Exhibit 12.3
Pinnacle West Capital Corporation
Computation of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
($000’s)
Computation of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
($000’s)
2006 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income From Continuing Operations | $ | 317,143 | $ | 223,163 | $ | 246,590 | $ | 225,384 | $ | 236,563 | $ | 327,367 | ||||||||||||
Income Taxes | 156,418 | 126,892 | 136,142 | 102,202 | 152,145 | 213,535 | ||||||||||||||||||
Fixed Charges | 225,119 | 214,430 | 214,803 | 225,041 | 219,178 | 211,958 | ||||||||||||||||||
Total Earnings | $ | 698,680 | $ | 564,485 | $ | 597,535 | $ | 552,627 | $ | 607,886 | $ | 752,860 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest Expense | $ | 196,826 | $ | 185,087 | $ | 183,527 | $ | 193,973 | $ | 187,039 | $ | 175,822 | ||||||||||||
Estimated Interest Portion of Annual Rents | 28,293 | 29,343 | 31,276 | 31,068 | 32,139 | 36,136 | ||||||||||||||||||
Total Fixed Charges | $ | 225,119 | $ | 214,430 | $ | 214,803 | $ | 225,041 | $ | 219,178 | $ | 211,958 | ||||||||||||
Preferred Stock Dividend Requirements: | ||||||||||||||||||||||||
Income Before Income Taxes | $ | 473,561 | $ | 350,055 | $ | 382,732 | $ | 327,586 | $ | 388,708 | $ | 540,902 | ||||||||||||
Net Income From Continuing Operations | 317,143 | 223,163 | 246,590 | 225,384 | 236,563 | 327,367 | ||||||||||||||||||
Ratio of Income Before Income Taxes to Net Income | 1.493 | 1.569 | 1.552 | 1.453 | 1.643 | 1.652 | ||||||||||||||||||
Preferred Stock Dividends | — | — | — | — | — | — | ||||||||||||||||||
Preferred Stock Dividend Requriments — Ratio (above) Times Preferred Stock Dividends | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Fixed Charges and Preferred Stock Dividend Requirements: | ||||||||||||||||||||||||
Fixed Charges | $ | 225,119 | $ | 214,430 | $ | 214,803 | $ | 225,041 | $ | 219,178 | $ | 211,958 | ||||||||||||
Preferred Stock Dividend Requirements | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 225,119 | $ | 214,430 | $ | 214,803 | $ | 225,041 | $ | 219,178 | $ | 211,958 | ||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividend Requirements (rounded down) | 3.10 | 2.63 | 2.78 | 2.45 | 2.77 | 3.55 | ||||||||||||||||||