PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Line Six Months Ended Year Ended December 31,
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No. 06/30/98 06/30/97 12/31/97 12/31/96 12/31/95 12/31/94 12/31/93
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(In Thousand Except for Ratios)
Fixed charges, as defined by the Securities and
Exchange Commission:
1 Interest on Long-term Debt $ 20,556 $ 23,683 $ 46,670 $ 49,009 $ 52,637 $ 65,511 $ 72,525
2 Amortization of Debt Premium, Discount and Expenses 513 411 880 1,115 1,299 1,751 2,472
3 Other Interest 7,300 5,257 8,677 4,696 4,129 3,710 11,473
4 Estimated Interest Factor of Lease Rental Charges 31,866 32,644 65,036 65,911 69,204 74,659 76,062
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5 Total Fixed Charges $ 60,235 $ 61,995 $121,263 $120,731 $127,269 $145,631 $162,532
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Earnings, as defined by the Securities and Exchange
Commission:
6 Consolidated Net Earnings (Loss) $ 35,992 $ 40,463 $ 80,995 $ 72,580 $ 75,562 $ 80,318 (61,486)
7 Income Taxes (Benefit) 21,155 23,653 46,718 40,494 50,793 40,871 (57,078)
8 Add Fixed Charges as Above 60,235 61,995 121,263 120,731 127,269 145,631 162,532
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9 Earnings Available for Fixed Charges $117,382 $126,111 $248,976 $233,805 $253,624 $266,820 $ 43,968
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10 Ratio of Earnings to Fixed Charges 1.949 2.034 2.053 1.937 1.993 1.832 0.271
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