Texas New Mexico Power 10-Q 2012 Q2 Quarterly report

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, 2012			2011				2010			2009			2008				2007
Fixed charges, as defined by the Securities and Exchange Commission:
Interest expensed and capitalized	$	38,837		$	75,217			$	73,423		$	73,104		$	72,427			$	58,045
Amortization of debt premium, discount and expenses	898			1,325				1,274			1,336			4,345				4,618
Interest from discontinued operations (including capitalized interest)	—			—				—			1,027			13,758				12,546
Estimated interest factor of lease rental charges	1,893			4,139				4,103			4,517			4,553				4,661
Total Fixed Charges	$	41,628		$	80,681			$	78,800		$	79,984		$	95,083			$	79,870
Earnings, as defined by the Securities and Exchange Commission:
Earnings (loss) from continuing operations before income taxes and non-controlling interest	$	62,111		$	105,965			$	107,288		$	45,627		$	(69,324	)		$	34,611
Fixed charges as above	41,628			80,681				78,800			79,984			95,083				79,870
Non-controlling interest in earnings of Valencia	(6,720		)	(14,047		)		(13,563		)	(11,890		)	(7,179		)		—
Interest capitalized	(2,597		)	(1,761		)		(2,811		)	(6,067		)	(7,363		)		(10,033		)
Earnings Available for Fixed Charges	$	94,422		$	170,838			$	169,714		$	107,654		$	11,217			$	104,448
Ratio of Earnings to Fixed Charges	2.27			2.12			1	2.15			1.35			0.12			2	1.31
1 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2011 includes a pre-tax loss of $17.5 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.33.
2 The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $83.9 million for the year December 31, 2008.