Exhibit 12.1
PINNACLE WEST CAPITAL CORPORATION
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
| Nine Months Ended | ||||||||||||||||||||||||
| September 30, | Twelve Months Ended December 31, | |||||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Income from continuing operations attributable to common shareholders | $ | 323,361 | $ | 233,349 | $ | 260,840 | $ | 283,370 | $ | 265,320 | $ | 189,315 | ||||||||||||
| Income taxes | 168,143 | 136,506 | 95,544 | 142,330 | 123,915 | 109,270 | ||||||||||||||||||
| Fixed charges | 185,236 | 241,568 | 224,453 | 213,531 | 203,899 | 201,276 | ||||||||||||||||||
| Total earnings | $ | 676,740 | $ | 611,423 | $ | 580,837 | $ | 639,231 | $ | 593,134 | $ | 499,861 | ||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest expense | $ | 181,937 | $ | 237,527 | $ | 219,916 | $ | 209,354 | $ | 200,411 | $ | 198,367 | ||||||||||||
| Estimated interest portion of annual rents | 3,299 | 4,041 | 4,537 | 4,177 | 3,488 | 2,909 | ||||||||||||||||||
| Total fixed charges | $ | 185,236 | $ | 241,568 | $ | 224,453 | $ | 213,531 | $ | 203,899 | $ | 201,276 | ||||||||||||
| Ratio of Earnings to Fixed Charges (rounded down) | 3.65 | 2.53 | 2.58 | 2.99 | 2.90 | 2.48 | ||||||||||||||||||