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accident, accommodate, AECC, arriving, attrition, avoidable, belief, chemistry, Choice, coalition, Consumer, CWIP, defective, degree, diesel, dissolved, Dodge, eleven, encouraged, faulty, force, framework, imbalance, Impairment, imprudent, Indian, inspection, intervene, largest, legislature, likelihood, long, milder, Mining, percent, preconstruction, prefiled, put, PW, question, rejoinder, routine, RUCO, run, Section, sheet, significantly, spray, underfunded, vendor
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Exhibit 12.2
ARIZONA PUBLIC SERVICE COMPANY
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
| Nine Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| September 30 | Twelve Months Ended December 31, | |||||||||||||||||||||||
| 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Net Income | $ | 256,870 | $ | 170,479 | $ | 199,627 | $ | 180,937 | $ | 199,343 | $ | 280,688 | ||||||||||||
| Income taxes | 134,809 | 98,010 | 120,030 | 86,854 | 126,805 | 183,136 | ||||||||||||||||||
| Fixed charges | 140,189 | 178,437 | 181,372 | 181,793 | 168,985 | 166,939 | ||||||||||||||||||
| Total earnings | $ | 531,868 | $ | 446,926 | $ | 501,029 | $ | 449,584 | $ | 495,133 | $ | 630,763 | ||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest charges | $ | 115,764 | $ | 145,502 | $ | 146,983 | $ | 147,610 | $ | 133,878 | $ | 130,525 | ||||||||||||
| Amortization of debt discount | 3,264 | 4,085 | 4,854 | 3,337 | 2,888 | 2,650 | ||||||||||||||||||
| Estimated interest portion of annual rents | 21,161 | 28,850 | 29,535 | 30,846 | 32,219 | 33,764 | ||||||||||||||||||
| Total fixed charges | $ | 140,189 | $ | 178,437 | $ | 181,372 | $ | 181,793 | $ | 168,985 | $ | 166,939 | ||||||||||||
| Ratio of Earnings to Fixed Charges (rounded down) | 3.79 | 2.50 | 2.76 | 2.47 | 2.93 | 3.77 | ||||||||||||||||||