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EXHIBIT 12.1
TNP ENTERPRISES, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
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Twelve Months
Ended Twelve Months For the Years Ended December 31,
March 31, 2000 Ended --------------------------------------------------
Pro Forma March 31, 2000 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C> <C>
Earnings as defined (1)
Income (loss) from continuing operations $ (2,740) $ 34,294 $ 30,167 $ 32,134 $42,561 $26,150 $33,060
Income taxes 6,601 20,370 17,254 15,605 20,985 9,653 17,720
Fixed charges and preferred dividend requirement 109,694 43,496 44,650 54,734 57,697 70,132 75,470
-------- -------- -------- -------- ------- ------- -------
Earnings as defined 113,555 98,160 92,071 102,473 121,243 105,935 126,250
-------- -------- -------- -------- ------- ------- -------
Fixed charges and preferred dividends as defined (2)
Interest 78,656 37,941 38,538 48,393 52,557 64,654 70,544
Amortization of debt discount, premium, & expense 4,676 4,676 5,205 5,492 4,355 4,709 3,416
Portion of interest implicit in rentals 771 771 751 626 549 540 504
Preferred dividend requirement (3) 25,591 108 156 223 236 229 1,006
-------- -------- -------- -------- ------- ------- -------
Fixed charges and preferred dividends 109,694 43,496 44,650 54,734 57,697 70,132 75,470
-------- -------- -------- -------- ------- ------- -------
Ratio of Combined Earnings to Fixed Charges and
Preferred Dividends 1.04 2.26 2.06 1.87 2.10 1.51 1.67
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(1) Earnings are defined as income from operations plus income taxes plus
fixed charges.
(2) Fixed charges consist of total interest; amortization of debt discount,
premium, and expense; the portion of interest implicit in rentals; and
the preferred dividend requirement.
(3) Preferred dividend requirement consists of the amount of pre-tax earnings
that is required to pay the dividends on outstanding preferred stock
(computed as the amount of the dividend divided by 1 minus the effective
income tax rate applicable to continuing operations).
