Exhibit 12.1
ARIZONA PUBLIC SERVICE COMPANY
COMPUTATION OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
Twelve Months Ended
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March 31, December 31,
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1997 1996 1995 1994 1993 1992
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Earnings:
Net Income...................... $226,510 $243,471 $239,570 $243,486 $250,386 $246,805
Income taxes (1)................ 125,204 132,961 141,267 177,244 188,907 181,355
Fixed Charges................... 200,340 203,855 214,768 213,581 220,590 246,246
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Total......................... $552,054 $580,287 $595,605 $634,311 $659,883 $674,406
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Fixed Charges:
Interest expense................ $154,974 $158,287 $168,175 $166,045 $171,272 $190,746
Amortization of debt discount,
premium and expense........... 8,061 8,176 8,622 8,854 9,203 8,000
Estimated interest portion of
annual rents (2).............. 37,305 37,392 37,971 38,682 40,115 47,500
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Total......................... $200,340 $203,855 $214,768 $213,581 $220,590 $246,246
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Ratio of Earnings to Fixed Charges
(rounded down).................. 2.75 2.84 2.77 2.96 2.99 2.73
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(1) Income Taxes:
Charged to operations........... $169,446 $178,513 $178,865 $168,202 $168,056 $164,620
Charged (credited) to other
accounts...................... (44,242) (45,552) (37,598) 9,042 20,851 16,735
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Total......................... $125,204 $132,961 $141,267 $177,244 $188,907 $181,355
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(2) Estimated interest portion of
Unit 2 lease payments included
in estimated interest portion of
annual rentals.................. $ 34,991 $ 35,083 $ 35,422 $ 35,710 $ 37,407 $ 43,581
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