Pinnacle West Capital (PNW) 10-Q2011 Q3 Quarterly report

Filed: 1 Nov 11, 12:00am

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Removed: agree, called, continuation, disclose, downturn, efficiently, grew, individual, matter, MMBTU, offsetting, permitting, River, safely, satisfy, spread, terminated

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Exhibit 12.1

PINNACLE WEST CAPITAL CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

	Nine Months Ended September 30,		Twelve Months Ended December 31,
	2011		2010		2009		2008		2007		2006
Earnings:
Income from continuing operations attributable to common shareholders	$	316,001	$	324,688	$	236,839	$	259,871	$	286,512	$	269,988
Income taxes	176,229		160,869		138,551		95,231		144,673		125,878
Fixed charges	186,628		248,664		241,807		224,760		213,801		203,015
Total earnings	$	678,858	$	734,221	$	617,197	$	579,862	$	644,986	$	598,881

Fixed Charges:
Interest expense	$	183,251	$	244,174	$	237,766	$	220,223	$	209,624	$	199,527
Estimated interest portion of annual rents	3,377		4,490		4,041		4,537		4,177		3,488
Total fixed charges	$	186,628	$	248,664	$	241,807	$	224,760	$	213,801	$	203,015

Ratio of Earnings to Fixed Charges (rounded down)	3.63		2.95		2.55		2.57		3.01		2.94

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