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Previous: TNP ENTERPRISES INC, S-4, EX-8.1, 2000-06-06 |
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<PAGE>
<TABLE>
<CAPTION>
Exhibit 12.1
TNP ENTERPRISES, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
Twelve Months
Ended Twelve Months
March 31, 2000 Ended For the Years Ended December 31,
Pro Forma March 31, 2000 1999 1998
----------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Earnings as defined (1)
Income (loss) from continuing operations $ (2,740) $ 34,294 $ 30,167 $ 32,134
Income taxes 6,601 20,370 17,254 15,605
Fixed charges 84,103 43,388 44,494 54,511
-------------- ---------------- ------------ ---------------
Earnings as defined 87,964 98,052 91,915 102,250
-------------- ---------------- ------------ ---------------
Fixed charges as defined (2)
Interest 78,656 37,941 38,538 48,393
Amortization of debt discount, premium, & expense 4,676 4,676 5,205 5,492
Portion of interest implicit in rentals 771 771 751 626
-------------- ---------------- ------------ ---------------
Fixed charges as defined 84,103 43,388 44,494 54,511
-------------- ---------------- ------------ ---------------
Ratio of Earnings to Fixed Charges 1.05 2.26 2.07 1.88
============== ================ ============ ===============
<CAPTION>
For the Years Ended December 31,
1997 1996 1995
-------------- ------------- ------------
<S> <C> <C> <C>
Earnings as defined (1)
Income (loss) from continuing operations $ 42,561 $ 26,150 $ 33,060
Income taxes 20,985 9,653 17,720
Fixed charges 57,461 69,903 74,464
------------- ------------- ------------
Earnings as defined 121,007 105,706 125,244
------------- ------------- ------------
Fixed charges as defined (2)
Interest 52,557 64,654 70,544
Amortization of debt discount, premium, & expense 4,355 4,709 3,416
Portion of interest implicit in rentals 549 540 504
------------- ------------- ------------
Fixed charges as defined 57,461 69,903 74,464
------------- ------------- ------------
Ratio of Earnings to Fixed Charges 2.11 1.51 1.68
============= ============= ============
</TABLE>
(1) Earnings are defined as income from continuing operations plus income
taxes plus fixed charges.
(2) Fixed charges consist of total interest; amortization of debt discount,
premium, and expense; and the portion of interest implicit in rentals.
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