Exhibit 12.1
PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
(1,000’S)
Ratio of Earnings to Fixed Charges
(1,000’S)
Six | ||||||||||||||||||||||||||||||
Line | Months Ended | Year Ended December 31, | ||||||||||||||||||||||||||||
No. | 06/30/07 | 12/31/06 | 12/31/05 | 12/31/04 | 12/31/03 | 12/31/02 | 12/31/01 | |||||||||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | ||||||||||||||||||||||||||||||
1 | Interest on Long-term Debt | $ | 42,743 | $ | 95,301 | $ | 75,736 | $ | 46,702 | $ | 59,429 | $ | 56,409 | $ | 62,716 | |||||||||||||||
2 | Amortization of Debt Premium, Discount and Expenses | 3,177 | 4,417 | 3,642 | 2,697 | 2,838 | 2,302 | 2,346 | ||||||||||||||||||||||
3 | Other Interest | 21,982 | 45,811 | 14,299 | 2,319 | 5,423 | 2,859 | (42 | ) | |||||||||||||||||||||
4 | Estimated Interest Factor of Lease Rental Charges | 11,431 | 19,714 | 20,643 | 19,617 | 20,452 | 23,233 | 22,856 | ||||||||||||||||||||||
5 | Total Fixed Charges | $ | 79,333 | $ | 165,243 | $ | 114,320 | $ | 71,335 | $ | 88,142 | $ | 84,803 | $ | 87,876 | |||||||||||||||
Earnings, as defined by the Securities and Exchange Commission: | ||||||||||||||||||||||||||||||
6 | Consolidated Net Earnings from Continuing Operations | $ | 49,906 | $ | 121,346 | $ | 69,725 | $ | 86,962 | $ | 57,842 | $ | 62,976 | $ | 149,137 | |||||||||||||||
7 | Income Taxes | 2,923 | 63,970 | 32,861 | 49,247 | 27,889 | 33,032 | 81,063 | ||||||||||||||||||||||
8 | (Earnings) of Equity Investee | (1,610 | ) | — | — | — | — | — | — | |||||||||||||||||||||
9 | Add Fixed Charges as Above | 79,333 | 165,243 | 114,320 | 71,335 | 88,142 | 84,803 | 87,876 | ||||||||||||||||||||||
10 | Earnings Availabe for Fixed Charges | $ | 130,552 | $ | 350,559 | $ | 216,906 | $ | 207,544 | $ | 173,873 | $ | 180,811 | $ | 318,076 | |||||||||||||||
11 | Ratio for Earnings to Fixed Charges | 1.65 | 2.12 | 1.90 | 2.91 | 1.97 | 2.13 | 3.62 | ||||||||||||||||||||||