EX-12.1 2 exhibit121-93017.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,
 
2017
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 

 
 

 
 

 
 

 
 

 
 

Income from continuing operations attributable to common shareholders
$
466,827

 
$
442,034

 
$
437,257

 
$
397,595

 
$
406,074

 
$
387,380

Income taxes
237,497

 
236,411

 
237,720

 
220,705

 
230,591

 
237,317

Fixed charges
168,714

 
213,973

 
202,465

 
208,226

 
206,089

 
219,437

Total earnings
$
873,038


$
892,418


$
877,442


$
826,526


$
842,754


$
844,134

Fixed Charges:
 

 
 

 
 

 
 

 
 

 
 

Interest expense
$
162,477

 
$
205,720

 
$
194,964

 
$
200,950

 
$
201,888

 
$
214,616

Estimated interest portion of annual rents
6,237

 
8,253

 
7,501

 
7,276

 
4,201

 
4,821

Total fixed charges
$
168,714


$
213,973


$
202,465


$
208,226


$
206,089


$
219,437

Ratio of Earnings to Fixed Charges (rounded down)
5.17

 
4.17

 
4.33

 
3.96

 
4.08

 
3.84