Exhibit 12.3
PINNACLE WEST CAPITAL CORPORATION
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
Six Months Ended | ||||||||||||||||||||||||
June 30, | Twelve Months Ended December 31, | |||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income from continuing operations attributable to common shareholders | $ | 96,661 | $ | 233,349 | $ | 260,840 | $ | 283,370 | $ | 265,320 | $ | 189,315 | ||||||||||||
Income taxes | 44,657 | 136,506 | 95,544 | 142,330 | 123,915 | 109,270 | ||||||||||||||||||
Fixed charges | 123,355 | 241,568 | 224,453 | 213,531 | 203,899 | 201,276 | ||||||||||||||||||
Total earnings | $ | 264,673 | $ | 611,423 | $ | 580,837 | $ | 639,231 | $ | 593,134 | $ | 499,861 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 121,446 | $ | 237,527 | $ | 219,916 | $ | 209,354 | $ | 200,411 | $ | 198,367 | ||||||||||||
Estimated interest portion of annual rents | 1,909 | 4,041 | 4,537 | 4,177 | 3,488 | 2,909 | ||||||||||||||||||
Total fixed charges | $ | 123,355 | $ | 241,568 | $ | 224,453 | $ | 213,531 | $ | 203,899 | $ | 201,276 | ||||||||||||
Preferred Stock Dividend Requirements: | ||||||||||||||||||||||||
Income before income taxes attributable to common shareholders | $ | 141,318 | $ | 369,855 | $ | 356,384 | $ | 425,700 | $ | 389,235 | $ | 298,585 | ||||||||||||
Net income from continuing operations attributable to common shareholders | 96,661 | 233,349 | 260,840 | 283,370 | 265,320 | 189,315 | ||||||||||||||||||
Ratio of income before income taxes to net income | 1.46 | 1.58 | 1.37 | 1.50 | 1.47 | 1.58 | ||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | ||||||||||||||||||
Preferred stock dividend requirements — ratio (above) times preferred stock dividends | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Fixed Charges and Preferred Stock Dividend Requirements: | ||||||||||||||||||||||||
Fixed charges | $ | 123,355 | $ | 241,568 | $ | 224,453 | $ | 213,531 | $ | 203,899 | $ | 201,276 | ||||||||||||
Preferred stock dividend requirements | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 123,355 | $ | 241,568 | $ | 224,453 | $ | 213,531 | $ | 203,899 | $ | 201,276 | ||||||||||||
Ratio of Earnings to Fixed Charges (rounded down) | 2.14 | 2.53 | 2.58 | 2.99 | 2.90 | 2.48 | ||||||||||||||||||