Pinnacle West Capital (PNW) 10-Q2013 Q2 Quarterly report

Filed: 2 Aug 13, 12:00am

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New words: abolished, AC, accident, addressed, addressing, aftermath, carryforward, chosen, clearer, Coconino, convene, converted, cutting, DC, deregulated, deregulation, docket, driven, earthquake, emergency, fulfill, GHG, grandfather, House, light, Obama, President, Presidential, proceed, Radioactive, reissue, repeatedly, rooftop, safety, schedule, scheduled, sequential, shift, solicit, solution, speech, unrecognized, unveiled, White, worldwide

Removed: consummate, decree, defend, dispose, distressed, earned, golf, homebuilding, impacting, long, merit, ordered, piloting, roughly, ruled, undertook

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Exhibit 12.2

ARIZONA PUBLIC SERVICE COMPANY

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

	Six Months Ended June 30,		Twelve Months Ended December 31,
	2013		2012		2011		2010		2009		2008
Earnings:
Income from continuing operations attributable to common shareholders	$	159,991	$	395,497	$	336,249	$	335,663	$	251,225	$	262,344
Income taxes	92,580		244,396		192,542		170,465		152,574		107,261
Fixed charges	101,036		214,227		238,286		234,184		227,274		206,896
Total earnings	$	353,607	$	854,120	$	767,077	$	740,312	$	631,073	$	576,501

Fixed Charges:
Interest charges	$	97,161	$	205,533	$	229,326	$	225,269	$	218,969	$	197,964
Amortization of debt discount	1,993		4,215		4,616		4,559		4,675		4,702
Estimated interest portion of annual rents	1,882		4,479		4,344		4,356		3,630		4,230
Total fixed charges	$	101,036	$	214,227	$	238,286	$	234,184	$	227,274	$	206,896

Ratio of Earnings to Fixed Charges (rounded down)	3.49		3.98		3.21		3.16		2.77		2.78

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