Arizona Public Service 10-Q2012 Q1 Quarterly report

Filed: 3 May 12, 12:00am

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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 12.2

ARIZONA PUBLIC SERVICE COMPANY

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	$	(4,105	)	$	336,249	$	335,663	$	251,225	$	262,344	$	283,940
Income taxes	(2,520		)	192,542		170,465		152,574		107,261		151,157
Fixed charges	57,005			238,286		234,184		227,274		206,896		195,144
Total earnings	$	50,380		$	767,077	$	740,312	$	631,073	$	576,501	$	630,241

Fixed Charges:
Interest charges	$	54,772		$	229,326	$	225,269	$	218,969	$	197,964	$	186,702
Amortization of debt discount	1,060			4,616		4,559		4,675		4,702		4,639
Estimated interest portion of annual rents	1,173			4,344		4,356		3,630		4,230		3,803
Total fixed charges	$	57,005		$	238,286	$	234,184	$	227,274	$	206,896	$	195,144

Ratio of Earnings to Fixed Charges (rounded down)	0.88			3.21		3.16		2.77		2.78		3.22

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