Public Service Company of New Mexico PFD 4.58% (PNMXO) 10-Q2008 Q1 Quarterly report

Filed: 7 May 08, 12:00am

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New words: abandonment, accidental, accomplished, accurately, advocate, ALG, Answer, appellate, arbitraged, arising, atmosphere, automatically, billion, binding, body, breach, Brotherhood, burning, CAISO, CalPx, Canadian, cancelled, cap, capped, CCP, coalition, complementary, conclusion, conclusive, Continental, Convenience, counterclaim, CPUC, CRHC, customary, deferral, degree, deteriorate, deterioration, disallow, disapproved, Discovery, dramatically, earliest, EBITDA, EMNRD, evidenced, exit, exiting, expedited, expenditure, exploring, extreme, FDIC, feasibility, fewer, FIRREA, foreseeable, FPPAC, FSP, GHG, goal, harm, health, hierarchy, human, inactive, inadequate, indemnification, inflation, insignificant, intervention, irrevocable, irrevocably, IV, key, kWh, landfill, leadership, led, LIBOR, lock, Lockyer, Lordsburg, mandate, maximize, Mineral, Necessity, NEIL, NMGC, NODA, NOI, nonperformance, north, Occidental, older, orderly, overhaul, placement, Plateau, postage, precise, prehearing, prepaid, publicly, Pyramid, reallocated, reassigned, REC, recast, recasting, receivership, reclaim, Reclamation, Reconsideration, refueling, regime, reinstate, reinstatement, reiterated, released, relinquished, rendered, Republic, restitution, restored, restructure, restructuring, retrofit, revisit, rounding, RPS, RSB, SCE, Secretary, seized, seizure, simultaneously, SMCRA, speculative, stabilization, stack, standing, stationary, step, STOCKHOLDER, stopping, strategic, sudden, suppression, syndicating, therewith, topic, treated, truncate, turn, unearned, unforeseen, unnecessary, unobservable, unopposed, USCAP, visually, voluntarily, watch, WCI, worth

Removed: absence, accelerate, acceleration, aid, allocation, Applying, arrive, assured, Avistar, bad, bear, Bevill, bridge, bringing, Burlington, capitalized, closed, collection, collectively, commonly, composition, consumer, contemporaneously, death, deliver, deregulation, deviation, dioxide, disciplined, disconnect, discrete, dismissing, diversify, Edison, enlisted, examination, exchanged, failing, false, favorable, finalized, finalizing, forego, frame, franchise, fulfill, Gathering, goodwill, ground, guaranteed, heating, impose, improved, inclusive, instrument, intangible, integration, IRS, larger, leaseholder, lessor, liquidation, lodged, lodging, long, manner, match, mitigated, mutual, notified, offering, offsetting, ordinary, percentage, permanent, permitting, physically, positioned, preconstruction, presence, prevented, properly, protect, prove, published, purportedly, ratio, recognizing, redemption, refined, Register, relator, reliable, relief, remained, repaid, repay, repeated, repurchase, season, secure, securing, securitization, selected, seller, southern, sponsored, stable, startup, stating, sued, sulfur, Sunterra, taxation, taxing, terminating, treble, unchanged, underpaying, undistributed, unfavorable, unused, upgraded, utilize, valuation, venture, waive, written, WSPP, Wyoming

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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,			Year Ended December 31,
	2008			2007			2006			2005			2004			2003
Fixed charges, as defined by the Securities and Exchange
Commission:

Interest on long-term debt	$	18,908		$	81,638		$	84,773		$	66,042		$	34,488		$	48,483
Amortization of debt premium, discount and expenses		1,758			6,566			4,729			3,962			3,036			2,990
Other interest		7,237			32,242			44,918			13,734			1,976			3,922
Estimated interest factor of lease rental charges		4,463			19,308			19,235			19,934			18,843			19,568
Interest capitalized		172			4,119			2,982			1,421			957			1,163
Preferred dividend requirements of subsidiaries		210			556			798			4,063			881			845
Total Fixed Charges	$	32,748		$	144,429		$	157,435		$	109,156		$	60,181		$	76,971



Earnings, as defined by the Securities and Exchange
Commission:

Earnings (loss) from continuing operations before income taxes	$	(113,056	)	$	63,112		$	164,018		$	76,502		$	107,060		$	68,267
(Earnings) loss of equity investee		25,083			(7,581	)		-			-			-			-
Earnings (loss) from continuing operations before income taxes and investee earnings		(87,973	)		55,531			164,018			76,502			107,060			68,267
Fixed charges as above		32,748			144,429			157,435			109,156			60,181			76,971
Interest capitalized		(172	)		(4,119	)		(2,982	)		(1,421	)		(957	)		(1,163	)
Preferred dividend requirements of subsidiaries		(210	)		(556	)		(798	)		(4,063	)		(881	)		(845	)

Earnings (Loss) Available for Fixed Charges	$	(55,607	)	$	195,285		$	317,673		$	180,174		$	165,403		$	143,230

Ratio of Earnings to Fixed Charges		N/M	*		1.35			2.02			1.65			2.75			1.86

* The ratio of earnings to fixed charges for the three months ended March 31, 2008 is not meaningful since earnings available for fixed charges is negative. The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $88.4 million for the three months ended March 31, 2008.