Exhibit 12.3
PINNACLE WEST CAPITAL CORPORATION
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
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| Six Months Ended |
| Twelve Months Ended December 31, |
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| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
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Earnings: |
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Income from continuing operations attributable to common shareholders |
| $ | 70,163 |
| $ | 324,688 |
| $ | 236,839 |
| $ | 259,871 |
| $ | 286,512 |
| $ | 269,988 |
|
Income taxes |
| 44,813 |
| 160,869 |
| 138,551 |
| 95,231 |
| 144,673 |
| 125,878 |
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Fixed charges |
| 123,516 |
| 248,664 |
| 241,807 |
| 224,760 |
| 213,801 |
| 203,015 |
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Total earnings |
| $ | 238,492 |
| $ | 734,221 |
| $ | 617,197 |
| $ | 579,862 |
| $ | 644,986 |
| $ | 598,881 |
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Fixed Charges: |
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Interest expense |
| $ | 121,217 |
| $ | 244,174 |
| $ | 237,766 |
| $ | 220,223 |
| $ | 209,624 |
| $ | 199,527 |
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Estimated interest portion of annual rents |
| 2,299 |
| 4,490 |
| 4,041 |
| 4,537 |
| 4,177 |
| 3,488 |
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Total fixed charges |
| $ | 123,516 |
| $ | 248,664 |
| $ | 241,807 |
| $ | 224,760 |
| $ | 213,801 |
| $ | 203,015 |
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Preferred Stock Dividend Requirements: |
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Income before income taxes attributable to common shareholders |
| $ | 114,976 |
| $ | 485,557 |
| $ | 375,390 |
| $ | 355,102 |
| $ | 431,185 |
| $ | 395,866 |
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Net income from continuing operations attributable to common shareholders |
| 70,163 |
| 324,688 |
| 236,839 |
| 259,871 |
| 286,512 |
| 269,988 |
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Ratio of income before income taxes to net income |
| 1.64 |
| 1.50 |
| 1.59 |
| 1.37 |
| 1.50 |
| 1.47 |
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Preferred stock dividends |
| — |
| — |
| — |
| — |
| — |
| — |
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Preferred stock dividend requirements — ratio (above) times preferred stock dividends |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
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Fixed Charges and Preferred Stock Dividend Requirements: |
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Fixed charges |
| $ | 123,516 |
| $ | 248,664 |
| $ | 241,807 |
| $ | 224,760 |
| $ | 213,801 |
| $ | 203,015 |
|
Preferred stock dividend requirements |
| — |
| — |
| — |
| — |
| — |
| — |
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Total |
| $ | 123,516 |
| $ | 248,664 |
| $ | 241,807 |
| $ | 224,760 |
| $ | 213,801 |
| $ | 203,015 |
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Ratio of Earnings to Fixed Charges (rounded down) |
| 1.93 |
| 2.95 |
| 2.55 |
| 2.57 |
| 3.01 |
| 2.94 |
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