Arizona Public Service 10-K2014 FY Annual report

Filed: 20 Feb 15, 12:00am

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New words: admitted, ARO, attempted, baseline, BCE, Blythe, Bright, Brotherhood, CAISO, Canyon, cascading, cease, chosen, clear, contemplated, count, Delaware, DSM, earliest, easily, enrolled, expertise, expressly, HRA, IBEW, impoundment, incremental, inoperable, instability, intensity, Internet, landfill, MidAmerican, milestone, MWac, MWdc, Nova, Partner, ppb, programmatic, proponent, recordkeeping, role, Scotia, secondary, signal, simplified, slower, Society, solicitation, solicited, soliciting, stage, stipulating, Stipulation, stringency, TD, temporarily, Toxic, TransCanyon, UFJ, underpayment, venture, wholly, winner

Removed: absence, addressed, affirmed, aging, Allied, American, aquatic, ARRA, atmosphere, awaiting, Branch, capture, Cayman, concrete, concurrent, content, contingently, cooling, decided, Dilutive, diversity, efficient, emit, endangered, enhanced, entering, enterprise, entrainment, Exelon, exercised, existence, Fargo, fine, fish, gasification, impinged, impingement, induced, infused, intake, intrinsic, merit, mildly, minimizing, nationally, overpayment, passing, peer, preference, protective, recently, Reinvestment, remand, rent, retrofitting, reuse, shellfish, slightly, streamlining, Suisse, understand, USA, velocity, wildlife

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Exhibit 12.3

PINNACLE WEST CAPITAL CORPORATION
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS
(dollars in thousands)



	2014		2013		2012		2011		2010
Earnings:
Income from continuing operations attributable to common shareholders	$	397,595	$	406,074	$	387,380	$	328,110	$	324,688
Income taxes	220,705		230,591		237,317		183,604		160,869
Fixed charges	208,226		206,089		219,437		246,462		248,664
Total earnings	$	826,526	$	842,754	$	844,134	$	758,176	$	734,221

Fixed Charges:
Interest expense	$	200,950	$	201,888	$	214,616	$	241,995	$	244,174
Estimated interest portion of annual rents	7,276		4,201		4,821		4,467		4,490
Total fixed charges	$	208,226	$	206,089	$	219,437	$	246,462	$	248,664

Preferred Stock Dividend Requirements:
Income before income taxes attributable to common shareholders	$	618,300	$	636,665	$	624,697	$	511,714	$	485,557
Net income from continuing operations attributable to common shareholders	397,595		406,074		387,370		328,110		324,688
Ratio of income before income taxes to net income	1.56		1.57		1.61		1.56		1.50
Preferred stock dividends	—		—		—		—		—

Preferred stock dividend requirements — ratio (above) times preferred stock dividends	$	—	$	—	$	—	$	—	$	—

Fixed Charges and Preferred Stock Dividend Requirements:
Fixed charges	$	208,226	$	206,089	$	219,437	$	246,462	$	248,664
Preferred stock dividend requirements	—		—		—		—		—
Total	$	208,226	$	206,089	$	219,437	$	246,462	$	248,664

Ratio of Earnings to Fixed Charges (rounded down)	3.96		4.08		3.84		3.07		2.95