| PUBLIC SERVICE COMPANY OF NEW MEXICO | Exhibit 12.2 |
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
| Six Months Ended June 30, 2010 | Year Ended December 31, | ||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | |||||||||||||||||||
Interest expensed and capitalized | $ | 37,362 | $ | 73,104 | $ | 72,427 | $ | 58,045 | $ | 49,379 | $ | 44,442 | |||||||
Amortization of debt premium, discount and expenses | 652 | 1,336 | 4,345 | 4,618 | 2,871 | 2,856 | |||||||||||||
Interest from discontinued operations (including capitalized interest) | - | 1,027 | 13,758 | 12,546 | 11,790 | 10,658 | |||||||||||||
Estimated interest factor of lease rental charges | 1,940 | 4,517 | 4,553 | 4,661 | 4,337 | 4,588 | |||||||||||||
Total Fixed Charges | $ | 39,954 | $ | 79,984 | $ | 95,083 | $ | 79,870 | $ | 68,377 | $ | 62,544 | |||||||
Earnings, as defined by the Securities and Exchange Commission: | |||||||||||||||||||
Earnings from continuing operations before income taxes and non-controlling interest | $ | 28,567 | $ | 45,627 | $ | (69,324) | $ | 34,611 | $ | 89,657 | $ | 51,034 | |||||||
Fixed charges as above | 39,954 | 79,984 | 95,083 | 79,870 | 68,377 | 62,544 | |||||||||||||
Non-controlling interest in earnings of Valencia | (6,396) | (11,890) | (7,179) | - | - | - | |||||||||||||
Interest capitalized | (1,782) | (6,067) | (7,363) | (10,033) | (5,257) | (3,512) | |||||||||||||
Earnings Available for Fixed Charges | $ | 60,343 | $ | 107,654 | $ | 11,217 | $ | 104,448 | $ | 152,777 | $ | 110,066 | |||||||
Ratio of Earnings to Fixed Charges | 1.51 | 1.35 | 0.12 | * | 1.31 | 2.23 | 1.76 | ||||||||||||
* 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