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, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ | (14,795 | ) | $ | 330,435 | $ | 233,349 | $ | 260,840 | $ | 283,370 | $ | 265,320 | |||||||||||
Income taxes | (5,649 | ) | 164,321 | 136,506 | 95,544 | 142,330 | 123,915 | |||||||||||||||||
Fixed charges | 62,361 | 248,664 | 241,568 | 224,453 | 213,531 | 203,899 | ||||||||||||||||||
Total earnings | $ | 41,917 | $ | 743,420 | $ | 611,423 | $ | 580,837 | $ | 639,231 | $ | 593,134 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 61,077 | $ | 244,174 | $ | 237,527 | $ | 219,916 | $ | 209,354 | $ | 200,411 | ||||||||||||
Estimated interest portion of annual rents | 1,284 | 4,490 | 4,041 | 4,537 | 4,177 | 3,488 | ||||||||||||||||||
Total fixed charges | $ | 62,361 | $ | 248,664 | $ | 241,568 | $ | 224,453 | $ | 213,531 | $ | 203,899 | ||||||||||||
Preferred Stock Dividend Requirements: | ||||||||||||||||||||||||
Income (loss) before income taxes attributable to common shareholders | $ | (20,444 | ) | $ | 494,756 | $ | 369,855 | $ | 356,384 | $ | 425,700 | $ | 389,235 | |||||||||||
Net income (loss) from continuing operations attributable to common shareholders | (14,795 | ) | 330,435 | 233,349 | 260,840 | 283,370 | 265,320 | |||||||||||||||||
Ratio of income before income taxes to net income | 1.38 | 1.50 | 1.58 | 1.37 | 1.50 | 1.47 | ||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | ||||||||||||||||||
Preferred stock dividend requirements — ratio (above) times preferred stock dividends | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Fixed Charges and Preferred Stock Dividend Requirements: | ||||||||||||||||||||||||
Fixed charges | $ | 62,361 | $ | 248,664 | $ | 241,568 | $ | 224,453 | $ | 213,531 | $ | 203,899 | ||||||||||||
Preferred stock dividend requirements | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 62,361 | $ | 248,664 | $ | 241,568 | $ | 224,453 | $ | 213,531 | $ | 203,899 | ||||||||||||
Ratio of Earnings to Fixed Charges (rounded down) | 0.67 | 2.98 | 2.53 | 2.58 | 2.99 | 2.90 | ||||||||||||||||||