Public Service Company of New Mexico PFD 4.58% (PNMXO) 10-Q/A 2007 Q1 Quarterly report (amended)

Exhibit 12.2

PNM RESOURCES, INC. AND SUBSIDIARIES

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(1,000's)

Line		Three Months Ended		Year Ended December 31,
		03/31/07
No.		As Restated, see Note 16		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	$	24,009	$	95,301	$	75,736	$	46,702	$	59,429	$	56,409	$	62,716
2	Amortization of Debt Premium, Discount and Expenses		1,573		4,417		3,642		2,697		2,838		2,302		2,346
3	Other Interest		12,346		45,811		14,299		2,319		5,423		2,859		(42	)
4	Estimated Interest Factor of Lease Rental Charges		5,457		19,714		20,643		19,617		20,452		23,233		22,856
5	Total Fixed Charges		43,385		165,243		114,320		71,335		88,142		84,803		87,876
6	Preferred dividend requirements		132		528		2,868		572		586		586		586
7	Total Fixed Charges and Preferred dividend requirements
		$	43,517	$	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	$	29,798	$	121,346	$	69,725	$	86,962	$	57,842	$	62,976	$	149,137
9	Income Taxes		17,898		63,970		32,861		49,247		27,889		33,032		81,063
10	Add Fixed Charges as Above		43,385		165,243		114,320		71,335		88,142		84,803		87,876
11	Earnings Availabe for Fixed Charges	$	91,081	$	350,559	$	216,906	$	207,544	$	173,873	$	180,811	$	318,076
12	Ratio for Earnings to Fixed Charges		2.09		2.11		1.85		2.89		1.96		2.12		3.60