Exhibit 12.1
ARIZONA PUBLIC SERVICE COMPANY
COMPUTATION OF EARNINGS TO FIXED CHARGES
($000’s)
| Nine Months | ||||||||||||||||||||||||||
| Ended | Twelve Months | |||||||||||||||||||||||||
| September 30, | Ended December 31, | |||||||||||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||||
| Income from continuing operations | $ | 159,464 | $ | 199,343 | $ | 280,688 | $ | 306,594 | $ | 268,322 | $ | 255,247 | ||||||||||||||
| Income taxes | 85,415 | 126,805 | 183,136 | 195,665 | 133,015 | 133,452 | ||||||||||||||||||||
| Fixed charges | 135,224 | 168,985 | 166,939 | 179,381 | 179,088 | 183,398 | ||||||||||||||||||||
| Total earnings | $ | 380,103 | $ | 495,133 | $ | 630,763 | $ | 681,640 | $ | 580,425 | $ | 572,097 | ||||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||||
| Interest charges | $ | 109,496 | $ | 133,878 | $ | 130,525 | $ | 141,886 | $ | 140,948 | $ | 144,695 | ||||||||||||||
| Amortization of debt discount | 2,303 | 2,888 | 2,650 | 2,105 | 2,084 | 2,410 | ||||||||||||||||||||
| Estimated interest portion of annual rents | 23,425 | 32,219 | 33,764 | 35,390 | 36,056 | 36,293 | ||||||||||||||||||||
| Total fixed charges | $ | 135,224 | $ | 168,985 | $ | 166,939 | $ | 179,381 | $ | 179,088 | $ | 183,398 | ||||||||||||||
| Ratio of Earnings to Fixed Charges (rounded down) | 2.81 | 2.93 | 3.77 | 3.79 | 3.24 | 3.11 | ||||||||||||||||||||