EX-12.1 4 pnw20171231exhibit121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
 
PINNACLE WEST CAPITAL CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 

 
 

 
 

 
 

 
 

Net income attributable to common shareholders
$
488,456

 
$
442,034

 
$
437,257

 
$
397,595

 
$
406,074

Income taxes
258,272

 
236,411

 
237,720

 
220,705

 
230,591

Fixed charges
228,377

 
213,973

 
202,465

 
208,226

 
206,089

Total earnings
$
975,105

 
$
892,418

 
$
877,442

 
$
826,526

 
$
842,754

Fixed Charges:
 

 
 

 
 

 
 

 
 

Interest expense
$
219,796

 
$
205,720

 
$
194,964

 
$
200,950

 
201,888

Estimated interest portion of annual rents
8,581

 
8,253

 
7,501

 
7,276

 
4,201

Total fixed charges
$
228,377

 
$
213,973

 
$
202,465

 
$
208,226

 
$
206,089

Ratio of Earnings to Fixed Charges (rounded down)
4.26

 
4.17

 
4.33

 
3.96

 
4.08