EX-12.3 14 ex123-123114.htm EXHIBIT 12.3 EX 12.3 - 12.31.14

Exhibit 12.3
 
PINNACLE WEST CAPITAL CORPORATION
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS
(dollars in thousands)
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations attributable to common shareholders
$
397,595

 
$
406,074

 
$
387,380

 
$
328,110

 
$
324,688

Income taxes
220,705

 
230,591

 
237,317

 
183,604

 
160,869

Fixed charges
208,226

 
206,089

 
219,437

 
246,462

 
248,664

Total earnings
$
826,526

 
$
842,754

 
$
844,134

 
$
758,176

 
$
734,221

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
200,950

 
$
201,888

 
$
214,616

 
$
241,995

 
$
244,174

Estimated interest portion of annual rents
7,276

 
4,201

 
4,821

 
4,467

 
4,490

Total fixed charges
$
208,226

 
$
206,089

 
$
219,437

 
$
246,462

 
$
248,664

 
 
 
 
 
 
 
 
 
 
Preferred Stock Dividend Requirements:
 
 
 
 
 
 
 
 
 
Income before income taxes attributable to common shareholders
$
618,300

 
$
636,665

 
$
624,697

 
$
511,714

 
$
485,557

Net income from continuing operations attributable to common shareholders
397,595

 
406,074

 
387,370

 
328,110

 
324,688

Ratio of income before income taxes to net income
1.56

 
1.57

 
1.61

 
1.56

 
1.50

Preferred stock dividends
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
Preferred stock dividend requirements — ratio (above) times preferred stock dividends
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
Fixed Charges and Preferred Stock Dividend Requirements:
 
 
 
 
 
 
 
 
 
Fixed charges
$
208,226

 
$
206,089

 
$
219,437

 
$
246,462

 
$
248,664

Preferred stock dividend requirements
—

 
—

 
—

 
—

 
—

Total
$
208,226

 
$
206,089

 
$
219,437

 
$
246,462

 
$
248,664

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges (rounded down)
3.96

 
4.08

 
3.84

 
3.07

 
2.95