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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)
|
| Six Months |
| Twelve Months Ended December 31, |
| ||||||||||||||
|
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
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Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
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Income from continuing operations attributable to common shareholders |
| $ | 148,224 |
| $ | 406,074 |
| $ | 387,380 |
| $ | 328,110 |
| $ | 324,688 |
| $ | 236,839 |
|
Income taxes |
| 80,945 |
| 230,591 |
| 237,317 |
| 183,604 |
| 160,869 |
| 138,551 |
| ||||||
Fixed charges |
| 108,480 |
| 206,089 |
| 219,437 |
| 246,462 |
| 248,664 |
| 241,807 |
| ||||||
Total earnings |
| $ | 337,649 |
| $ | 842,754 |
| $ | 844,134 |
| $ | 758,176 |
| $ | 734,221 |
| $ | 617,197 |
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|
|
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Fixed Charges: |
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|
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Interest expense |
| $ | 104,720 |
| $ | 201,888 |
| $ | 214,616 |
| $ | 241,995 |
| $ | 244,174 |
| $ | 237,766 |
|
Estimated interest portion of annual rents |
| 3,760 |
| 4,201 |
| 4,821 |
| 4,467 |
| 4,490 |
| 4,041 |
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Total fixed charges |
| $ | 108,480 |
| $ | 206,089 |
| $ | 219,437 |
| $ | 246,462 |
| $ | 248,664 |
| $ | 241,807 |
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|
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Ratio of Earnings to Fixed Charges (rounded down) |
| 3.11 |
| 4.08 |
| 3.84 |
| 3.07 |
| 2.95 |
| 2.55 |
|