EXHIBIT 12.2
PUBLIC SERVICE COMPANY OF NEW MEXICO | ||||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||
(In thousands, except ratio) | ||||||||||||||||||||||||
Nine Months | ||||||||||||||||||||||||
Ended | Year Ended December 31, | |||||||||||||||||||||||
September 30, 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Fixed charges, as defined by the Securities and Exchange | ||||||||||||||||||||||||
Commission: | ||||||||||||||||||||||||
Interest on long-term debt | $ | 42,924 | $ | 38,534 | $ | 40,541 | $ | 39,408 | $ | 36,801 | $ | 48,067 | ||||||||||||
Amortization of debt premium, discount and expenses | 3,624 | 4,618 | 2,871 | 2,856 | 3,036 | 2,958 | ||||||||||||||||||
Other interest | 5,582 | 9,799 | 3,956 | 1,921 | 1,719 | 3,859 | ||||||||||||||||||
Estimated interest factor of lease rental charges | 11,764 | 16,630 | 16,448 | 16,954 | 16,406 | 17,007 | ||||||||||||||||||
Interest capitalized | 264 | 3,738 | 1,946 | 1,054 | 752 | 909 | ||||||||||||||||||
Total Fixed Charges | $ | 64,158 | $ | 73,319 | $ | 65,762 | $ | 62,193 | $ | 58,714 | $ | 72,800 | ||||||||||||
Earnings, as defined by the Securities and Exchange | ||||||||||||||||||||||||
Commission: | ||||||||||||||||||||||||
Earnings before income taxes | $ | (63,159 | ) | $ | 34,611 | $ | 89,657 | $ | 51,034 | $ | 114,690 | $ | 74,400 | |||||||||||
Fixed charges as above | 64,158 | 73,319 | 65,762 | 62,193 | 58,714 | 72,800 | ||||||||||||||||||
Interest capitalized | (264 | ) | (3,738 | ) | (1,946 | ) | (1,054 | ) | (752 | ) | (909 | ) | ||||||||||||
Earnings Available for Fixed Charges | $ | 735 | $ | 104,192 | $ | 153,473 | $ | 112,173 | $ | 172,652 | $ | 146,291 | ||||||||||||
Ratio of Earnings to Fixed Charges | 0.01 | * | 1.42 | 2.33 | 1.80 | 2.94 | 2.01 | |||||||||||||||||
* The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $63.4 million for the nine months ended September 30, 2008. | ||||||||||||||||||||||||