Texas New Mexico Power 10-Q 2007 Q3 Quarterly report

EXHIBIT 12.1

PNM RESOURCES, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

(In thousands, except ratio)

	Nine
	Months Ended			Year Ended December 31,
	September 30, 2007			2006			2005			2004			2003			2002
Fixed charges, as defined by the Securities and Exchange
Commission:
Interest on long-term debt	$	67,910		$	95,301		$	75,736		$	46,702		$	59,429		$	56,409
Amortization of debt premium, discount and expenses		4,869			4,417			3,642			2,697			2,838			2,302
Other interest		30,437			45,811			14,299			2,319			5,423			2,859
Estimated interest factor of lease rental charges		16,541			19,714			20,643			19,617			20,452			23,233
Interest capitalized		3,685			2,982			1,421			957			1,163			-
Preferred dividend requirements of subsidiaries		430			806			4,220			896			869			893
Total Fixed Charges	$	123,872		$	169,031		$	119,961		$	73,188		$	90,174		$	85,696
Earnings, as defined by the Securities and Exchange
Commission:
Earnings from continuing operations before income taxes	$	63,670		$	185,316		$	102,586		$	136,209		$	85,731		$	96,007
(Earnings) of equity investee		(12,166	)		-			-			-			-			-
Earnings from continuing operations before income taxes and  investee earnings		51,504			185,316			102,586			136,209			85,731			96,007
Fixed charges as above		123,872			169,031			119,961			73,188			90,174			85,696
Interest capitalized		(3,685	)		(2,982	)		(1,421	)		(957	)		(1,163	)		-
Preferred dividend requirements of subsidiaries		(430	)		(806	)		(4,220	)		(896	)		(869	)		(893	)
Earnings Available for Fixed Charges	$	171,261		$	350,559		$	216,906		$	207,544		$	173,873		$	180,810
Ratio for Earnings to Fixed Charges		1.38			2.07			1.81			2.84			1.93			2.11