Exhibit 12.3
TEXAS-NEW MEXICO POWER COMPANY
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
Nine Months Ended September 30, 2010 | Year Ended December 31, | |||||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | ||||||||||||||||||||||||
Interest expensed and capitalized | $ | 21,528 | $ | 25,609 | $ | 17,861 | $ | 23,523 | $ | 27,374 | $ | 25,906 | ||||||||||||
Amortization of debt premium, discount and expenses | 2,049 | 3,355 | 1,504 | 1,925 | 1,695 | 2,111 | ||||||||||||||||||
Estimated interest factor of lease rental charges | 890 | 831 | 571 | 844 | 367 | 377 | ||||||||||||||||||
Total Fixed Charges | $ | 24,467 | $ | 29,795 | $ | 19,936 | $ | 26,292 | $ | 29,436 | $ | 28,394 | ||||||||||||
Earnings, as defined by the Securities and Exchange Commission: | ||||||||||||||||||||||||
Earnings from continuing operations before income taxes | $ | 21,540 | $ | 20,151 | $ | 2,335 | $ | 29,055 | $ | 17,905 | $ | 25,183 | ||||||||||||
Fixed charges as above | 24,467 | 29,795 | 19,936 | 26,292 | 29,436 | 28,394 | ||||||||||||||||||
Interest capitalized | (94) | (1,144) | (1,025) | (332) | (209) | (200) | ||||||||||||||||||
Earnings Available for Fixed Charges | $ | 45,913 | $ | 48,802 | $ | 21,246 | $ | 55,015 | $ | 47,132 | $ | 53,377 | ||||||||||||
Ratio of Earnings to Fixed Charges | 1.88 | 1.64 | 1.07 | 2.09 | 1.60 | 1.88 | ||||||||||||||||||