Exhibit 12.3
PINNACLE WEST CAPITAL CORPORATION
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
Twelve Months Ended December 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations attributable to common shareholders | $ | 82,006 | $ | 231,304 | $ | 300,436 | $ | 308,972 | $ | 223,933 | ||||||||||
Income taxes | 37,827 | 76,897 | 152,006 | 151,122 | 127,361 | |||||||||||||||
Fixed charges | 256,987 | 241,370 | 235,011 | 224,681 | 213,967 | |||||||||||||||
Total earnings | $ | 376,820 | $ | 549,571 | $ | 687,453 | $ | 684,775 | $ | 565,261 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 233,859 | $ | 215,684 | $ | 207,827 | $ | 196,388 | $ | 184,624 | ||||||||||
Estimated interest portion of annual rents | 23,128 | 25,686 | 27,184 | 28,293 | 29,343 | |||||||||||||||
Total fixed charges | $ | 256,987 | $ | 241,370 | $ | 235,011 | $ | 224,681 | $ | 213,967 | ||||||||||
Preferred Stock Dividend | ||||||||||||||||||||
Requirements: | ||||||||||||||||||||
Income before income taxes attributable to common shareholders | $ | 119,833 | $ | 308,201 | $ | 452,442 | $ | 460,094 | $ | 351,294 | ||||||||||
Net income from continuing operations attributable to common shareholders | 82,006 | 231,304 | 300,436 | 308,972 | 223,933 | |||||||||||||||
Ratio of income before income taxes to net income | 1.46 | 1.33 | 1.51 | 1.49 | 1.57 | |||||||||||||||
Preferred stock dividends | — | — | — | — | ||||||||||||||||
Preferred stock dividend requirements — ratio (above) times preferred stock dividends | $ | — | $ | — | $ | $ | — | $ | — | |||||||||||
Fixed Charges and Preferred | ||||||||||||||||||||
Stock Dividend Requirements: | ||||||||||||||||||||
Fixed charges | $ | 256,987 | $ | 241,370 | $ | 235,011 | $ | 224,681 | $ | 213,967 | ||||||||||
Preferred stock dividend requirements | — | — | — | — | — | |||||||||||||||
Total | $ | 256,987 | $ | 241,370 | $ | 235,011 | $ | 224,681 | $ | 213,967 | ||||||||||
Ratio of Earnings to Fixed Charges (rounded down) | 1.46 | 2.27 | 2.92 | 3.04 | 2.64 | |||||||||||||||