PUBLIC SERVICE COMPANY OF NEW MEXICO | Exhibit 12.2 | ||||||||||||||
Ratio of Earnings to Fixed Charges | |||||||||||||||
(In thousands, except ratio) | |||||||||||||||
Nine Months Ended | Year Ended December 31, | ||||||||||||||
September 30, 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||
Fixed charges, as defined by the Securities and Exchange | |||||||||||||||
Commission: | |||||||||||||||
Interest on long-term debt (including interest capitalized) | $ 52,878 | $ 58,003 | $ 42,272 | $ 42,487 | $ 40,462 | $ 37,553 | |||||||||
Amortization of debt premium, discount and expenses | 1,010 | 4,345 | 4,618 | 2,871 | 2,856 | 3,036 | |||||||||
Other interest (including interest capitalized) | 1,952 | 14,424 | 15,773 | 6,892 | 3,980 | 3,125 | |||||||||
Estimated interest factor of lease rental charges | 9,503 | 15,720 | 16,630 | 16,448 | 16,954 | 16,406 | |||||||||
Total Fixed Charges | $ 65,343 | $ 92,492 | $ 79,293 | $ 68,698 | $ 64,252 | $ 60,120 | |||||||||
Earnings, as defined by the Securities and Exchange | |||||||||||||||
Commission: | |||||||||||||||
Earnings from continuing operations before income taxes and non-controlling interest | $ 37,253 | $ (69,324) | * | $ 34,611 | $ 89,657 | $ 51,034 | $ 114,690 | ||||||||
Fixed charges as above | 65,343 | 92,492 | 79,293 | 68,698 | 64,252 | 60,120 | |||||||||
Non-controlling interest in earnings of Valencia | (7,890) | (7,179) | - | - | - | - | |||||||||
Interest capitalized | (4,919) | (6,815) | (9,712) | (4,882) | (3,113) | (2,158) | |||||||||
Earnings Available for Fixed Charges | $ 89,787 | $ 9,174 | ** | $ 104,192 | $ 153,473 | $ 112,173 | $ 172,652 | ||||||||
Ratio of Earnings to Fixed Charges | 1.37 | 0.10 | 1.31 | 2.23 | 1.75 | 2.87 | |||||||||
* The presentation of non-controlling interest in earnings of Valencia was changed effective January 1, 2009 in accordance with an amendment to GAAP. The 2008 presentation has been changed | |||||||||||||||
to be consistent with 2009. There is no impact on periods prior to 2008. | |||||||||||||||
** The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $83.3 million for the year December 31, 2008. | |||||||||||||||
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10-Q Filing
Public Service Company of New Mexico PFD 4.58% (PNMXO) 10-Q2009 Q3 Quarterly report
Filed: 2 Nov 09, 12:00am