EXHIBIT 12.1
Arizona Public Service Company
Computation of Earnings to Fixed Charges
($000’s)
Computation of Earnings to Fixed Charges
($000’s)
| Six Months Ended | ||||||||||||||||||||||||
| 6/30/2006 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Income From Continuing Operations | $ | 88,236 | $ | 170,479 | $ | 199,627 | $ | 180,937 | $ | 199,343 | $ | 280,688 | ||||||||||||
| Income Taxes | 42,432 | 98,010 | 120,030 | 86,854 | 126,805 | 183,136 | ||||||||||||||||||
| Fixed Charges | 90,511 | 178,437 | 181,372 | 181,793 | 168,985 | 166,939 | ||||||||||||||||||
| Total Earnings | $ | 221,179 | $ | 446,926 | $ | 501,029 | $ | 449,584 | $ | 495,133 | $ | 630,763 | ||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest Charges | $ | 74,151 | $ | 145,502 | $ | 146,983 | $ | 147,610 | $ | 133,878 | $ | 130,525 | ||||||||||||
| Amortization of Debt Discount | 2,198 | 4,085 | 4,854 | 3,337 | 2,888 | 2,650 | ||||||||||||||||||
| Estimated Interest Portion of Annual Rents | 14,162 | 28,850 | 29,535 | 30,846 | 32,219 | 33,764 | ||||||||||||||||||
| Total Fixed Charges | $ | 90,511 | $ | 178,437 | $ | 181,372 | $ | 181,793 | $ | 168,985 | $ | 166,939 | ||||||||||||
| Ratio of Earnings to Fixed Charges (rounded down) | 2.44 | 2.50 | 2.76 | 2.47 | 2.93 | 3.77 | ||||||||||||||||||