Exhibit 12.1
Pinnacle West Capital Corporation
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, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income From Continuing Operations | $ | 260,268 | $ | 301,132 | $ | 317,143 | $ | 223,163 | $ | 246,590 | $ | 225,384 | ||||||||||||
Income Taxes | 92,489 | 152,447 | 156,418 | 126,892 | 136,142 | 102,202 | ||||||||||||||||||
Fixed Charges | 177,057 | 235,705 | 225,119 | 214,430 | 214,803 | 225,041 | ||||||||||||||||||
Total Earnings | $ | 529,814 | $ | 689,284 | $ | 698,680 | $ | 564,485 | $ | 597,535 | $ | 552,627 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest Charges | $ | 157,580 | $ | 208,521 | $ | 196,826 | $ | 185,087 | $ | 183,527 | $ | 193,973 | ||||||||||||
Estimated Interest Portion of Annual Rents | 19,477 | 27,184 | 28,293 | 29,343 | 31,276 | 31,068 | ||||||||||||||||||
Total Fixed Charges | $ | 177,057 | $ | 235,705 | $ | 225,119 | $ | 214,430 | $ | 214,803 | $ | 225,041 | ||||||||||||
Ratio of Earnings to Fixed Charges (rounded down) | 2.99 | 2.92 | 3.10 | 2.63 | 2.78 | 2.45 | ||||||||||||||||||