Arizona Public Service 10-Q2012 Q1 Quarterly report

Filed: 3 May 12, 12:00am

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New words: AFUDC, Alliance, antidilutive, APA, audit, automatically, bankruptcy, Bcf, Biological, bulk, cap, Center, clarification, Code, complaint, conform, consultation, corrective, CPUC, Cubic, deferral, Din, Disturbance, Diversity, earlier, EIS, emerging, endangered, Enforcement, Environment, ERISA, ESA, essentially, experienced, experimental, Feet, format, GHG, heard, incorporate, interconnection, isolation, iv, Juan, long, Luke, milder, mine, mining, multiple, mutual, objective, orderly, OSM, pool, Predominately, prudence, Reclamation, reconstructed, refile, refiled, refinance, rely, remarket, reset, respond, Richter, Ruining, scale, select, shutdown, stayed, successful, Surface, suspended, systematic, tracking, uncertain, unclear, underway, vigorously, watt, WECC

Removed: acquire, actively, AOCI, began, bond, British, broad, challenged, clarity, commencement, community, competitive, consistent, contracted, cooling, declined, delivered, demonstrated, design, determining, develop, direct, downtown, economically, exercise, exercised, expired, Flagstaff, greater, guarantee, half, haze, highly, impairment, initially, installer, involve, issuer, leasing, letter, linkage, master, Mechanically, minimal, national, obligated, operate, operator, ownership, parent, photovoltaic, pilot, President, procurement, proportional, proposal, prudently, Rapid, realizing, rebound, receive, recently, reducing, refinanced, refusal, released, replacing, requisite, reservation, residual, reversed, rural, satisfactory, saving, scheduled, shut, side, situation, small, solicit, supportive, thermal, tsunami, unanimously, unavailable, University, unrecognized, variance, vary, voluntary

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Exhibit 12.1

PINNACLE WEST CAPITAL CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

	Three Months Ended March 31,			Twelve Months Ended December 31,
	2012			2011		2010		2009		2008		2007
Earnings:
Income (loss) from continuing operations attributable to common shareholders	$	(7,483	)	$	328,110	$	324,688	$	236,839	$	259,871	$	286,512
Income taxes	(4,645		)	183,604		160,869		138,551		95,231		144,673
Fixed charges	58,228			246,462		248,664		241,807		224,760		213,801
Total earnings	$	46,100		$	758,176	$	734,221	$	617,197	$	579,862	$	644,986

Fixed Charges:
Interest expense	$	56,967		$	241,995	$	244,174	$	237,766	$	220,223	$	209,624
Estimated interest portion of annual rents	1,261			4,467		4,490		4,041		4,537		4,177
Total fixed charges	$	58,228		$	246,462	$	248,664	$	241,807	$	224,760	$	213,801

Ratio of Earnings to Fixed Charges (rounded down)	0.79			3.07		2.95		2.55		2.57		3.01

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