Exhibit 12.2 | |||||||||||||||||||||
PUBLIC SERVICE COMPANY OF NEW MEXICO | |||||||||||||||||||||
Ratio of Earnings to Fixed Charges | |||||||||||||||||||||
(In thousands, except ratio) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||
Interest expensed and capitalized | $ | 84,695 | $ | 79,834 | $ | 79,769 | $ | 82,864 | $ | 75,217 | |||||||||||
Amortization of debt premium, discount, and expenses | 1,978 | 1,944 | 1,879 | 1,818 | 1,325 | ||||||||||||||||
Estimated interest factor of lease rental charges | 1,532 | 2,541 | 3,732 | 3,743 | 4,139 | ||||||||||||||||
Total Fixed Charges | $ | 88,205 | $ | 84,319 | $ | 85,380 | $ | 88,425 | $ | 80,681 | |||||||||||
Earnings, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and non-controlling interest | $ | (13,082 | ) | $ | 154,086 | $ | 151,480 | $ | 156,314 | $ | 105,965 | ||||||||||
Fixed charges as above | 88,205 | 84,319 | 85,380 | 88,425 | 80,681 | ||||||||||||||||
Non-controlling interest in earnings of Valencia | (14,910 | ) | (14,127 | ) | (14,521 | ) | (14,050 | ) | (14,047 | ) | |||||||||||
Interest capitalized | (8,530 | ) | (5,211 | ) | (4,420 | ) | (4,314 | ) | (1,761 | ) | |||||||||||
Earnings Available for Fixed Charges | $ | 51,683 | $ | 219,067 | $ | 217,919 | $ | 226,375 | $ | 170,838 | |||||||||||
Ratio of Earnings to Fixed Charges | 0.59 | 1 | 2.60 | 2 | 2.55 | 3 | 2.56 | 2.12 | 4 | ||||||||||||
1 The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $36.5 million for the year ended December 31, 2015. Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2015 includes a pre-tax loss of $167.5 million due to the write-off of regulatory disallowances and restructuring costs. If those losses were excluded, the Ratio of Earnings to Fixed Charges would have been 2.48 for 2015. | |||||||||||||||||||||
2 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2014 includes a pre-tax loss of $1.1 million due to the write-off of regulatory disallowances. If those losses were excluded, the Ratio of Earnings to Fixed Charges would have been 2.61 for 2014. | |||||||||||||||||||||
3 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2013 includes a pre-tax loss of $12.2 million due to the write-off of regulatory disallowances. If those losses were excluded, the Ratio of Earnings to Fixed Charges would have been 2.70 for 2013. | |||||||||||||||||||||
4 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. | |||||||||||||||||||||
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10-K Filing
Texas New Mexico Power 10-K2015 FY Annual report
Filed: 29 Feb 16, 12:00am