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Content analysis
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H.S. freshman Avg
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Exhibit 12.1
PINNACLE WEST CAPITAL CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
|
| Nine Months |
| Twelve Months Ended December 31, |
| ||||||||||||||
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
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Earnings: |
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|
|
|
|
|
|
|
|
|
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Income from continuing operations attributable to common shareholders |
| $ | 360,515 |
| $ | 328,110 |
| $ | 324,688 |
| $ | 236,839 |
| $ | 259,871 |
| $ | 286,512 |
|
Income taxes |
| 219,160 |
| 183,604 |
| 160,869 |
| 138,551 |
| 95,231 |
| 144,673 |
| ||||||
Fixed charges |
| 165,843 |
| 246,462 |
| 248,664 |
| 241,807 |
| 224,760 |
| 213,801 |
| ||||||
Total earnings |
| $ | 745,518 |
| $ | 758,176 |
| $ | 734,221 |
| $ | 617,197 |
| $ | 579,862 |
| $ | 644,986 |
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Fixed Charges: |
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|
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Interest expense |
| $ | 162,209 |
| $ | 241,995 |
| $ | 244,174 |
| $ | 237,766 |
| $ | 220,223 |
| $ | 209,624 |
|
Estimated interest portion of annual rents |
| 3,634 |
| 4,467 |
| 4,490 |
| 4,041 |
| 4,537 |
| 4,177 |
| ||||||
Total fixed charges |
| $ | 165,843 |
| $ | 246,462 |
| $ | 248,664 |
| $ | 241,807 |
| $ | 224,760 |
| $ | 213,801 |
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Ratio of Earnings to Fixed Charges (rounded down) |
| 4.49 |
| 3.07 |
| 2.95 |
| 2.55 |
| 2.57 |
| 3.01 |
| ||||||