Public Service Company of New Mexico PFD 4.58% (PNMXO) 10-Q 2006 Q2 Quarterly report

Exhibit 12.2

PNM RESOURCES, INC. AND SUBSIDIARIES

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividend

(1,000's)

		Six
		Months
Line		Ended	Year Ended December 31,
No.		6/30/06	2005	2004	2003	2002	2001
	Fixed charges, as defined by the Securities and
	Exchange Commission:
1	Interest on Long-term Debt	$ 46,798	$ 75,736	$ 46,702	$ 59,429	$ 56,409	$ 62,716
2	Amortization of Debt Premium, Discount and
	Expenses	2,141	3,642	2,697	2,838	2,302	2,346
	Other Interest	16,123	14,299	2,319	5,423	2,859	(42)
4	Estimated Interest Factor of Lease Rental
	Charges	10,681	20,643	19,617	20,452	23,233	22,856
5	Total Fixed Charges	75,743	114,320	71,335	88,142	84,803	87,876
6	Preferred dividend requirements	264	2,868	572	586	586	586
7	Total Fixed Charges and Preferred dividend
	requirements	$ 76,007	$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	$ 42,896	$ 71,021	$ 88,258	$ 59,138	$ 64,272	$150,433
9	Income Taxes	25,372	32,861	49,247	27,889	33,032	81,063
10	Add Fixed Charges as Above	75,743	114,320	71,335	88,142	84,803	87,876
11	Earnings Available for Fixed Charges	$144,011	$218,202	$208,840	$175,169	$182,107	$319,372
12	Ratio for Earnings to Fixed Charges	1.89	1.86	2.90	1.97	2.13	3.61