Texas New Mexico Power S-4 Registration of securities issued in business combination transactions

Exhibit 12

TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES

RATIO OF EARNINGS TO FIXED CHARGES

	Pro Forma
	12 Months Ended June 30, 2003		Year Ended December 31, 2002		12 Months Ended June 30, 2003		Year Ended December 31,
							2002		2001		2000		1999		1998
Earnings
Income before cumulative effect of change in accounting	$	32,247	$	30,801	$	35,852	$	36,131	$	52,134	$	41,957	$	39,443	$	34,321
Income taxes		17,747		15,885		19,966		19,166		26,626		22,981		20,522		16,915
Total interest charges		30,372		30,425		24,548		21,814		27,173		40,522		43,124		53,727
Interest implicit in rentals		397		560		397		560		879		806		751		626
Earnings before income taxes and fixed charges	$	80,763	$	77,671	$	80,763	$	77,671	$	106,812	$	106,266	$	103,840	$	105,589
Fixed charges
Total interest charges	$	30,372	$	30,425	$	24,548	$	21,814	$	27,173	$	40,522	$	43,124	$	53,727
Interest implicit in rentals		397		560		397		560		879		806		751		626
Total fixed charges	$	30,769	$	30,985	$	24,945	$	22,374	$	28,052	$	41,328	$	43,875	$	54,353
Ratio of earnings to fixed charges		2.6x		2.5x		3.2x		3.5x		3.8x		2.6x		2.4x		1.9x