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 12.3

PUBLIC SERVICE COMPANY OF NEW MEXICO

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(In thousands, except ratio)

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

Interest on long-term debt	$	10,530		$	38,534		$	40,541		$	39,408		$	36,801		$	48,067
Amortization of debt premium, discount and expenses		1,149			4,618			2,871			2,856			3,036			2,958
Other interest		2,492			9,799			3,956			1,921			1,719			3,859
Estimated interest factor of lease rental charges		3,964			16,630			16,448			16,954			16,406			17,007
Interest capitalized		114			3,738			1,946			1,054			752			909
Total Fixed Charges		18,249			73,319			65,762			62,193			58,714			72,800

Preferred dividend requirements		216			781			815			746			891			859

Total Fixed Charges and Preferred Dividend Requirements	$	18,465		$	74,100		$	66,577		$	62,939		$	59,605		$	73,659


Earnings, as defined by the Securities and Exchange
Commission:

Earnings (loss) before income taxes	$	(44,066	)	$	34,611		$	89,657		$	51,034		$	114,690		$	74,400
Fixed charges as above		18,249			73,319			65,762			62,193			58,714			72,800
Interest capitalized		(114	)		(3,738	)		(1,946	)		(1,054	)		(752	)		(909	)

Earnings (Loss) Available for Fixed Charges	$	(25,931	)	$	104,192		$	153,473		$	112,173		$	172,652		$	146,291

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		N/M	*		1.41			2.31			1.78			2.90			1.99

* 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 $44.4 million for the three months ended March 31, 2008.