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, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Income From Continuing Operations | $ | 278,772 | $ | 283,940 | $ | 269,730 | $ | 170,479 | $ | 199,627 | $ | 180,937 | ||||||||||||
| Income Taxes | 108,331 | 151,157 | 138,927 | 98,010 | 120,030 | 86,854 | ||||||||||||||||||
| Fixed Charges | 155,384 | 202,044 | 191,174 | 178,437 | 181,372 | 181,793 | ||||||||||||||||||
| Total Earnings | $ | 542,487 | $ | 637,141 | $ | 599,831 | $ | 446,926 | $ | 501,029 | $ | 449,584 | ||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest Charges | $ | 132,664 | $ | 170,594 | $ | 158,769 | $ | 145,502 | $ | 146,983 | $ | 147,610 | ||||||||||||
| Amortization of Debt Discount | 3,482 | 4,639 | 4,363 | 4,085 | 4,854 | 3,337 | ||||||||||||||||||
| Estimated Interest Portion of Annual Rents | 19,238 | 26,811 | 28,042 | 28,850 | 29,535 | 30,846 | ||||||||||||||||||
| Total Fixed Charges | $ | 155,384 | $ | 202,044 | $ | 191,174 | $ | 178,437 | $ | 181,372 | $ | 181,793 | ||||||||||||
| Ratio of Earnings to Fixed Charges (rounded down) | 3.49 | 3.15 | 3.13 | 2.50 | 2.76 | 2.47 | ||||||||||||||||||