Public Service Company of New Mexico PFD 4.58% 10K 2011 Annual report | PNMXO Filing

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Exhibit 12.3
TEXAS-NEW MEXICO POWER COMPANY
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)


	Year Ended December 31,
	2011				2010			2009			2008			2007
Fixed charges, as defined by the Securities and Exchange Commission:

Interest expensed and capitalized	$	27,914			$	28,632		$	25,609		$	17,861		$	23,523
Amortization of debt premium, discount and expenses	1,679				2,683			3,355			1,504			1,925
Estimated interest factor of lease rental charges	1,202				1,246			831			571			844

Total Fixed Charges	$	30,795			$	32,561		$	29,795		$	19,936		$	26,292


Earnings, as defined by the Securities and Exchange Commission:

Earnings from continuing operations before income taxes	$	36,138			$	26,026		$	20,151		$	2,335		$	29,055
Fixed charges as above	30,795				32,561			29,795			19,936			26,292
Interest capitalized	(593		)		(158		)	(1,144		)	(1,025		)	(332		)

Earnings Available for Fixed Charges	$	66,340			$	58,429		$	48,802		$	21,246		$	55,015

Ratio of Earnings to Fixed Charges	2.15			¹	1.79			1.64			1.07			2.09


¹ Earnings from continuing operations before income taxes for the year ended December 31, 2011 includes a pre-tax loss of $3.9 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.28.

Public Service Company of New Mexico PFD 4.58% (PNMXO) 10-K2011 FY Annual report

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