EX-12.1 5 a093015exhibit121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
 
PINNACLE WEST CAPITAL CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
 
 
Nine Months
Ended
September 30,
 
Twelve Months Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 

 
 

 
 

 
 

 
 

 
 

Income from continuing operations attributable to common shareholders
$
396,140

 
$
397,595

 
$
406,074

 
$
387,380

 
$
328,110

 
$
324,688

Income taxes
214,873

 
220,705

 
230,591

 
237,317

 
183,604

 
160,869

Fixed charges
151,754

 
208,226

 
206,089

 
219,437

 
246,462

 
248,664

Total earnings
$
762,767

 
$
826,526

 
$
842,754

 
$
844,134

 
$
758,176

 
$
734,221

Fixed Charges:
 

 
 

 
 

 
 

 
 

 
 

Interest expense
$
146,069

 
$
200,950

 
$
201,888

 
$
214,616

 
$
241,995

 
$
244,174

Estimated interest portion of annual rents
5,685

 
7,276

 
4,201

 
4,821

 
4,467

 
4,490

Total fixed charges
$
151,754

 
$
208,226

 
$
206,089

 
$
219,437

 
$
246,462

 
$
248,664

Ratio of Earnings to Fixed Charges (rounded down)
5.02

 
3.96

 
4.08

 
3.84

 
3.07

 
2.95