Exhibit 12.2
ARIZONA PUBLIC SERVICE COMPANY
COMPUTATION OF EARNINGS TO FIXED CHARGES
($000’s)
| Three Months | ||||||||||||||||||||||||
| Ended | Twelve Months | |||||||||||||||||||||||
| June 30, | Ended December 31, | |||||||||||||||||||||||
| 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Income from continuing operations | $ | 33,353 | $ | 180,937 | $ | 199,343 | $ | 280,688 | $ | 306,594 | $ | 268,322 | ||||||||||||
| Income taxes | 19,831 | 86,854 | 126,805 | 183,136 | 195,665 | 133,015 | ||||||||||||||||||
| Fixed charges | 47,149 | 181,793 | 168,985 | 166,939 | 179,381 | 179,088 | ||||||||||||||||||
| Total earnings | $ | 100,333 | $ | 449,584 | $ | 495,133 | $ | 630,763 | $ | 681,640 | $ | 580,425 | ||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest charges | $ | 38,147 | $ | 147,610 | $ | 133,878 | $ | 130,525 | $ | 141,886 | $ | 140,948 | ||||||||||||
| Amortization of debt discount | 1,195 | 3,337 | 2,888 | 2,650 | 2,105 | 2,084 | ||||||||||||||||||
| Estimated interest portion of annual rents | 7,807 | 30,846 | 32,219 | 33,764 | 35,390 | 36,056 | ||||||||||||||||||
| Total fixed charges. | $ | 47,149 | $ | 181,793 | $ | 168,985 | $ | 166,939 | $ | 179,381 | $ | 179,088 | ||||||||||||
| Ratio of Earnings to Fixed Charges (rounded down) | 2.12 | 2.47 | 2.93 | 3.77 | 3.79 | 3.24 | ||||||||||||||||||