280 | $ | 96,859 | $ | 94,617 | $ | 93,699 | $ | 87,168 | $ | 73,231 | |||||||||||||
Ratio of Earnings to Fixed Charges | 2.87 | 3.13 | 3.16 | 3.32 | 3.18 | 2.72 | |||||||||||||||||||