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Content analysis
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H.S. freshman Avg
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Exhibit 12.2
ARIZONA PUBLIC SERVICE COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
|
| Nine Months |
| 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 |
| $ | 321,962 |
| $ | 335,663 |
| $ | 251,225 |
| $ | 262,344 |
| $ | 283,940 |
| $ | 269,730 |
|
Income taxes |
| 183,838 |
| 170,465 |
| 152,574 |
| 107,261 |
| 151,157 |
| 138,927 |
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Fixed charges |
| 180,219 |
| 234,184 |
| 227,274 |
| 206,896 |
| 195,144 |
| 184,059 |
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Total earnings |
| $ | 686,019 |
| $ | 740,312 |
| $ | 631,073 |
| $ | 576,501 |
| $ | 630,241 |
| $ | 592,716 |
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Fixed Charges: |
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Interest charges |
| $ | 173,480 |
| $ | 225,269 |
| $ | 218,969 |
| $ | 197,964 |
| $ | 186,702 |
| $ | 176,459 |
|
Amortization of debt discount |
| 3,485 |
| 4,559 |
| 4,675 |
| 4,702 |
| 4,639 |
| 4,363 |
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Estimated interest portion of annual rents |
| 3,254 |
| 4,356 |
| 3,630 |
| 4,230 |
| 3,803 |
| 3,237 |
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Total fixed charges |
| $ | 180,219 |
| $ | 234,184 |
| $ | 227,274 |
| $ | 206,896 |
| $ | 195,144 |
| $ | 184,059 |
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Ratio of Earnings to Fixed Charges (rounded down) |
| 3.80 |
| 3.16 |
| 2.77 |
| 2.78 |
| 3.22 |
| 3.22 |
|