Exhibit 12.2 | |||||||||||||||||||||||||
PUBLIC SERVICE COMPANY OF NEW MEXICO | |||||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | |||||||||||||||||||||||||
(In thousands, except ratio) | |||||||||||||||||||||||||
Nine Months Ended | Year Ended December 31, | ||||||||||||||||||||||||
September 30, 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||||||
Interest expensed and capitalized | $ | 60,063 | $ | 82,864 | $ | 75,217 | $ | 73,423 | $ | 73,104 | $ | 72,427 | |||||||||||||
Amortization of debt premium, discount and expenses | 1,412 | 1,818 | 1,325 | 1,274 | 1,336 | 4,345 | |||||||||||||||||||
Interest from discontinued operations (including capitalized interest) | — | — | — | — | 1,027 | 13,758 | |||||||||||||||||||
Estimated interest factor of lease rental charges | 2,718 | 3,743 | 4,139 | 4,103 | 4,517 | 4,553 | |||||||||||||||||||
Total Fixed Charges | $ | 64,193 | $ | 88,425 | $ | 80,681 | $ | 78,800 | $ | 79,984 | $ | 95,083 | |||||||||||||
Earnings, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and non-controlling interest | $ | 145,604 | $ | 156,314 | $ | 105,965 | $ | 107,288 | $ | 45,627 | $ | (69,324 | ) | ||||||||||||
Fixed charges as above | 64,193 | 88,425 | 80,681 | 78,800 | 79,984 | 95,083 | |||||||||||||||||||
Non-controlling interest in earnings of Valencia | (10,904 | ) | (14,050 | ) | (14,047 | ) | (13,563 | ) | (11,890 | ) | (7,179 | ) | |||||||||||||
Interest capitalized | (2,895 | ) | (4,314 | ) | (1,761 | ) | (2,811 | ) | (6,067 | ) | (7,363 | ) | |||||||||||||
Earnings Available for Fixed Charges | $ | 195,998 | $ | 226,375 | $ | 170,838 | $ | 169,714 | $ | 107,654 | $ | 11,217 | |||||||||||||
Ratio of Earnings to Fixed Charges | 3.05 | 2.56 | 2.12 | 1 | 2.15 | 1.35 | 0.12 | 2 | |||||||||||||||||
1 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2011 includes a pre-tax loss $17.5 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.33. | |||||||||||||||||||||||||
2 The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $83.9 million for the year December 31, 2008. |
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10-Q Filing
Public Service Co of New Mexico (PNMXO) 10-Q2013 Q3 Quarterly report
Filed: 1 Nov 13, 12:00am