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| 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, 2016 | | 2015 | | 2014 | | 2013 | | 2012 | | 2011 | |
| Fixed charges, as defined by the Securities and Exchange Commission: | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Interest expensed and capitalized | | $ | 68,094 |
| | $ | 84,695 |
| | $ | 79,834 |
| | $ | 79,769 |
| | $ | 82,864 |
| | $ | 75,217 |
| |
| Amortization of debt premium, discount and expenses | | 1,741 |
| | 1,978 |
| | 1,944 |
| | 1,879 |
| | 1,818 |
| | 1,325 |
| |
| Estimated interest factor of lease rental charges | | 978 |
| | 1,532 |
| | 2,541 |
| | 3,732 |
| | 3,743 |
| | 4,139 |
| |
| Total Fixed Charges | | $ | 70,813 |
| | $ | 88,205 |
| | $ | 84,319 |
| | $ | 85,380 |
| | $ | 88,425 |
| | $ | 80,681 |
| |
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| Earnings, as defined by the Securities and Exchange Commission: | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Earnings (loss) from continuing operations before income taxes and non-controlling interest | | $ | 104,473 |
| | $ | (13,082 | ) | | $ | 154,086 |
| | $ | 151,480 |
| | $ | 156,314 |
| | $ | 105,965 |
| |
| Fixed charges as above | | 70,813 |
| | 88,205 |
| | 84,319 |
| | 85,380 |
| | 88,425 |
| | 80,681 |
| |
| Non-controlling interest in earnings of Valencia | | (11,037 | ) | | (14,910 | ) | | (14,127 | ) | | (14,521 | ) | | (14,050 | ) | | (14,047 | ) | |
| Interest capitalized | | (4,651 | ) | | (8,530 | ) | | (5,211 | ) | | (4,420 | ) | | (4,314 | ) | | (1,761 | ) | |
| | | | | | | | | | | | | | |
| Earnings Available for Fixed Charges | | $ | 159,598 |
| | $ | 51,683 |
| | $ | 219,067 |
| | $ | 217,919 |
| | $ | 226,375 |
| | $ | 170,838 |
| |
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| Ratio of Earnings to Fixed Charges | | 2.25 |
| 1 | 0.59 |
| 2 | 2.60 |
| 3 | 2.55 |
| 4 | 2.56 |
| | 2.12 |
| 5 |
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1 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the nine months ended September 30, 2016 includes a pre-tax loss of $17.2 million due to the write-off of regulatory disallowances and restructuring costs. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.50. |
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2 The shortfall in earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $36.5 million for the year ended December 31, 2015. Earnings (loss) from continuing operations before income taxes includes a pre-tax loss of $167.5 million due to the write-off of regulatory disallowances and restructuring costs. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.48 for 2015. |
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3 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2014 includes a pre-tax loss of $1.1 million due to the write-off of regulatory disallowances. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.61 for 2014. |
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4 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2013 includes a pre-tax loss of $12.2 million due to the write-off of regulatory disallowances. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.70 for 2013. |
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5 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 was excluded, the Ratio of Earnings to Fixed Charges would have been 2.33. |
