Texas New Mexico Power 10-Q2011 Q1 Quarterly report

Filed: 6 May 11, 12:00am

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Exhibit 12.3

PUBLIC SERVICE COMPANY OF NEW MEXICO

Ratio of Earnings to Fixed Charges

(In thousands, except ratio)


	Three Months Ended March 31, 2011			Year Ended December 31,
	Three Months Ended March 31, 2011			2010			2009			2008			2007			2006
Fixed charges, as defined by the Securities and Exchange Commission:

Interest expensed and capitalized	$	17,994		$	73,423		$	73,104		$	72,427		$	58,045		$	49,379
Amortization of debt premium, discount and expenses		306			1,274			1,336			4,345			4,618			2,871
Interest from discontinued operations (including capitalized interest)		—			—			1,027			13,758			12,546			11,790
Estimated interest factor of lease rental charges		1,027			4,103			4,517			4,553			4,661			4,337

Total Fixed Charges	$	19,327		$	78,800		$	79,984		$	95,083		$	79,870		$	68,377


Earnings, as defined by the Securities and Exchange Commission:

Earnings (loss) from continuing operations before income taxes and non-controlling interest	$	9,359		$	107,288		$	45,627		$	(69,324	)	$	34,611		$	89,657
Fixed charges as above		19,327			78,800			79,984			95,083			79,870			68,377
Non-controlling interest in earnings of Valencia		(3,183	)		(13,563	)		(11,890	)		(7,179	)		—			—
Interest capitalized		(362	)		(2,811	)		(6,067	)		(7,363	)		(10,033	)		(5,257	)


Earnings Available for Fixed Charges	$	25,141		$	169,714		$	107,654		$	11,217		$	104,448		$	152,777


Ratio of Earnings to Fixed Charges		1.30			2.15			1.35			0.12	¹		1.31			2.23

¹	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.