Exhibit 12.2
PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(1,000’S)
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(1,000’S)
Six | ||||||||||||||||||||||||||||||
Line | Months Ended | Year Ended December 31, | ||||||||||||||||||||||||||||
No. | 06/30/07 | 12/31/06 | 12/31/05 | 12/31/04 | 12/31/03 | 12/31/02 | 12/31/01 | |||||||||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | ||||||||||||||||||||||||||||||
1 | Interest on Long-term Debt | $ | 42,743 | $ | 95,301 | $ | 75,736 | $ | 46,702 | $ | 59,429 | $ | 56,409 | $ | 62,716 | |||||||||||||||
2 | Amortization of Debt Premium, Discount and Expenses | 3,177 | 4,417 | 3,642 | 2,697 | 2,838 | 2,302 | 2,346 | ||||||||||||||||||||||
3 | Other Interest | 21,982 | 45,811 | 14,299 | 2,319 | 5,423 | 2,859 | (42 | ) | |||||||||||||||||||||
4 | Estimated Interest Factor of Lease Rental Charges | 11,431 | 19,714 | 20,643 | 19,617 | 20,452 | 23,233 | 22,856 | ||||||||||||||||||||||
5 | Total Fixed Charges | 79,333 | 165,243 | 114,320 | 71,335 | 88,142 | 84,803 | 87,876 | ||||||||||||||||||||||
6 | Preferred dividend requirements | 264 | 528 | 2,868 | 572 | 586 | 586 | 586 | ||||||||||||||||||||||
7 | Total Fixed Charges and Preferred Dividend Requirements | $ | 79,597 | $ | 165,771 | $ | 117,188 | $ | 71,907 | $ | 88,728 | $ | 85,389 | $ | 88,462 | |||||||||||||||
Earnings, as defined by the Securities and Exchange Commission: | ||||||||||||||||||||||||||||||
8 | Consolidated Net Earnings from Continuing Operations | $ | 49,906 | $ | 121,346 | $ | 69,725 | $ | 86,962 | $ | 57,842 | $ | 62,976 | $ | 149,137 | |||||||||||||||
9 | Income Taxes | 2,923 | 63,970 | 32,861 | 49,247 | 27,889 | 33,032 | 81,063 | ||||||||||||||||||||||
10 | (Earnings) of Equity Investee | (1,610 | ) | — | — | — | — | — | — | |||||||||||||||||||||
11 | Add Fixed Charges as Above | 79,333 | 165,243 | 114,320 | 71,335 | 88,142 | 84,803 | 87,876 | ||||||||||||||||||||||
12 | Earnings Availabe for Fixed Charges | $ | 130,552 | $ | 350,559 | $ | 216,906 | $ | 207,544 | $ | 173,873 | $ | 180,811 | $ | 318,076 | |||||||||||||||
13 | Ratio for Earnings to Fixed Charges and Preferred Dividend Requirements | 1.64 | 2.11 | 1.85 | 2.89 | 1.96 | 2.12 | 3.60 | ||||||||||||||||||||||