EX-12.2 3 exhibit122-93017.htm EXHIBIT 12.2 Exhibit


Exhibit 12.2
 
ARIZONA PUBLIC SERVICE COMPANY
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
$
476,523

 
$
462,141

 
$
450,274

 
$
421,219

 
$
424,969

 
$
395,497

Income taxes
243,708

 
245,842

 
245,841

 
237,360

 
245,095

 
244,396

Fixed charges
164,256

 
210,776

 
199,458

 
204,198

 
202,457

 
214,227

Total earnings
$
884,487


$
918,759


$
895,573


$
862,777


$
872,521


$
854,120

Fixed Charges:
 

 
 

 
 

 
 

 
 

 
 

Interest charges
$
154,508

 
$
197,811

 
$
187,499

 
$
193,119

 
$
194,616

 
$
205,533

Amortization of debt discount
3,566

 
4,760

 
4,793

 
4,168

 
4,046

 
4,215

Estimated interest portion of annual rents
6,182

 
8,205

 
7,166

 
6,911

 
3,795

 
4,479

Total fixed charges
$
164,256


$
210,776


$
199,458


$
204,198


$
202,457


$
214,227

Ratio of Earnings to Fixed Charges (rounded down)
5.38

 
4.35

 
4.49

 
4.22

 
4.30

 
3.98