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EXHIBIT 12.1
Pinnacle West Capital Corporation
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 | $ | 122,438 | $ | 223,163 | $ | 246,590 | $ | 225,384 | $ | 236,563 | $ | 327,367 | ||||||||||||
| Income Taxes | 56,064 | 126,892 | 136,142 | 102,202 | 152,145 | 213,535 | ||||||||||||||||||
| Fixed Charges | 107,698 | 214,430 | 214,803 | 225,041 | 219,178 | 211,958 | ||||||||||||||||||
| Total Earnings | $ | 286,200 | $ | 564,485 | $ | 597,535 | $ | 552,627 | $ | 607,886 | $ | 752,860 | ||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest Expense | $ | 93,408 | $ | 185,087 | $ | 183,527 | $ | 193,973 | $ | 187,039 | $ | 175,822 | ||||||||||||
| Estimated Interest Portion of Annual Rents | 14,290 | 29,343 | 31,276 | 31,068 | 32,139 | 36,136 | ||||||||||||||||||
| Total Fixed Charges | $ | 107,698 | $ | 214,430 | $ | 214,803 | $ | 225,041 | $ | 219,178 | $ | 211,958 | ||||||||||||
| Ratio of Earnings to Fixed Charges (rounded down) | 2.65 | 2.63 | 2.78 | 2.45 | 2.77 | 3.55 | ||||||||||||||||||