Exhibit 12.1 | ||||||||||||||||||||||
PNM RESOURCES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||
(In thousands, except ratio) | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | ||||||||||||||||||||||
Interest expensed and capitalized | $ | 130,024 | $ | 129,592 | $ | 117,932 | $ | 117,337 | $ | 118,880 | ||||||||||||
Amortization of debt premium, discount, and expenses | 4,106 | 3,779 | 3,575 | 4,194 | 3,716 | |||||||||||||||||
Estimated interest factor of lease rental charges | 2,567 | 2,747 | 3,298 | 4,686 | 5,847 | |||||||||||||||||
Preferred dividend requirements of subsidiary | 1,249 | 781 | 784 | 809 | 800 | |||||||||||||||||
Total Fixed Charges | $ | 137,946 | $ | 136,899 | $ | 125,589 | $ | 127,026 | $ | 129,243 | ||||||||||||
Earnings, as defined by the Securities and Exchange Commission: | ||||||||||||||||||||||
Earnings before income taxes and non-controlling interest | $ | 225,759 | $ | 195,174 | $ | 46,153 | $ | 200,647 | $ | 175,069 | ||||||||||||
Fixed charges as above | 137,946 | 136,899 | 125,589 | 127,026 | 129,243 | |||||||||||||||||
Interest capitalized | (8,806 | ) | (7,964 | ) | (9,753 | ) | (6,256 | ) | (5,209 | ) | ||||||||||||
Non-controlling interest in earnings of Valencia | (15,017 | ) | (14,519 | ) | (14,910 | ) | (14,127 | ) | (14,521 | ) | ||||||||||||
Preferred dividend requirements of subsidiary | (1,249 | ) | (781 | ) | (784 | ) | (809 | ) | (800 | ) | ||||||||||||
Earnings Available for Fixed Charges | $ | 338,633 | $ | 308,809 | $ | 146,295 | $ | 306,481 | $ | 283,782 | ||||||||||||
Ratio of Earnings to Fixed Charges | 2.45 | 1 | 2.26 | 2 | 1.16 | 3 | 2.41 | 4 | 2.20 | 5 | ||||||||||||
1 Earnings before income taxes and non-controlling interest for the year ended December 31, 2017 includes a pre-tax loss of $27.0 million due to the write-off of regulatory disallowances and restructuring costs at PNM. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.65 for 2017. | ||||||||||||||||||||||
2 Earnings before income taxes and non-controlling interest for the year ended December 31, 2016 includes a pre-tax loss of $15.0 million due to the write-off of regulatory disallowances and restructuring costs at PNM. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.37 for 2016. | ||||||||||||||||||||||
3 Earnings before income taxes and non-controlling interest for the year ended December 31, 2015 includes a pre-tax loss of $167.5 million due to the write-off of regulatory disallowances and restructuring costs at PNM. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.50 for 2015. | ||||||||||||||||||||||
4 Earnings 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 at PNM. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.42 for 2014. | ||||||||||||||||||||||
5 Earnings 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 at PNM. If that loss was excluded, the Ratio of Earnings to Fixed Charges would have been 2.29 for 2013. | ||||||||||||||||||||||
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10-K Filing
Texas New Mexico Power 10-K2017 FY Annual report
Filed: 1 Mar 18, 12:00am