EXHIBIT 12.1
ARIZONA PUBLIC SERVICE COMPANY
COMPUTATION OF EARNINGS TO FIXED CHARGES(A)
(THOUSANDS OF DOLLARS)
Twelve Months Ended
December 31,
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2001 2000 1999 1998 1997
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Earnings:
Income from continuing operations $280,688 $306,594 $268,322 $255,247 $251,493
Income taxes 183,136 195,665 133,015 133,452 129,986
Fixed Charges 166,939 179,381 179,088 183,398 189,600
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Total 630,763 681,640 580,425 572,097 571,079
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Fixed Charges:
Interest charges 130,525 141,886 140,948 144,695 150,335
Amortization of debt discount 2,650 2,105 2,084 2,410 2,336
Estimated interest portion of
annual rents 33,764 35,390 36,056 36,293 36,929
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Total fixed charges 166,939 179,381 179,088 183,398 189,600
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Ratio of Earnings to Fixed Charges
(rounded down) 3.77 3.79 3.24 3.11 3.01
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(a) We have reclassified certain prior year amounts to conform to the current
year presentation.