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Exhibit 12.1
PINNACLE WEST CAPITAL CORPORATION
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
PINNACLE WEST CAPITAL CORPORATION
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
| Nine Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| September 30, | Twelve Months Ended December 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Income from continuing operations | $ | 295,292 | $ | 317,143 | $ | 223,163 | $ | 246,590 | $ | 225,384 | $ | 236,563 | ||||||||||||
| Income taxes | 140,428 | 156,418 | 126,892 | 136,142 | 102,202 | 152,145 | ||||||||||||||||||
| Fixed charges | 178,785 | 225,119 | 214,430 | 214,803 | 225,041 | 219,178 | ||||||||||||||||||
| Total Earnings | $ | 614,505 | $ | 698,680 | $ | 564,485 | $ | 597,535 | $ | 552,627 | $ | 607,886 | ||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest charges | $ | 158,352 | $ | 196,826 | $ | 185,087 | $ | 183,527 | $ | 193,973 | $ | 187,039 | ||||||||||||
| Estimated interest portion of annual rents | 20,433 | 28,293 | 29,343 | 31,276 | 31,068 | 32,139 | ||||||||||||||||||
| Total Fixed Charges | $ | 178,785 | $ | 225,119 | $ | 214,430 | $ | 214,803 | $ | 225,041 | $ | 219,178 | ||||||||||||
| Ratio of Earnings to Fixed Charges (rounded down) | 3.43 | 3.10 | 2.63 | 2.78 | 2.45 | 2.77 | ||||||||||||||||||