Public Service Company of New Mexico PFD 4.58% (PNMXO) 10-Q2015 Q1 Quarterly report

Filed: 1 May 15, 12:00am

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New words: abbreviated, aid, Ana, back, background, BDT, BTA, CAISO, causation, citing, closure, COFA, comport, concurrently, conditionally, confidential, configuration, contrary, Council, CSA, cure, dealt, decade, decertification, defect, Defense, deposit, detriment, dioxide, document, Dona, driver, earliest, Eddy, electronic, equitable, erred, European, expressly, fan, Fargo, functional, Gabon, glide, hired, Imputation, inclusion, incomplete, inflation, interregional, interruption, invalidating, irradiated, irrevocable, ISFSI, IV, justification, Ks, language, Lea, modest, negating, network, NODA, North, Northern, Norway, NTEC, nullify, OATT, obviate, optimistic, Pacific, parameter, ppb, preamble, preclude, professional, PSA, RA, ranked, ratified, ready, reallocation, reapply, reclassification, referenced, remarketing, representation, Russia, secondary, Simplifying, single, standstill, strongly, submittal, substantively, Subtitle, suspension, Switzerland, tender, Tier, timeframe, translating, typically, unamortized, unexecuted, unlimited, unreasonable, unsigned, unvested, upset, version, Vice, Warmer, workforce

Removed: accrual, allocable, analytical, anniversary, assumed, attaining, attempting, bad, begun, billable, BOKF, calculation, carrier, casualty, citizenship, civil, covenant, dba, deeming, deferral, discovered, doubled, duty, enjoin, ensured, extinguished, face, facilitate, fire, firm, flowed, frequency, gained, growing, headquartered, HEAL, healthcare, heard, hedged, hurricane, Ike, initiate, intervenor, intervention, issuer, lag, longwall, marked, merit, mitigation, mobile, Mountain, MSHA, NA, nationwide, Nevada, noncombustible, notably, notch, objecting, online, operated, Oral, overbilled, panel, performing, prepayment, procedure, processing, prospectively, protesting, reassembled, REC, redesign, referred, regained, reinstate, remand, rendered, rental, repurchase, reset, rest, resume, resumed, root, ruled, sealed, sealing, seller, similarity, situated, stable, Syndication, taxable, Taxpayer, thirty, traction, turbine, type, unnecessary, Untimely, Utah, vegetation, veto, weighting, writing, Yucca

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Exhibit 12.2
PUBLIC SERVICE COMPANY OF NEW MEXICO
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)

	Three Months Ended				Year Ended December 31,
	March 31, 2015				2014				2013				2012			2011				2010
Fixed charges, as defined by the Securities and Exchange Commission:

Interest expensed and capitalized	$	20,434			$	79,834			$	79,769			$	82,864		$	75,217			$	73,423
Amortization of debt premium, discount and expenses	449				1,944				1,879				1,818			1,325				1,274
Estimated interest factor of lease rental charges	462				2,541				3,732				3,743			4,139				4,103
Total Fixed Charges	$	21,345			$	84,319			$	85,380			$	88,425		$	80,681			$	78,800

Earnings, as defined by the Securities and Exchange Commission:

Earnings from continuing operations before income taxes and non-controlling interest	$	19,277			$	154,086			$	151,480			$	156,314		$	105,965			$	107,288
Fixed charges as above	21,345				84,319				85,380				88,425			80,681				78,800
Non-controlling interest in earnings of Valencia	(3,380		)		(14,127		)		(14,521		)		(14,050		)	(14,047		)		(13,563		)
Interest capitalized	(1,375		)		(5,211		)		(4,420		)		(4,314		)	(1,761		)		(2,811		)

Earnings Available for Fixed Charges	$	35,867			$	219,067			$	217,919			$	226,375		$	170,838			$	169,714

Ratio of Earnings to Fixed Charges	1.68			¹	2.60			²	2.55			²	2.56			2.12			³	2.15

¹ Earnings (loss) from continuing operations before income taxes and non-controlling interest for the three months ended March 31, 2015 includes a pre-tax loss $0.2 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 1.69.

² Earnings (loss) from continuing operations before income taxes and non-controlling interest for the years ended December 31, 2014 and December 31, 2013 include pre-tax losses of $1.1 million and $12.2 million due to the write-off of regulatory disallowances. If these losses were excluded, the Ratio of Earnings to Fixed Charges would have been 2.61 for 2014 and 2.70 for 2013.

³ 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.