Texas New Mexico Power 10-Q2011 Q1 Quarterly report

Filed: 6 May 11, 12:00am

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Exhibit 12.1

PNM RESOURCES, INC. AND SUBSIDIARIES

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	$	30,132		$	123,633		$	123,833		$	134,958		$	124,299		$	135,819
Amortization of debt premium, discount and expenses		913			4,627			5,430			6,386			6,566			4,729
Interest from discontinued operations (including capitalized interest)		—			—			1,027			13,758			12,546			11,790
Estimated interest factor of lease rental charges		1,726			6,888			7,034			7,894			8,804			7,124
Preferred dividend requirements of subsidiary		195			1,075			759			689			556			798

Total Fixed Charges	$	32,966		$	136,223		$	138,083		$	163,685		$	152,771		$	160,260


Earnings, as defined by the Securities and Exchange Commission:

Earnings (loss) from continuing operations before income taxes and non-controlling interest	$	29,458		$	(63,379	)	$	94,751		$	(388,381	)	$	63,112		$	164,018
(Earnings) loss of equity investee		—			15,223			30,145			29,687			(7,581	)		—

Earnings (loss) from continuing operations before income taxes, non-controlling interest, and investee earnings		29,458			(48,156	)		124,896			(358,694	)		55,531			164,018
Fixed charges as above		32,966			136,223			138,083			163,685			152,771			160,260
Interest capitalized		(572	)		(3,401	)		(7,743	)		(8,849	)		(10,740	)		(6,503	)
Non-controlling interest in earnings of Valencia		(3,183	)		(13,563	)		(11,890	)		(7,179	)		—			—
Preferred dividend requirements of subsidiary		(195	)		(1,075	)		(759	)		(689	)		(556	)		(798	)


Earnings Available for Fixed Charges	$	58,474		$	70,028		$	242,587		$	(211,726	)	$	197,006		$	316,977


Ratio of Earnings to Fixed Charges		1.77			0.51	¹		1.76			N/M	²		1.29			1.98

The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $66.2 million for the year ended December 31, 2010. Earnings (loss) from continuing operations before income taxes and non-controlling interest includes a pre-tax loss of $188.2 million due to the impairment of PNMR’s investment in an equity investee. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 1.90.

The ratio of earnings to fixed charges for the year ended December 31, 2008 is not meaningful since earnings available for fixed charges is negative. The shortfall in the earnings available to achieve a ratio of earnings to fixed charges of 1.00 amounted to $375.4 million for the year ended December 31, 2008.