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)
Three Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
March 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ | (5,889 | ) | $ | 82,006 | $ | 231,304 | $ | 300,436 | $ | 308,972 | $ | 223,933 | |||||||||||
Income taxes | (15,480 | ) | 37,827 | 76,897 | 152,006 | 151,122 | 127,361 | |||||||||||||||||
Fixed charges | 63,640 | 250,647 | 234,682 | 228,112 | 217,566 | 206,657 | ||||||||||||||||||
Total earnings | $ | 42,271 | $ | 370,480 | $ | 542,883 | $ | 680,554 | $ | 677,660 | $ | 557,951 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 62,054 | $ | 246,606 | $ | 230,145 | $ | 223,935 | $ | 214,078 | $ | 203,748 | ||||||||||||
Estimated interest portion of annual rents | 1,586 | 4,041 | 4,537 | 4,177 | 3,488 | 2,909 | ||||||||||||||||||
Total fixed charges | $ | 63,640 | $ | 250,647 | $ | 234,682 | $ | 228,112 | $ | 217,566 | $ | 206,657 | ||||||||||||
Preferred Stock Dividend Requirements: | ||||||||||||||||||||||||
Income (loss) before income taxes | $ | (21,369 | ) | $ | 119,833 | $ | 308,201 | $ | 452,442 | $ | 460,094 | $ | 351,294 | |||||||||||
Net income (loss) from continuing operations | (5,889 | ) | 82,006 | 231,304 | 300,436 | 308,972 | 223,933 | |||||||||||||||||
Ratio of income before income taxes to net income | 3.63 | 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 | $ | 63,640 | $ | 250,647 | $ | 234,682 | $ | 228,112 | $ | 217,566 | $ | 206,657 | ||||||||||||
Preferred stock dividend requirements | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 63,640 | $ | 250,647 | $ | 234,682 | $ | 228,112 | $ | 217,566 | $ | 206,657 | ||||||||||||
Ratio of Earnings to Fixed Charges (rounded down) | 0.66 | 1.47 | 2.31 | 2.98 | 3.11 | 2.69 | ||||||||||||||||||