Exhibit 12.1
Arizona Public Service Company
Computation of Pro Forma Ratio of Earnings to Fixed Charges
($000’s)
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| Adjusted |
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| 12/31/2008 |
| Adjustments |
| 12/31/2008 (1) |
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Earnings: |
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Income From Continuing Operations |
| $ | 262,344 |
| $ | (19,034 | ) | $ | 243,310 |
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Income Taxes |
| 107,261 |
| (12,448 | ) | 94,813 |
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Fixed Charges |
| 213,583 |
| 31,482 |
| 245,066 |
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Total Earnings |
| $ | 583,188 |
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| $ | 583,188 |
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Fixed Charges: |
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Interest Charges |
| $ | 183,503 |
| $ | 31,000 |
| $ | 214,503 |
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Amortization of Debt Discount |
| 4,702 |
| 482 |
| 5,184 |
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Estimated Interest Portion of Annual Rents |
| 25,378 |
| — |
| 25,378 |
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Total Fixed Charges |
| $ | 213,583 |
| $ | 31,482 |
| $ | 245,066 |
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Ratio of Earnings to Fixed Charges (rounded down) |
| 2.73 |
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| 2.37 |
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(1) Adjusted to reflect the issuance of $500,000,000 of Arizona Public Service Company’s 8.750% Notes due 2019 and the application of the proceeds of such notes.