Pinnacle West Capital (PNW) 10-Q 2005 Q3 Quarterly report

Exhibit 12.2

ARIZONA PUBLIC SERVICE COMPANY
COMPUTATION OF EARNINGS TO FIXED CHARGES
($000’s)

	Nine Months
	Ended		Twelve Months Ended
	September 30,		December 31,
	2005		2004		2003		2002		2001		2000
Earnings:
Income From Continuing Operations	$	152,136	$	199,627	$	180,937	$	199,343	$	280,688	$	306,594
Income Taxes		89,257		120,030		86,854		126,805		183,136		195,665
Fixed Charges		134,707		181,372		181,793		168,985		166,939		179,381
Total Earnings	$	376,100	$	501,029	$	449,584	$	495,133	$	630,763	$	681,640
Fixed Charges:
Interest Charges	$	109,711	$	146,983	$	147,610	$	133,878	$	130,525	$	141,886
Amortization of Debt Discount		3,106		4,854		3,337		2,888		2,650		2,105
Estimated Interest Portion of Annual Rents		21,890		29,535		30,846		32,219		33,764		35,390
Total Fixed Charges	$	134,707	$	181,372	$	181,793	$	168,985	$	166,939	$	179,381
Ratio of Earnings to Fixed Charges (rounded down)		2.79		2.76		2.47		2.93		3.77		3.79