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 |