EX-12.1 3 a093016exhibit121.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,
 
2016
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 

 
 

 
 

 
 

 
 

 
 

Income from continuing operations attributable to common shareholders
$
388,788

 
$
437,257

 
$
397,595

 
$
406,074

 
$
387,380

 
$
328,110

Income taxes
209,102

 
237,720

 
220,705

 
230,591

 
237,317

 
183,604

Fixed charges
161,142

 
202,465

 
208,226

 
206,089

 
219,437

 
246,462

Total earnings
$
759,032

 
$
877,442

 
$
826,526

 
$
842,754

 
$
844,134

 
$
758,176

Fixed Charges:
 

 
 

 
 

 
 

 
 

 
 

Interest expense
$
154,886

 
$
194,964

 
$
200,950

 
$
201,888

 
$
214,616

 
$
241,995

Estimated interest portion of annual rents
6,256

 
7,501

 
7,276

 
4,201

 
4,821

 
4,467

Total fixed charges
$
161,142

 
$
202,465

 
$
208,226

 
$
206,089

 
$
219,437

 
$
246,462

Ratio of Earnings to Fixed Charges (rounded down)
4.71

 
4.33

 
3.96

 
4.08

 
3.84

 
3.07